The pandemic has made the last few years difficult for the event industry. It’s estimated that $30 billion was lost in 2020 alone, but thankfully, things seem to be on the up and up. The lockdowns have triggered a pent-up demand for events, which the industry is more than happy to deliver.
There’s been a rapid rise in local events as the country takes its slow stride towards normalcy.
Here are a few reasons why the event industry will likely recover in the next upcoming years.
The pandemic has kept us out of commission for many years, and many of us are trying to make up for the lost time. People want to connect, engage, and learn with their colleagues, friends, and family members once again, causing a high up-tick in events and programs.
The use of technology in event planning isn’t a new thing, but most software (and the employers that supported it) wasn’t suitable for a hybrid workplace. Now, corporate event management software is completely equipped to handle the massive surge of remote event planning.
Most of us agree that experiencing an event in person is better than watching it at home, but before the pandemic, we didn’t even know if there was a market for at-home events. Thanks to live streaming, the event industry can cater to people who either want to or have to stay home.
Americans are becoming more experimental, mostly for the positive. We’re more aware than ever that time is precious, so Americans are more likely to welcome new experiences with open arms. This is great news for the event industry, especially those catering to a niche market.
A fair number of companies excelled during the pandemic, leading to a better economy for business owners. Small to enterprise-sized businesses alike are optimistic that the economy will continue to increase, which would likely leave more spending money for the average American.
While earnings are at an all-time high for businesses, the same can’t be said for the everyday worker. As a result, the average American is choosing to experience free or cheaper events. This opens up the market for employers who’re looking to increase engagement at work.
Although business travel was routinely seen as a negative for some, the pandemic shifted our perspectives. Airline travel and hotel reservations are increasing back to pre-pandemic levels, but the recent flood of travelers has made it difficult for airlines to keep up with demand.
Event planners know that families don’t want to spend time planning their vacations. Another lockdown or fly restriction could happen at any moment, so they’re leaving the rest to the experts. Thanks to their urgency, the vacation planning market will likely stay in full swing.
Employers frequently rate networking as one of the best ways to source new talent, but that’s since become a challenge. While online networking events are great substitutes for in-person events, it’s difficult to make a worthwhile connection when you can’t communicate face-to-face.
COVID is currently in retreat. Even if that trend doesn’t continue, vaccination rates are steadily climbing to 70%. This news is welcomed by anyone who’s immunocompromised. As dosage rates climb, more and more Americans will feel safe attending events (with or without a mask).