2024 Event & Venue Industry Trends Summary Research Insights

2024 Event & Venue Industry Trends Summary Research Provided by December 2024 1

Contents Contents Introduction / About the Research 3 Executive Summary 4 Event Management Trends 6 Corporate Event Marketing Trends 20 Attendee Trends 27 Convention Center Trends 31 About Access Intelligence Research & Consulting 37 2 2

Introduction / About the Research This report provides a summary of recent research covering the event and venue industry. The analysis provides a data-focused overview of the key trends impacting the main segments of the event and meetings industry. The focus is on major association conventions, for-profit exhibitions and conferences, and corporate event marketing programs. Research on convention centers, destinations and attendees is also provided. The various studies were conduced in 2024 and 2023 by Access Intelligence and Event Marketer magazine. Please send any questions about these findings to Michael Hughes, Managing Director of Research & Consulting, Access Intelligence: mhughes@accessintel.com 3

Executive Summary Big Picture Issues Event Management (Associations and For-Profits) Overall strong growth, although performance depends on industry sectors served and level of competition in each event niche Event operational costs and inflation remain a key concern Technology investment focus is on attendee marketing and event operations Attendees seem to book later and later in the cycle, causing frustration for event teams Adding new elements and value year-after-year is always a focus and challenge Partnerships to add value to events and increase attendance are a key growth strategy Corporate Event Marketing & Meeting Programs Good rebound and outlook, although depending on company and industry sector Corporate events are more cyclical than associations and for-profit exhibitions Events can provide strong ROI and value, but can also be seen as expensive internally Have become key channel in the marketing mix; are not seen as outliers as 10-20 yrs ago Agencies play a key role for some of the larger corporate event programs Digital is the main advertising channel, but privacy issues and fragmentation make it hard to reach customers which benefits events and event marketing both B2B and B2C Exhibitors are, well, exhibitors still, as always, concerned about costs/value/ROI 4

Executive Summary Big Picture Issues, continued Convention Centers, CVBs & Hotels Some still have staffing issues Cost increases, inflation have hit venues and hotels along with event producers Competition for key events and groups is increasing and is back to pre-2020 levels Convention centers have to continually refurbish and upgrade A modest convention center expansion and modernization phase is underway nationally Consumer travel boom seems to be cooling, and business travel is still impacted by communications technology and video calls, etc. Destinations with the most aligned venues, CVBs, hotels and other convention and hospitality groups often have an advantage Attendees Attendees are back to events but selective, prioritizing must attend vs. nice to attend Late registrations; booking later and later in the event cycle, much closer to event days Focused on networking and learning (as always) Some are difficult to reach via marketing Most all the concerns about long-term negative impacts on in-person events between 2020 to 2022 didn t happen and the rapid rebound between late 2022 and 2023 surprised many event and meeting industry professionals. 5

Event Management Trends Sources: Six surveys of leading event producers and meeting planners in 2024; each survey received approximately 100 responses 6 6 6

Event Management Growth Strategies These findings suggest event producers are continuing to get back to normal with their events and are not overly ambitious in terms of implementing new strategic initiatives such as major event launches. Partnering continues to be a key growth strategy for a meaningful segment of the industry. 73% 40% 35% 31% 27% Organic growth Partnerships New staff or team hires Launching new events w/exhibits in new sectors Significant technology investment Survey Question: Which of the following growth strategies and tactics are you and your team focusing on to drive growth? 7

Industry Growth Outlook Confidence Level as of mid-2024 Most event producers and meeting planners are confident the industry will remain healthy and grow over the next two to three years. While 27% are very confident, a total of 30% say they are neutral to not confident. The health and competitive environment in each event s underling industry sector, which can range widely, likely informs most of these responses. 43% 27% 15% 12% 3% Very confident Confident Neutral Somewhat not confident Not at all confident Survey Question: How confident are you about the overall events and meetings industry health and growth prospects over the next two to three years, i.e., what s your outlook for the industry? 8

Event Management Investments Overall, event producer and meeting planner performance has been good but mixed. The return to in-person has been robust but each event, sector and organization is different and there are challenges. 52% 51% 46% 40% 32% 26% Attendance marketing Event content, education On-site experiential elements Event tech software, platforms Exhibitor, sponsor sales F&B Survey Question: Where are you prioritizing your event management investments? 9

Event Management Risks to Growth Costs, concerns about the economic outlook and hotel availability/pricing are event producers main concerns. 70% 60% 51% 40% 37% 30% Inflation Economy Hotel Low attendanceAir travel issues Competition availability, pricing Survey Question: What are the main risks to your event management business growth? 10

