Increase in budgets, expansion of formats to shape events industry

Despite rising costs and inflation, 48 per cent of event professionals plan to increase their total volume of events in 2023

The expansion of events across various formats, an increase in events budgets, and the continued focus on sustainability are some trends that will likely impact event planners in the months forward, according to the Cvent Event Industry Report 2023 – Asia Edition report.

According to the report, virtual events have seen a significant increase of 46%, with in-person events following closely at 36%. Webinars and hybrid events have also seen growth at 35% and 32% respectively. This data confirms that event planners are prepared to expand events across various formats, and suggests that these formats will continue to be an integral part of strategic event programmes.

Despite rising costs and inflation, 48% of event professionals plan to increase their total volume of events in 2023

The report also indicates that 50% of respondents plan to increase their total events budget this year. While cost control remains the top priority, organisations are willing to spend wisely to best capitalise on the powerful role events play in bringing people together to build community and drive business growth.

Despite budget constraints, the report’s findings indicate that organisations are willing to spend more in key areas, with event promotion and marketing topping the priority list, followed by more event technology. Given efficiency, brand awareness and attendee satisfaction are the top factors governing in-person and hybrid events, it makes sense that event organisers are looking to leverage technology that can help them streamline processes, engage attendees, and amplify their event marketing efforts.

In addition, sustainability continues to remain in focus with 78% of respondents claiming to have a sustainability target for their events and 76% willing to track event/attendee carbon footprint to become more sustainable.

Will Kataria, Cvent’s senior director & country head – Singapore, said: “As the events industry undergoes rapid transformation, event tech providers must showcase their reliability, unique features, and competitive pricing to attract organisations with limited budgets and uncertain markets.

“Despite this, organisations are expressing a willingness to invest in event technology, particularly in Asia, where there is an increasing demand for hybrid events and event websites and registration solutions. As sustainability becomes a priority, organizations are actively seeking ways to reduce their carbon footprint. In this crucial moment, the Cvent Event Industry Report Asia edition offers valuable insights into the latest industry trends and developments.”

The full report can be downloaded here.

Cvent commissioned Censuswide, an independent research company, to survey over 100 senior event planners and marketers in Asia (Hong Kong, Singapore, and Malaysia) across a broad range of industry sectors. This survey was conducted in April 2023.

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