On 19 April, the economist Francisco Alcaide presented his new book-cum-study “Challenges, Trends and Opportunities in the Event Industry”, promoted by Terra Consultaría de Incentivos and Mind Value, at the EOI-Business School in Madrid.
Four socio-economic factors
Alcaide named four socio-economic factors that anticipate the growth of the event industry: media saturation, increased across-the-board competition, the standardisation of a large proportion of the industry, and diversity. The author believes that holding events is the best way to meet these challenges, because of their intimate nature and the fact that they attract the audience’s attention and allow them to interact, as well as being a trustworthy format.
Creativity
The author also addressed the latest trends in the event industry, such as specialisation, concentration and professionalisation. Likewise, owing to widespread standardisation, he underlined the importance of creativity with the object of differentiating products in an increasing more saturated market and surprising the audience.
Event spending in Spain
According to the results of Alcaide’s study, Spanish companies are now spending 15% of their marketing budget on events, whereas in countries where the industry is more developed, like the United Kingdom, event spending accounts for 30% of the budget.
