As America has started reopening after COVID, there is a significant increase in people wanting to attend in-person events, and just as many hosts (if not more) are ready to get back on the stage. And planners everywhere are jumping up and down!!
Human connection has become a bigger priority than ever before, and people are filling their calendars with more events than usual to make up for lost time, and step into the space where they can FEEL the energy and engage with fellow attendees face-to-face.
And this is exactly what the event industry has been craving after the past couple of years. The pandemic obviously had an extremely negative impact on the hospitality industry, which contributed to the impact on our nation’s economy.
New research by the Events Industry Council (EIC) confirmed that face-to-face meetings and events deliver substantial benefits to the U.S. economy by contributing $446 billion in GDP and $104 billion of federal, state, and local taxes supporting 5.9 million jobs.
As events are resuming, and the massive number of events that have been rescheduled, there is an increase in demand for space and vendors. With any industry, when there is an increase in demand, it’s not unusual to see a rise in prices because they know a significant number of people will pay the higher price. So far, the most significant increases are being seen in car rental and airfare, but food and accommodations are also starting to rise.
Even more than before, people are becoming quite savvy and doing research to get the best deals. Something to consider when you’re planning your event, especially when you are negotiating room rate for your attendees. (There is nothing worse than booking a block of rooms, and your guests decide to stay off-site for a lower rate)
Many venues and vendors are trying to reclaim some of the income they lost throughout the pandemic. With so many sectors being involved within the events industry, it’s no wonder why many of them are increasing their prices. This is something that needs to be considered when creating your event budget, and calculating attendee ticket prices.
There are ways to justify an increase to ticket price, and additional methods to increase your event revenue.
Adding a hybrid component to your in person event is a GREAT way to increase your revenue.
Hybrid events have become very popular as some people are still hesitant to travel because of the pandemic. Holding an event like this also allows companies to sell more tickets, particularly if they have a sizable international audience.
Check out our Blogs about Hybrid Events:
Tracy Judge (MPI San Diego Chapter) says, “I think people are ready to get back to events—and with hybrid events in there, I think there’ll be a lot more spend coming to our industry. Now people see the value of both and when to use one versus the other.”
The bottom line is that while it may start costing attendees a bit more to attend their favorite events, it’s unlikely that it’s going to keep them away.
Strategy leads to success. With an awareness of the increase in price, put a plan in place to offer more value and charge for it! And hybrid is not the only solution.
Want more ideas to increase your revenue and continue filling the room? Schedule a free strategy call!