Inflation, pricing and staffing are the top challenges for UK
eventprofs heading into 2024, according to BCD M&E.
Helen
McCabe, UK MD of BCD M&E, reveals her take on the UK sector in BCD M&E’s
annual global trends report, What’s Trending 2024. Now in its seventh edition,
the report, sponsored by Hilton, features industry insights on the biggest
trends in meetings and events, from both regional and international
perspectives.
Writing in the report, McCabe says that while things feel
back to normal within the wider meetings and events environment and
face-to-face events have returned, the UK is still not back to pre-pandemic
levels for standalone venue search.
“Many clients are continuing with virtual solutions for
leadership and development, for example, rather than returning to a traditional
classroom format,” she says. “Priorities vary across industries. Some
businesses are in an aggressive cost-cutting mode, implementing travel bans and
furloughs, while others are taking a high-growth strategy, either through
recent acquisitions or new product launches. Lead times for large repeat
programs are extending, a change from 2022.”
She also reveals how sustainability policies are affecting commercial
decisions, that customer events are higher priority than employee events, and
that UK venues are in a tough position following Brexit and the pandemic.
“Across the board, cost is a significant driver of
decisions, heightened by the growing cost of living in the region,” she says. “Inflation,
pricing (particularly for hotels and airlines) and staffing (more jobs than
people) are top challenges for the UK heading into 2024.
“Additionally, we are seeing greater interest in contract
signing and payment services, along with vendor consolidation and compliance.
Clients are desiring a single supplier and global consistency to smooth
processes, particularly as they see the value of a wider SMM program.”
You can read the full report here.
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.
