The conference rental sector and event venue industry have undergone substantial transformations in the past couple of years owing to the COVID-19 pandemic. Looking forward to 2024, it is imperative for proprietors, and event/conference organizing companies to be aware of the venues’ trends to remain mindful of anticipated industry changes.
Besides this, since the end of 2023, there has been a noticeable escalation in demand for in-person events including hybrid events. That’s the reason, event organizers now face the task of sourcing distinctive and unforgettable venues to meet the heightened expectations of attendees.
Moreover, as per a recent survey encompassing both event organizers and attendees, one of the foremost challenges encountered by organizers is the selection of suitable venues. Indeed, 64.6% of attendees assert the importance of venue choice which ultimately influences their overall event experience.
So in this article, we will delve into these event venue trends and furnish crucial industry-specific insights, aiding business owners, event organisers, and venue proprietors in maintaining a competitive edge.
What To Expect In Event Venues In 2024
Simplified Rentals
Previously, conference rental businesses and event venues often presented intricate packages with numerous options and extras. However, it is expected that in 2024, and beyond, we anticipate a shift towards simplified rental offerings. Clients seek straightforward packages that include all necessities without any ambiguity or undisclosed charges. So event venues (like hotels, conference halls, resorts, convention centers, and others) must consider simplifying their rental choices to make them more accessible and attract a larger clientele.
This will also help small businesses in organising impactful events without getting worried about the huge amount that needs to be paid for venues.
Virtual and Hybrid Events
As we all are aware of the fact that amid the pandemic, numerous businesses had to transition to virtual events, leading to a heightened reliance on technology within the event industry as it was a necessity of the time. This trajectory is expected to persist throughout 2024, as more businesses embrace hybrid approaches encompassing in-person and virtual events.
Nowadays it is seen that most of the event venues and party rental businesses offer cutting-edge features like live streaming and virtual reality that will likely appeal to a broader clientele. However, technology plays a major role in this, According to data from Amex GBT, 65% of event planners say they will use technologies like onsite check-in tools (53%), QR codes (49%), artificial intelligence (42%), and virtual reality (40%) to maximize the associated opportunities, so keeping abreast of the latest technology and equipment is crucial to providing clients with an optimal experience.
Technology in Venues
According to data from AMEX, 2021, 25% of event professionals cite the ability of the event venue to host hybrid meetings as a key factor in choosing a meeting location, that’s why it is crucial for venues to embrace technological advancements to enhance experiences, incorporating everything from robotics to automation.
Leveraging technology fosters engagement and fosters creativity within the space. It’s imperative to ensure robust Wi-Fi connectivity, as attendees will quickly notice any shortcomings. Additionally, having onsite personnel to address any technical glitches is essential. Even nowadays many venues have started incorporating all the latest technological advancements to take the events to new heights, and offer an exceptional experience to the attendees.
Embracing Flexibility: Contracts and Cancellation Policies
The years of 2024 will underscore the significance of flexibility for party rental businesses and event venues. Given the ongoing uncertainties due to the pandemic, clients will seek vendors capable of adapting to evolving circumstances. Businesses offering flexible contracts, cancellation policies, and adaptable event setups will stand out as preferred choices for clients.
Personalizing Event Spaces
Some venues serve as blank canvases awaiting transformation, while others require elaborate adornments. Planners have showcased remarkable ingenuity in crafting captivating atmospheres from blank slates. Tailoring and branding a neutral space can greatly enhance its appeal to attendees. Nowadays Industrial venues, with their versatile backgrounds, are offering opportunities and more flexibility in terms of both elaborate embellishments and minimalist aesthetics, enabling the creation of truly distinctive experiences depending upon the type of event and conference.
The Surge of Micro-Venues For Micro-Events
The trend toward intimate gatherings, which gained traction during the pandemic, is poised to continue its upward trajectory in 2024, and 2025. Micro-events, particularly prevalent in some small events, and corporate gatherings, are garnering increasing favour due to which demand for Micro-venues is also rising. Due to this, businesses specializing in smaller-scale events may witness heightened demand, necessitating a potential shift in focus for those primarily catering to larger gatherings.
Upholding Safety Measures
While the pandemic’s grip may loosen, ensuring safety remains paramount for clients throughout in 2024. Party rental businesses and event venues must implement stringent measures to safeguard attendees. This might entail providing in-person security personnel, registration & admission management, digital security procedures, Emergency health response teams, fire hazards, and so on. Moreover, event organizers and companies are more inclined to choose business venues prioritizing safety, underscoring the importance of comprehensive safety measures.
Experiential Venues: Interactive and Unforgettable
Events are undergoing a transformation within venues that transcend mere space. From art-infused galleries to serene outdoor settings, these locations turn events into immersive journeys, enhancing networking opportunities and ensuring each occasion stands out as unique and unforgettable.
Illustrating this concept is the Van Gogh Alive exhibition, a striking creation by Losberger De Boer in London, Manchester, and Edinburgh. Through encompassing projections and synchronized sound, this expo delivers a multi-sensory immersion.
In Conclusion:
We hope all the above points will help you in taking the right decisions in choosing an event venue, also party rental and venue owners must stay abreast of industry-specific data and insights, including consumer spending patterns, evolving event planning strategies, and emerging technologies if they really want to beat the rivals, and desire to offer an outstanding event.
Moreover, prioritizing exceptional customer service and fostering strong client relationships is imperative for every venue business. Because in an increasingly competitive landscape, businesses that exceed expectations in client satisfaction are more likely to thrive in the long run.
In summary, the party rental industry and event venue sector are swiftly evolving to meet shifting consumer demands and preferences. By staying informed about current trends, data, and insights, party rental and venue owners can adapt their services to meet client expectations and stay ahead of the curve.
