The event tech giant commissioned a market research consultancy to poll 150 Australian event planners, marketers and key decision-makers from sizeable companies – with revenue of US$50 million or more – on expectations of event quantity, spend, sustainability, challenges and technology. The survey took place in December 2023.
The results show that 68 per cent of respondents expect to hold more events in 2024 and 66 per cent expected to have a larger budget to deliver their events program.
While these numbers suggest encouraging growth in the events sector, results from the same report in 2023 show growth has decelerated slightly.
In the 2023 state of the industry report, 76 per cent expected a growth in the number of events they held and 75 per cent anticipated larger budgets.
Interestingly, stakeholders expected to increase events across all formats – from in person to hybrid events and webinars, however the format for which the highest number of respondents indicated an increase was in-person events.
Data from the survey undertaken for the 2023 report by contrast showed a much larger preference for virtual events.
In terms of challenges, getting revenue from events was number one, followed by event technology and competing with other events.
Where respondents saw their event spend increasing, investment in event technology and increased travel and accommodation costs were the two most commonly cited factors behind the increase.
If given more money to spend on events, spending on event technology was the number one area where event stakeholders would put their extra cash, followed by event promotion and improving the onsite experience.
As for event technology, customer support, ease of use and brand reliability were the three most important factors in choosing a solution, according to survey respondents.
On the sustainability front, 81 per cent of respondents said their events had a sustainability target this year and 72 per cent said they had implemented sustainability at 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,” said head of Cvent Australia, Jack Ukil.
“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,” he said.
