Events Management Lecture The Economic, Technological and Demographic Trends Changing the Events...

Events Management Lecture

The Economic, Technological and Demographic TrendsChanging the Events Market

Rob DavidsonSenior Lecturer – Business Events Management

University of Greenwich

Economic Trends in 2013

• Gradual, slow recovery in many advanced economies: USA, Japan …

• More European economies move out of recession

• Business confidence is growing• But North / South differences remain, within

Europe

Economic Trends in 2013

• Some of the emerging economies (BRICs) have experienced a slowdown this year

• The IMF now expects a global growth rate of 2.9% this year (a cut of 0.3% from its July estimate)

Economic Trends in 2013

• Positive performances by some key client sectors:

• Information & Communications Technology• Automotive (except in Europe)• Pharmaceuticals (except in Europe)• Construction (except in Europe)

Impacts on

• Corporate meetings• Association conferences• Incentive Travel• Business Travel

Technology Trends• Harvard research confirms that face-to-face is

the preferred medium through which to change or influence behaviour, and to do business

• But technology is now a permanent part of the meetings mix, adding value to face-to-face, for example through online delegate registration

• Products such as Telepresence provide compelling alternatives to face to face, delivering cost savings and sustainability benefits

Technology Trends

• Increasing use of mobile devices and social media

• Meeting venues will need to provide greater connectivity and bandwidth

• More acceptance of hybrid meetings• Conference content capture, by associations

Technology Trends

• Tweet boards

Technology Trends

• Meeting spaces are becoming more flexible and technically enhanced to meet the changing demands of meetings

• Content is widely available on the www• So participants want to connect to speakers or

other colleagues at a conference: active learning

Technology Trends

• The space and design of venues must work to support collaboration

Technology Trends

• The 70-20-10 rule• Adults learn 70% of

their job from peers (social learning)

• 20% from reading or internet research (self-directed learning)

• Only 10% from formal learning such as training.

Demographic TrendsFOUR generations in the active

population:

• Traditionalists, born between 1925 and 1942 – mainly retired

• Baby Boomers, born between 1943 and 1960 – beginning to retire

• Generation X, born between 1961 and 1976 - managing

• Generation Y, born between 1977 and 1995 – demanding !

By 2025, approximately 75% of the world’s workforce will be Generation Y

“We are moving away from the values, attitudes and lifestyles of the once

influential Baby Boomers (born 1943 to 1960) toward the values, attitudes and lifestyles of the younger generations”.

(Hira, 2007)

Bye bye, Baby Boomers

Generation Y Characteristics• Seeking work-life balance

Blurring the lines betweensocialising and work

• Global citizensSocially and environmentallyconscious

• Life-long learnersSeeking access to personal

development

Generation Y Characteristics• Technically competent

– Electronic devices are ‘extra limbs’ – The web is a 2-way communication tool– Multi-tasking

• Instant gratification– Shorter attention spans– Need constant feedback– Like a lot of options

From speakers, they want -

• SHORTER presentations• Infotainment / Edutainment• ‘The adult learners of today expect "infotainment,"

the delivery of information in an entertaining format… There aren't many places that people go where they are not treated to a ‘show’ - and meetings are no exception’.

Ramsborg G and Tinnish S, How Adults Learn, Part 2, from Convene magazine (PCMA), February 2008.

From speakers, they want -

• Information that can help them advance in their current jobs or become better prepared when they move on. Motivational speakers don’t motivate them.

• Information they cannot get off the Internet or from a book.

• Speakers who are in a position of power. They want to know how the ‘game’ is played.

(Ann Fishman www.annfishman.com)

Designing events that will attract Generation Y

• They love interactivity

• They want involvement at the planning stage- Choice of destination : matters more to them- Choice of topics, speakers- Choice of social activities

More – and better – use of technology

“The full capabilities of technology must be exploited before,

during, and after a meeting. Blogs, mobile phones, YouTube,

Facebook, MySpace, podcasts, virtual meeting environments,

RSS feeds, videos, widgets, mashups, wikis, moblogs, and

social networking sites”. Ramsborg and Tinnish, 2008

Demographic Trends

• But rapid growth in the number of people in their 60s and 70s attending conferences …

• These have their own demands and needs which must be met.

2014• Positive outlook• The IMF expects global growth of 3.6 percent

in 2014• But ongoing risk of instability: political, social,

economic• Meetings budgets still under pressure• But moderate growth predicted by most

meetings-related forecasts

THANK YOU, EVERYONER.Davidson@greenwich.ac.uk