Corporate sporting events experts share their response to conference news and government event investigations.
It urges the government to take action to support the business events sector. Supporting the UK industry to compete on the international stage. Amplify important voices to ensure future growth.
These were the three purposes stated when the Parliamentary investigation into the future of UK business events began this month (April).
Dame Caroline Dinenage, chairman of the Culture, Media and Sports Selection Committee, made a presentation during the business of the Event 2025 Global Policy Forum held at Westminster. This study will invite representatives to provide evidence to the MPS in the second half of 2025 to examine sector challenges, growth potential and international competitiveness.
She added: “If you jump at the opportunity to grow this sector, you can lose many of the benefits of developing the UK business events industry. The success of the business events sector is essential to the continued success of all CMS sectors.
So, we hope that this remittance will prove fruitful when the investigation gathers together to “find the possibilities.”
Growth is progressing smoothly:
The challenges in the event industry are well documented, with the pandemic, economic downturn and geopolitics offering a hard knock to organizers in the early 2020s.
During the Covid pandemic, the events industry lost £57 billion out of £70 billion in 12 months, 95% of events fell, and 126,000 jobs (business visits and event partnerships) were lost. Over half of event organizers were redundant, reducing an average of one-third of their workforce (arts professionals).
Still, the industry is on track to recover in the years that span. So, when MPS begins to reveal innovation and resilience that shows companies turning back trends and bringing the industry back to their previous glory, or by getting close enough or close enough, you may find the future looks brighter than you would expect.
The Ukevents Report 2024 states that the direct value of the events industry to the UK economy was £61.65 billion the previous year.
International travel helped to improve the sector, with 1.5 million visitors jumping into the UK to attend business events that year, collectively spending £1.7 billion, accounting for 84% of event visits recorded in 2019 (ONS International Rasseger Survey).
The future is bright:
There are undoubtedly additional challenges the sector faces in the second half of the decade. Ironically, given their attempts to support the sector, event organizers are facing increased costs due to the government’s previous decision to raise employer national insurance contributions from 13.8% to 15%. Lower the NIC threshold from £9,100 to £5,000. Additionally, the increase will be 6.7% for the positive age at 21, and the increase will be 16.3% for the 18-20 age group.
Many event companies have already implemented low-cost, high-value AI technologies that are set to grow exponentially over the coming years, especially given the ongoing corporate appeal for hybrid and virtual events and return to face-to-face and meetings.
And expectations are always challenging. It’s a challenge for the companies that are holding events and the audience attending them. These change naturally over time, not only see individuals seeking personalized experiences at their biggest events, but also a desire for more sustainability, inclusion and accessibility.
Various experts estimate that the industry will reach $2.5 trillion (Globe Newswire) by 2035. There is no reason to believe that the UK will not increase its value relatively.
Therefore, although enquiries are always welcome for the spotlight, while the importance of the sector will shine forth in the UK’s economy, we hope that it will be far enough to reveal the work already underway to grow the industry. Make effective suggestions on what the future looks like. And (most importantly) the scope of support that the government can and willingly lend to the industry is an order that helps it meet its maximum potential.
Only when all of the above are met would it be truly valuable for event organizers in the UK if the research recognizes the efforts put into reestablishing the industry and the role the government can play in supporting it in the future.
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