Navigating the Skies of Change: The Flight to Event Consolidation in 2024

Navigating the Skies of Change: The Flight to Event Consolidation in 2024
February 12, 2024

The past few years have seen remarkable shifts in the ever-evolving landscape of the event industry, from the sudden embrace of virtual events during the COVID-19 era to the enthusiastic return to in-person gatherings in 2022 and 2023. As we stand at the cusp of 2024, a new trend is taking flight in the world of event planning – the flight to consolidation.

Rethinking Gatherings from Pandemic to Present

The COVID-19 pandemic compelled the events industry to reimagine itself in ways previously unexplored, resulting in a surge of virtual events. Technology emerged as a crucial ally, creating opportunities for event planners to connect with audiences globally and opening new avenues for engagement. As the world began to recover in 2022, it marked a record year for events, with a collective eagerness to return to in-person gatherings. In 2023, the event industry underwent a recalibration, which unveiled a crucial lesson: attendees seek events that provide a memorable experience. This shift necessitated planners to formulate strategies aimed at incentivizing attendees and surpassing their expectations.

The Flight to Consolidation: Quality over Quantity

In the pursuit of creating impactful events, event planners are now embracing the flight to consolidation while still being mindful of budgets. This trend involves organizing fewer, larger events with a heightened emphasis on quality. Convene's data reveals a 35% increase in client expenditure for large in-person meetings and events, accompanied by an impressive 79% rise in average contract value compared to 2019. Notably, we have observed a 14% year-over-year increase in full buyouts of our venue spaces. This surge in such bookings signifies a robust market for large events, with attendance figures for these buyouts typically ranging from 200 to 1,000 attendees.

Prioritizing Excellence In Event Planning

A paradigm shift is underway as planners champion "Quality over Quantity." In this landscape, where less is deemed more, the focus is on crafting a select number of larger gatherings that transcend expectations and brings a majority of people together.  By concentrating efforts on a select few, more impactful events, planners ensure that resources are deployed effectively, with every detail meticulously curated to contribute to the overall excellence of the event. By championing quality over quantity, the flight to consolidation signifies a dedication to creating events where every moment is significant, and every detail adds to the occasion's success.

Addressing Common Challenges

The flight to consolidation is not without its challenges. Companies often lack the in-house meeting and event spaces necessary for these larger gatherings due to downsizing that took place during the pandemic when many workforces went remote. Additionally, the demand for medium-sized events on short notice can pose logistical challenges, depending on the event venue. To address this, forward-thinking planners can consider exploring strategic partnerships with external venues, such as Convene, where events of all size can be held, where all technology, food and beverage, event planning support, and hospitality services are included.

Convene: Your Partner in the Flight to Consolidation

As event planners navigate the skies of change in 2024, Convene is as a trusted partner, providing solutions that align with the flight to consolidation regardless of event size. With a global network spanning 40 locations in the U.S. and U.K., Convene delivers exceptional hospitality, high-quality event spaces, and user-friendly technology, supporting clients with their every event need, from conception, to planning, to execution. .  

Not a single mess was left, every request was met and they were so helpful. They exceeded our already high expectations."

Hewlett Packard Enterprise  | Convene at One Boston Place

Convene's global Meeting & Events portfolio encapsulates the essence of the flight to consolidation. These meticulously designed spaces boast in-house AV teams, kitchens producing seasonal menus, and unlimited snack and beverage stations for all guests. Unlike competitors, these premium amenities are seamlessly integrated into every event, irrespective of size, eliminating additional costs which can be common in other event spaces. 

Conclusion

The flight to consolidation represents a strategic shift in the events landscape, emphasizing quality over quantity. As we embrace this trend, event planners need to rely on spaces that can accommodate memorable events. Convene can help events soar to new heights, by crafting unforgettable experiences that resonate with attendees and deliver lasting value.