The meetings and events industry is a key aspect of business travel, but ongoing travel restrictions and second wave precautions mean it is going to be a slow take-off to recovery
Whether it conferences, conventions, incentive travel, exhibitions, festivals, the meetings and events industry is a major component of the corporate travel sector. Business events are estimated to be a USD1.5 trillion business alone and that doesn’t even include the full spectrum consumer events that bring people together.
The problem is we can no longer bring people together in the same way due to Covid-19 health restrictions and although in many countries the doors are being opened to the return of physical events, these are still restricted to small scale events with physical distancing an essential ingredient. The traditional handshake networking or speed dating concepts that are at the heart of most events are certainly not on the agenda for the foreseeable future.
The industry has adapted to technology and virtual events have become the norm throughout lockdown; a move to a hybrid concept has also been developed by some of the more innovative event providers but remains a struggle as concerns over second waves of Covid-19 infections increase, especially evident right now across parts of Europe and Australia.
The Professional Convention Management Association (PCMA) has now released Business Events Compass – an actionable framework of insights and strategies for business event professionals and their business partners to guide their careers and businesses during the pandemic and beyond.
The report provides explicit research-based insights on geographic and industry sector business events recovery opportunities as well as recommendations for the evolution of participant engagement, business models and expected reskilling needs.
READ MORE via The Blue Swan Daily: The meetings and events industry is a key aspect of business travel, but ongoing travel restrictions and second wave precautions mean it is going to be a slow take-off to recovery