The events industry is a large contributor to the Australian (and global) economy. Engaging speakers, unique event experiences and the opportunity events provide for social connection are key drawcards for event attendees.
The demand for live experiences is growing across the generational board but particularly amongst Gen Y and Gen Z. Since 1987, the share of consumer spending on live experiences has increased by 70%. This shows people still want to attend events in person, for the experiential element as well as to forge meaningful connections with others.
Events in Australia are big business. It ranks 8th amongst the top 50 countries for business events, a sector that accounts for AUD $1.48 trillion of event spending per year. The Australian event sector has experienced strong growth, up 4.6% over the past five years and is estimated to reach AUD $8.2 billion by the end of the decade.
Fuelling this rise, is a demand for industry services associated with the event sector. As a result, over 8,300 Australian businesses and just under 33,500 employees are dependent on the event sector.
As opportunities to meet online abound, new generations become more present and a focus on sustainability becomes increasingly important, what are some of the trends impacting the future of events over the decade ahead?
Demographic shifts and diversity
Australia’s population is growing. Currently it sits at 25.4 million and by the year 2030 it is expected to reach 30 million. That means Australia’s population is growing by 1 new person every 83 seconds with 38% occuring through natural increase (births minus deaths).
The makeup of Australia’s population is also changing, with almost two thirds (62%) of our population growth coming from net overseas migration. More Australian migrants are now born in Asia than in Europe.
The number of Australians born overseas is now at 29%, with 1 in 5 having arrived since 2012. The vast majority, 86%, have settled in our capital cities.
This means, as a nation, we are becoming increasingly diverse –socially, generationally, economically and culturally. Therefore, society has become more open to points of view and ideas different from their own.
What it means for event planners
Events will be attended by people from demographically diverse backgrounds who are looking to hear from speakers with creative ‘out-of-the-box’ thinking they can take back and apply to their work and life.
Bringing in a speaker from outside the industry can provide that fresh perspective and challenge assumptions. In fact, 70% of attendees say contrarian ideas are critical to shaping great ideas.
Article supplied with thanks to McCrindle.
About the Author: McCrindle are a team of researchers and communications specialists who discover insights, and tell the story of Australians – what we do, and who we are.