Meetings, events and hospitality technology provider Cvent has released its “Event Industry Report 2024: Australian Edition” which shows growth is on the agenda for the nation’s events industry.
The report aims to provide event professionals with insight into the latest trends to help them navigate the changing events landscape, make informed decisions, and discover opportunities to offer more engaging and impactful experiences to target audiences.
The report reveals 68 per cent of Australia’s event organisers plan to increase their volume of future events.
Only 9 per cent of respondents said they expect a decrease in the number of events this year, compared to 11 per cent in 2023.
The report projects a 52 per cent increase in in-person events, followed by 50 per cent growth in hybrid events, 48 per cent growth in webinars, and 41 per cent growth in virtual events.
The report shows growing demand for interactive and immersive event experiences, with event planners aiming to invest 48 per cent more in event tech.
In terms of event spending, 66 per cent of event professionals plan to increase their spending, with 95 per cent prioritising event expenditure.
However, the report indicates revenue from an event remains the biggest challenge, followed by event tech issues, competition with rival events, sponsorship, and event data security.
With event budgets increasing and event expenditure becoming a priority, the report shows that tech is the priority spending area (20 per cent), followed by event promotion (18 per cent) and onsite experience (17 per cent).
With technology becoming a powerful facilitator and affecting budget increase, excellent customer support, ease of use and reliability are event planners’ main drivers when selecting event management tech.
The report showcases Australia’s high receptiveness to tech advancements in the events industry, with 54 per cent of organisations identifying as early adopters of event technology solutions such as websites and registration, event mobile apps, and all-in-one event platforms (supporting virtual and hybrid).
Sustainability is rising as a driving issue in the events industry, with 81 per cent of respondents claiming a sustainability target for their events; 66 per cent willing to track event/attendee carbon footprint; and 72 per cent of organisations implementing sustainability in events in 2023.
“The events industry in 2024 has undergone significant transformations, sparking increased investment and ambitious goals among event organisers and marketers in Australia,” says Jack Ukil, head of Cvent Australia.
“This surge in activity mirrors the sustained growth witnessed in the industry.
“However, generating revenue remains challenging, underscoring the growing importance of aligning events with business objectives to maximise return on investment and demonstrate value.
“Furthermore, customer support has emerged as a crucial driver for event tech purchases, while sustainability is now viewed not merely as a compliance measure but as an opportunity to establish trust with attendees.
“The Cvent Event Industry Report remains invaluable in this dynamic landscape, providing essential insight and serving as a guiding star for professionals as they navigate current and future industry trends.”
Interestingly, respondents say their preferred day of the week for events is Monday (18 per cent), followed by Friday (16 per cent), Wednesday, Saturday and Sunday (15 per cent for each), Tuesday (9 per cent) and Thursday (7 per cent).
To compile the report, Cvent commissioned independent market research consultancy Censuswide to conduct a survey between 12-29 December, 2023. Its scope included more than 150 senior event planners, marketers and other industry decision-makers across Australia.
To view the Cvent “Event Industry Report 2024: Australian Edition”, click here.
