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Where is the NYC Events Industry Going?
The NYC events industry is an incredible environment made of brilliant individuals. A very large percentage of them happen to be creative creatures who are constantly evolving. To be an event planners in New York, you must always have your thinking cap on to stay ahead of the game. While we can’t predict what technology and other forms of innovation will bring to surface 20 years from now, as experienced professionals we can see what 2017 has in store for us! Let’s review what event planners in New York are saying about what’s coming soon to an event near you.
While we continue to deal with political surprises and upheaval, the meetings and events industry remains strong in the face of change. Suppliers, are reporting a very busy year ahead with strong bookings already established. Compression in several cities will continue to drive pricing.
Alternatively, budgets continue to be tight for Event Planners in New York as they fight to keep costs under control and are challenged with increased costs from matters like security (The Exhibitions and Meetings Safety and Security Initiative) and the increase in demand for improved technology solutions.
Word to the wise: Understand the power that face to face experiences brings to clients and their staff, so when analyzing where to cut corners in the budget, protect the face to face marketing spend.
The events industry in NYC has been shifting over the past decade from one that is focused primarily on logistics, classifying ourselves as a section of the hospitality industry, to one that is looking at events and meetings as components of business as vital as marketing, HR and communications. In which case, we are approaching corporate events with a more carefully thought out process and as part of an inclusive business strategy. There is clearly a greater need for accountability not only because of the expenses surrounding corporate events, but also for the ROI of those events. Although this has constantly existed in business, it seems to have spread and reached the masses in more recent times.
With the new emphasis on the safety and security components, there is some fear with event planners in New York that these elements might overshadow the goal of the meeting and that it may even become the focal point. If this should happen, companies and individuals may opt out of attending corporate events because it’s too much of a hassle and risk.
Event tech will continue to be the best and worst component we have. For one, it enhances our forms of communication, it facilitates bringing in speakers remotely, give us the ability to interact and engage attendees throughout the event, etc. AND it is eliminating jobs (like the front desk staff– which has been an entry-level position for years for those who want to get their foot in the events industry door). While technology may eliminate the need for specific personnel, it will open the budget to add staff where we mostly need it like servers, food prep, etc.
There will be continued evolution and growth in the live events industry because of technological advances. Consumers will expect more customization and creativity in all facets of their events. Whether it’s through practical design or personalized add-ons, expectations are definitely elevating due to the advances in event tech.