The impact of crisis on the event industry

May 31, 2022 | Blog

According to all the relevant international and domestic research, the participants will attend only 30% on-site events, while 70% of events they will attend virtually. Compared to that – in 2019. they attended 100% of the events on-site. Participants and sponsors today also expect to have access to the recordings of the on-site events. All this is a result of the market behaviour changes due to Covid.

We find ourselves in the midst of a couple of different crisis; high inflation, energy crisis and since about 100 days ago – the war in Ukraine. All of these events have serious consequences globally on our lives, our businesses and on the event industry.

As in any crises (and now we are talking about a couple of crises happening at the same time) organizations redefine their businesses which has an effect on a more rational cost management and cutting certain expenses. The financial crisis 2008./2009. has taught many organizations to cut the cost of education, marketing and promotion first… which has a huge impact on the event industry as a consequence. However, after the crisis some organizations have learned not to cut the investment in marketing and promotion.

The estimation is that the event industry has a chance of medium-term and long-term survival with hybrid and virtual models of organization and only physical events will survive only if they offer a special experience value during the event. blog: