As the events sector moves slowly out of the shadow of the global recession it’s time for a little crystal ball-gazing to see what might happen over the coming decade.
The ‘Power of 10’ Study from IMEX, the exhibition for incentive travel, meetings and events sets out to do just that.
The study involved the largest ever global consultation on the future of the industry – drawing on interviews with over 100 leaders, respected practitioners, innovators, change agents and future thinkers from across the industry and related sectors. All of this was then added to the results from desk research, a student essay competition and the results of a global survey of 765 respondents from 68 countries involved in the meetings industry.
In the first of two articles, Best in Show will be looking at what the key influencers over the past decade have been. The second piece will focus on radical and subtle changes the events industry will have to make in the coming decade if it is to survive and thrive.
Of course, to know where the events industry may be going, IMEX first asked what were the biggest factors of change over the past decade.
- The Economy – In the survey, 65% identified the Global Financial Crisis (GFC) and economic uncertainty in the period from 2007-12 as the biggest single influencer
- The Internet – 52% highlighted the impact of the internet in changing buyer-supplier relationships and 51% emphasised its role in transforming pre- and post-event delegate engagement
- Delegate Expectations – 51% prioritised the impact of rising delegate expectations – particularly in relation to the use of their time, event quality and content and the Return on Investment (ROI).
“For the meetings industry, there has never been a more important time to take a step back and explore the drivers of change,….”
“….opportunities and challenges that will shape the decade ahead and learn the lessons from the development of the sector over the last ten years,” IMEX said. “A ‘perfect storm’ of mega trends are combining to challenge every assumption and belief we have about how to succeed in global business and the industry must develop an effective response. At the heart of global change is the recognition that economic and political turbulence is the ‘new normal’ – with massive shifts in wealth and power shaping the global landscape.”
Tune in next week for a look at what the meetings sectors can expect to undergo in the next 10 years.
