April 18, 2024
English TKP News

Predictions and trends for tourism in 2023

It already gauges how planners are feeling as the year draws to a close and offers some predictions on industry trends for the coming year

It looks like the year 2022 will end on a high of optimism based on updated data from Northstar Meetings Group’s Meetings Industry Pulse Survey.

Planner response data collected through December 7 shows that 2023 promises more gatherings, with 41% of planners closing out the year by booking new events.

Budgets are expected to at least match, if not exceed, cost increases, while 59% said their outlook for meetings and events remains optimistic compared to the last survey cycle of six weeks ago.

When asked “When is your next live event?” almost a third reported that they will produce an event before the end of the year and 43% said they are working on events planned for the first quarter of next year.

Although budgets appear to be flexing, with 41% citing expenses that account for and match current actual prices, higher costs remain the top concern among planners, as they have all year.

To mitigate the impact of higher costs, 60% of planners said they were finding savings in areas they felt would not diminish the attendee experience. While only 21% admitted they were removing events that weren’t paying their way or were less important.

One planner respondent says, “We are aware of the current state of event pricing across the industry and are adjusting our costs accordingly, but we are updating our schedule to ensure we don’t exceed our 2022 budget by a huge amount. It requires me to be creative with our F&B and off-site events, while maintaining the integrity of the event.”

How does this compare to earlier in the year?
Interestingly, in the June six-week Pulse research cycle earlier this year, 22% of planners said they were planning more hybrid engagement with their live event shows to offset the in-person spend. This is in line with the December six-week survey that found that less than a third of all planners expect more attendees at their events in 2023 compared to 2022.

As attendance levels at in-person events continue to lag due to disparate workforces and corporate restrictions on unnecessary travel, 2023 will usher in the trend of smaller, regional events and connecting remote audiences through technology.

Speaking to planners at this year’s IBTM World in Barcelona, ​​other key industry trends to watch over the next 12 months include a more holistic approach to designing wellness across all kinds of events; increased consistency and collaboration in measuring and reporting the carbon impact of event activity; the impact of an economic slowdown and what constitutes value in event planning; as well as the enhanced role that meetings and events will play in building company culture and developing diversity and inclusion.

 

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video
X