Attendance Growth Outlook Over the Next Five Years as of Q4 2024 A majority of event producers and meeting planners project their key events attendance will be higher in five years, and 34% expect it to be the same level as today. 55% 34% 11% Increasing Same Decreasing Survey Question: How do you anticipate the attendance at your typical events held in convention centers to change over the next five years? 11

How are Attendees Changing? Attendees are still registering later and later in the event cycle (a long-term trend), and they are getting harder to reach via marketing messaging (also not a new trend). The impact of hybrid and work-from-home seems to have moderated. 75% 61% 57% 43% 36% 36% 32% 20% Registering closer to event days Getting harder to reach w/marketing More interested in networking Using more tech on-site More interested in education Not attending as long Booking outside block Attending to see dispersed colleagues, WFH impact Survey Question: Overall, how do you see attendees changing? 12

Event Producers Venue Requirements Expected to Increased These are status quo findings, and similar to surveys over the past few years. Event producers continue to want enhanced services at venues (tech, AV, F&B, etc.) and continued upgrades and improvements to the somewhat intangible areas of event experience and ambiance. % Enhanced technology, telecommunications needs, bandwidth Improved overall event, venues experience ambience, aesthetics Enhanced audio-visual services needs Higher-quality food and beverage services More overall multi-function capabilities, venue flexibility Higher quality meeting rooms Improved signage and way-finding More green and environmental sustainability initiatives More exhibit space required More meeting room space More attendance promotion assistance Improvements in access to transportation (taxis, shuttle buses) More general session space More pre-function space More parking More ballroom space 68% 56% 54% 49% 46% 41% 39% 39% 34% 34% 34% 27% 22% 22% 10% 7% 13 Survey Question: How do you expect your overall event needs related to venues to change over the next few years?

Where Event Producers Want Venues to Invest and Add Value Event Producers: Where Venues Should Invest Event Producers: How Venues Can Add Value Continue to add more attendee-focused amenities, services and areas 48% 40% 37% 31% Contain costs, more visibility, discounts (especially technology, AV and F&B) 26% 21% More timely responses to RFPs Be customer service centric Focus on sustainability Better communicate venue news, new services and staff changes Take more of a partnership approach Increase staffing Survey Question: In which areas and services do convention centers need to invest? And how can they add value to your events? 14

Venue Selection Criteria Event producers want all-in-one complexes next to HQ hotel properties and high-quality F&B, quality facility ambience as well as state-of-the-art AV services, and large modern ballroom spaces. The bigger exhibitions are also still focused on quality of large exhibit halls. 81% 74% 70% 63% 63% 59% 59% 52% 52% Quality F&B services Quality overall ambience Adjacent to hotel(s) AV capabilities Ballroom size, quality Transportation options High-tech meeting rooms Multi-function flex space Facilities under one roof (ex. halls, meeting rooms, 1 complex) Survey Question: How important are the following convention center features and amenities when evaluating facilities to book? 15

Working with Hotels Hotels are still experiencing high occupancy, and many have leverage over groups and are requiring higher F&B or other services spend to secure blocks. Over 40% of event producers say hotels are still under-staffed. Forty percent also say hotels are difficult to work with. % Are requiring higher food and beverage or meeting room, or other service spend in the property to secure room blocks Charging consistently high room rates Experiencing staffing issues, lack of staff or quality issues, etc. Are difficult to work with from event producer perspective Requiring higher attrition rate thresholds Room rates are fluctuating more than normal Generally experiencing high occupancy on the weekdays Requiring larger room block total room night numbers Generally experiencing high occupancy on the weekends Are more flexible in terms of providing lower attrition rate thresholds Hotels are struggling with low occupancy Are easy to work with event producer perspective 60% 54% 42% 40% 36% 28% 26% 26% 18% 8% 6% 6% Survey Question: In general, what s the state of working with major hotels that you book blocks with for your most important events, especially your key HQ hotels. 16

Technology Investment Focus Changes in digital marketing around privacy and tech platform changes and new channels such as Connected TV are requiring event producers to invest resources. The technology focus is squarely on marketing and communications and has shifted away somewhat from hybrid and virtual events. % Digital media and marketing Social media Collecting and analyzing attendee data Upgrading event management software systems Upgrading and enhancing websites Adding or upgrading mobile event apps Putting more event content and information online Enhancing and upgrading registration vendor and capabilities Collecting and analyzing exhibitor and sponsors data Adding or enhancing video strategy and capabilities AI / Artificial Intelligence Improving on-site venue wifi and bandwidth service and capabilities 57% 57% 53% 41% 35% 35% 33% 31% 25% 25% 25% 18% Survey Question: Where are you focusing most of your event organization's technology investment and efforts over the next one to two years? 17

