News

Here at Cavendish Venues, our conference venues provide human connection, but the last few years have demonstrated the ability of technology to unite humans around the world, the easing of travel restrictions in 2022 proved a boom for in-person meetings. But what does 2023 hold?

Despite the industry being challenged by staff shortages and rising costs, there are reasons to hope 2023 will continue the upward trend for in-person conferences and events. Our venues provide value for the money spent and align with event planners’ desires for flexibility and sustainability.

Providing value

There is no doubt that in-person events are in demand, and virtual connections may be effective, but it loses a more personal connection. Because of this, 2023 will be the year of shorter and smaller meetings, providing venues and event planners with an opportunity to cement their reputation for value.

According to the BCD 2023 Meetings and Events Trends report, “cost is top of mind in the UK.” To combat rising prices, planners are shortening the duration of some events.

With 38% of the UK workforce working from home (24% hybrid and 14% exclusively from home, according to ONS data), ‘virtual fatigue’ has set in. A Zoom meeting is no longer a novelty. The desire to meet in person is real and it is a cornerstone of the value conferences and meetings offer.

Now is also an opportune time for us and other conference venues to explore technology offerings that will enhance the efficiency and profitability of our M&E operation in aid of the recovery efforts.

Providing value does not mean we have to drop our rates or sizably increase our delegates’ packages. It just means you need to discover your ‘sweet spot’, a way of meeting the market’s needs and optimising the space you have for maximum profitability.

Get smart with your space

For us conference venues and event planners alike, it is about getting smart with your space. As live events are expected to grow in 2023 – even with costs increasing – it is important to visualise better revenue for your space.

In hotels, M&E business can be up to 60% of overall revenue. Whether you are a standalone conference venue or a hotel, it is essential to have a robust strategy in place for your event space and how to achieve total property profitability.