Cost is set to be the number one concern for UK event planners heading into 2023 according to the latest BCD M&E global trends report.
What’s Trending 2023 shines a light on the industry’s
biggest challenges and opportunities in a new, post-pandemic world. Sponsored by Hilton, the report uncovers emerging
industry trends and highlights popular event destinations for 2023.
“Cost is top of mind in the UK as large rate increases have
already taken place across the board and may continue to do so in 2023,” says
BCD M&E UK managing director Helen McCabe. “Savings targets are getting
harder to achieve in an ongoing sellers’ market and the continued race for
space. To combat rising prices, planners are shortening the duration of some
events.
McCabe highlighted the rising complexity of travel as an
issue, saying: “Flight costs are significantly impacting event budgets if they
are centrally paid, and they’re changing rapidly: It's not unusual to see a 40
per cent or more increase in price on original quoted to actual in less than a
day.
“Some organisations are even restricting face-to-face
meetings for employee or internal events, prioritising external events as well
as budget for these. We’re examining the value of overseas incentive programs
versus experiences that can be carried out locally for the same result to save
money, and that will have an added benefit of lower carbon emissions with
reduced travel.”
McCabe also reveals that payment issues have become a
concern, as securing credit facilities and appropriate payment terms with
suppliers continues to be a challenge.
“Many are requesting full payments up front or in advance of
an event taking place,” she says. “As a whole, we’re seeing organisations
approach 2023 forecasting with precaution. It’s good news for hotels, however,
at least for now. Revenues have been exceeding all expectations, though it’s
uncertain for how long the extraordinary boom in RevPar will last.”
McCabe also says that attracting, recruiting and retaining
talent remains a challenge and that “we’ll see ongoing conversations about
staffing heading into 2023.”
“We have quickly turned a corner and leave behind a
long trail of restrictions and uncertainty caused by the pandemic—finding
ourselves in a time of extreme change,” said Scott Graf, BCD M&E’s global president.
“Covid has revolutionised the way we meet and the way we collaborate both
internally and externally. It has shown us that experiencing human-to-human
connections is not only essential for business, but for us all, as individuals.
Our report offers valuable insights that will help readers to navigate this
exciting landscape.”
Read the full report here: 2022 Meetings
and Events Trends Report (bcdme.com)
M&IT editor Paul Harvey is a journalist with more than 15 years of experience. He began his career in the local press, working for various titles across the north. Since joining M&IT in 2013, he has become a trusted and respected voice in the sector, championing event professionals and reporting on all aspects of the events industry for the brand.
