Asia Pacific (APAC) is leading the way to recovery for the business events sector, while short-term pivots to digital events are fuelling long-term innovation, according to PCMA’s updated Business Events Compass.
However, the best case for economic recovery of the business events sector to pre-COVID levels is now expected to take place in the third quarter of 2022 or later.
The effectiveness of COVID-19 containment measures across APAC is a reason for optimism, with elevated prospects for a continued recovery in the region. Nearly half (45%) of APAC survey respondents expect to attend local events in 2021 and one in five (20%) expect to attend regional or national events. This compares to 22% and 15%, respectively, for US/Canada.
The new edition of the Compass now projects continued sluggish demand for face-to-face business events through 2021, with 39% of survey respondents expecting a 50% or greater decline in their 2021 face-to-face business event participation compared to 2019 levels.
Pent-up demand will manifest, particularly in some key industry sectors such as health care, in the form of increases in internal and local face-to-face event participation in 2021.
Recent short-term pivots to omnichannel and digital events have had unexpected and positive consequences paving the way for long-term innovations in how events are marketed, executed and monetised.
Multichannel and digital events also present organisations with opportunities such as varying event length; global reach; leveraging artificial intelligence to assess user profiles and customise participants’ experience; and providing participants with a polished, well-produced broadcast that is as engaging as watching a television program.
“Compass continues to point to the APAC region as leading the global recovery for business events,” said PCMA president and CEO Sherrif Karamat.
“PCMA is holding the inaugural Convening Asia Pacific: The Global Recovery Forum next month to identify compelling insights and best practices for managing face-to-face and digital events that apply to business events stakeholders everywhere.”