Melting mess: weird weather's impact on business travel. Photo Credit: Adobe stock/sveta
The Global Association of the Exhibition Industry, (UFI) has outlined
some trends we can expect for 2024. Here is an outline of five of them
that UFI’s CEO, Kai Hattendorf, foresees:
Focus on specific needs
The industry is focusing more on the specific needs of its customers.
As much as this should be a given for every business, it is here that
expectations and demands are evolving faster. This includes everything
from real-time data from the show floor, DEI policies, carbon budgets,
matchmaking, pricing structures, to year-round activations. In 2024, the
industry will see a lot of learning and adapting, with many of the new,
young talented people who join the industry putting their skills from
other industries to work.
Climate crisis impact
Extreme weather conditions will lead to more frequent show
cancellations and postponements. They will also impact travel and show
attendance. Climate-related reporting standards are being introduced.
More and more businesses are prioritising their investments to match
emission targets. The “Net Zero Carbon Events” initiative delivers good
practices and evolving industry standards, but the industry will need to
speed up and go beyond the “low-hanging fruit” if it wants to remain in
control over how it responds to this very real threat.
AI as a gamechanger
The launch of the original iPhone on January 9, 2007, became a
watershed moment for many industries, including the exhibition industry.
As smartphone penetration grew, the way it organised and served those
on show floors around the world changed dramatically. November 30, 2022,
15 years later, will go down as a date of at least similar relevance –
Chat GPT was launched publicly on that day, currently the best-known
example of generative AI. After the initial hype around it, it is clear
that 2024 will be the year in which businesses will very quickly begin
to use GenAI to drive developments, and this includes the exhibition
industry.
Reinforcing the exhibition industry identity
Exhibitions have just delivered a spectacular comeback, but it still
struggles to find a voice as a unified industry, and it often still
“sings out of tune” when it presents its story to the world. While this
remains an issue across the diverse event industry ecosystem, there is
progress in aligning itself around new narratives.
Advocacy efforts
focused on event industry issues, talent acquisition, and regulatory
frameworks are receiving more attention, and UFI is seeing some success
in industry perception and positioning – both locally and globally.
There is a need for more of this in 2024.
Industry consolidation and new players
Industry consolidation will continue and is likely to accelerate – on
the organisers’ side as well as among venue operators and industry
suppliers. Businesses of scale are simply better prepared to handle the
industry’s growing global complexities. At the same time, a new cohort
of launches and fast-growing new entrants will benefit from being small
and nimble. This will allow them to post rapid growth in their
respective areas of focus.