Event Producer Quotes on Industry Trends and Working with Venues Attendance building continues be a challenge. People are more selective in where and when they engage in events with more things vying for the same attention. Attendees definitely want to be at the event. They are eager to get out of the office, attend, network and learn. Credible data to measure performance, impact and attendee value is a must moving forward. Costs are the elephant in a planner s room. Venues can help us by taking a partnership approach to understand what's critical for my program and what are nice to haves . 18

Event Producer Quotes, continued Destinations need to take into consideration that attendees are booking much later. Destinations should offer extended discounted rates for days before and after convention to allow and encourage people to stay and enjoy wherever they are at with some personal time. We always look to see what other services can be bundled to add value. Food, hospitality events, material handling, etc. Even electrical for our exhibition. We need partners who are looking at our bottom line as much as they do their own. This helps us keep costs for attendees down and cost to exhibitors down. Pricing pressures combined with attendees late decision making are challenges. We are adding experiential and digital elements to our events. We re partnering with allied organizations, adding targeted events for specific audience segments, and expanding the range of potential exhibitors/sponsors. 19

Corpore Event Marketing Trends Sources: Surveys of corporate event marketing teams in 2024 by Event Marketer magazine and Access Intelligence Research & Consulting; over 500 responses 20 20 20

Importance of Events and Experiential Marketing to Companies Two-thirds of corporations and businesses see the importance of event and experiential marketing increasing within their organizations. 66% 30% 4% Increasing Same Decreasing Survey Question: Is the importance of event and experiential marketing at your company increasing or decreasing? 21

2025 Event Management and Participation vs. 2024 Total Number of Events Just over half of companies (56%) say they will run or participate in a larger number of events in 2025 compared to 2024. 56% 33% 11% Larger number of events Same Smaller Survey Question: In 2025, do you expect your company to manage or participate in a larger or smaller number of evens compared to 2024? 22

How Event Marketing ROI is Changing Increasing, Same or Decreasing? Exactly half of companies with event marketing programs say they see their event programs delivering increasing ROI. 50% 43% 7% Increasing Same Decreasing Survey Question: Is ROI from your events and experiential programs increasing or decreasing? 23

Most Important Event and Event Marketing Goals Market-facing corporate events are used to drive sales, generate leads and to connect with customers and prospects and increase brand awareness. These core value elements do not change very much year-over-year. 69% 61% 60% 59% 57% 47% 35% 33% 29% 28% Drive sales Generate leads Connect with customers Engage target audience Brand awareness Educate target audience Demonstrate products, services Build first- party database Connect with VIPs Media coverage Survey Question: What are your company s most important event and experiential marketing goals? 24

Event Performance Measurement Metrics Measuring event investment and participation often focuses on various key metrics. Tied as the most often used metric along with driving sales, on-site engagement is a somewhat qualitative measurement that can include a number of metrics and measurement processes that differ from company to company. Sales impact, number of leads, and overall attendance and/or booth visitors are always key impact indicators. 54% 54% 50% 49% 47% 46% 37% 36% 33% 31% On-site engagement Direct sales/lifts Leads Overall attendance Post-event connections Brand awareness Website activityProduct/service 1st-party data collect Social media activity sign-ups Survey Question: What are your most important event and experiential marketing measurement metrics? 25

2025 Corporate Event Budget Growth Expectations Only 5% of the corporate event marketing personnel surveyed said that they expect their company s event and experiential marketing budget to decrease next year. A total of 36% expect event budgets to increase by a robust 8% to 15%. 21% 20% 16% 15% 15% 8% 5% Increase 1% to 4% 5% to 7% 8% to 11% 12% to 15% 15% or more No change Decrease Survey Question: How do you expect your 2025 event and experiential budget to change compared to 2024? 26

Attendee Trends Sources: Surveys of B2B and B2C event attendees in 2024 by Event Marketer magazine and Access Intelligence Research & Consulting; over 500 responses 27 27 27

Will Attendees Attend More, Same or Less Events in 2025 vs. 2024? In a sign of strength for the business events industry, a total of 91% of attendees say they will attend more or the same number of in-person events in 2025 compared to 2024. The overall industry attendance rebound continues and is strengthening. A quite high percentage (69%) say they will attend more events next year. 69% 22% 9% Attend more Same Less Survey Question: Looking out to 2025, do you expect to attend more, the same or a smaller number of conventions, exhibitions, and business conferences than in 2024? 28

