Booking.com for Business, noting that spending on corporate events is projected to reach over $595 billion by 2027, revealed six key trends defining the corporate event market now. They include:
- Corporate event spending continues to rise:
The global corporate events market is projected to grow from $325 billion in 2024 to $595.27 billion by 2029, representing a compound annual growth rate of 10.61%. B2B events alone generate approximately $1.7 trillion in direct spending globally each year, making it more important for businesses to treat events as revenue-driving investments rather than discretionary spend.
- Major US convention hubs dominate the corporate events industry: The number of corporate events held annually in the US exceeds 1 million. Major convention hubs like Orlando, Chicago and Las Vegas account for nearly 40% of these events, showing the concentration of demand in key urban centers.
- Event costs continue to rise: In-person events are now 47.8% more expensive than virtual, with large meetings costing up to $350,000.
- International attendees deliver greater economic impact: International delegates spend up to four times as much as domestic attendees, making global events a major economic driver.
- Hybrid events have become a permanent model: 80% of event planners now run hybrid events as a permanent model, not a temporary solution.
- Sustainability and AI are reshaping corporate event planning: 83% of organizers factor sustainability into event design, while 58% are actively using AI to manage costs and complexity.
Nadine Blokker, a Booking.com for Business analyst, said, “Corporate events drive measurable business outcomes, like networking and revenue, so they must be carefully considered and planned.” She offered these tips:
- Plan around the attendee experience: Understand your audience. Consider the session length, networking opportunities and hybrid access options. A smooth, engaging experience increases participation and satisfaction.
- Book early and strategically: Secure venues, flights and hotels well in advance. Midweek travel and accommodations close to venues reduce stress, travel costs and lost productivity.
- Leverage corporate travel management tools: Use business travel management platforms to coordinate travel, manage expenses and streamline itineraries. For teams attending multiple events or international trips, this ensures every detail is tracked and optimized.