What Types of Events Will Be Attended More Often in 2025 vs. 2024? Regional and local exhibitions and trade shows are expected to be frequented more by business event attendees next year. Conferences and the larger, most important industry conventions and exhibitions are also expected to see more attendance visits in 2025 compared to 2024, according to more than half of the respondents. 63% 55% 55% 51% Regional/local exhibitions and trade shows Conferences Large conventions and exhibitions Mid-size conventions and exhibitions Survey Question: What types of events to you think you will attend more of in 2025 compared to this year? 29

Why Attendees Attend Business Events, Exhibitions and Conferences Typically, responses to this type of why attendees attend question finds that networking is the primary value and reason for attending but this 2024 survey has more attendees selecting learn as their main reason. The switch may be explained but the uncertainties around the length of the business expansion and the impact of technology, and AI in particular, on various industry sectors. It s also possible that the last few years have experienced a wave of in-person networking and that now in 2024 the focus has shifted to accessing specific information and trying to understand the potential impact of trends and issues. 54% 47% 15% 13% 12% 10% 7% Learn Network See products, services Attend meetings Career advancement Buy Source partners, vendors products/services Survey Question: Why do you attend conventions, exhibitions and business conferences? 30

Convention Center Trends Sources: Surveys of convention center management teams by Access Intelligence with the Intentional Association of Convention Centers and the Convention Center Consortium in 2023 and 2024; over 200 responses 31 31 31

Convention Center Management Trends Whats Happening and the Outlook? Good rebound and growth confident about the next few years Revenue has recovered, attendance has almost recovered but total bookings have not Inflation is a major issue still staffing as well Technology investment is still critical but has slowed after years of strong growth Partnerships are key (and for event clients as well) Environmental impact, sustainability continues to grow in importance Most venues have settled back into normal business and long-term trends 32 32

Convention Center Management Industry Outlook Over Next 3+ Years Convention center executives are confident about the next few years. 79% 12% 9% Very confident Confident Neutral Survey Question: How confident are you about the event and meetings industry growth outlook over the next three to five years? 33

Convention Center Strategy, Business Model and Pricing Changes Venues have been reassessing their business models and making changes. 70% 48% 27% 18% 12% 12% 9% 9% Increased exhibition hall pricing Changed bookings, marketing focus Offering new services Changed relationship w/CVB/DMO Changed services provider/partners (ex. F&B, telecom) Partnered w/events, launch/co-own events Other Increased other venue services pricing partnership(s) Survey Question: Which of he following strategy, pricing and/or business models changed have you made recently? 34

Venue Technology Investment and Resources focus The three key tech investment areas are security, telecom/internet and digital signage. % Venue safety and security Telecommunications, internet capacity and services Digital signage and communications systems F&B-related (such as online ordering, self-service, etc.) IT network security, cyber security Venue operations management and communications technology Electrical, HVAC and/or lighting Sales and marketing Audio-Visual Event production services Human resources, staffing software and platforms Video, streaming, broadcasting services or studios 56% 41% 41% 28% 25% 22% 22% 22% 16% 9% 9% 6% Survey Question: Where has your venue been making important technology-related investments? 35

Convention Center Management Quotes The purpose of events is being questioned. The best events will thrive. Some event clients are growing every year, while others have decreased in attendance. Clients have resumed normal business since 2023. Work from home is making Annual Conventions a must go to for the opportunity to see colleagues in-person We see big global tech, fintech, medical, aviation, sports and other industries surging. We ve witnessed a shift towards more diverse and innovative event formats, and a growing emphasis on sustainability and technology integration. Additionally, there s been a notable increase in client expectations for seamless coordination and customization, requiring us to adapt our services to meet these evolving needs effectively. 36

About Access Intelligence Research & Consulting Access Intelligence Research & Consulting helps leaders in the event, venue, media and digital marketing industries analyze data and information to make more informed decisions. We leverage our trusted brands, industry leading data and market expertise to provide clients with insights to improve their business performance. Access Intelligence Research & Consulting is unique in maintaining expertise around: Associations Conventions, exhibitions and conferences Event marketing and corporate events Convention centers, event venues and hotels Media, marketing and advertising Our Research & Consulting services include: Market studies and surveys Marketing consulting Strategic advisory Benchmark and best practices studies Market size and market share analysis Industry growth analysis and forecasts Economic impact analysis Industry trend analysis White papers and special reports Presentations, meeting facilitation and focus groups Michael Hughes Managing Director Research & Consulting Access Intelligence, LLC (480) 241-9405 / mhughes@accessintel.com www.accessintel.com/research-consulting 37