Strategy and M&A consultancy, Space Global has carried out an international survey in June 2020, to demonstrate how B2B events will return after Covid-19.
The survey shows B2B events spend in Q2 2020 is down 80% compared to Q2 2019. However, most marketeers expect initial re-engagement with events to be feasible within three to four months. B2B marketeers from China and Italy are most optimistic about a quick re-opening, while those from North America, the UK, and Russia expect a later re-start.
The survey also suggests that B2B marketeers will remain cautious during the initial recovery and return to events gradually. Events spend is still expected to be down by 50% compared to pre-crisis levels.
Despite online events being popular during lockdown, they have not proved as an effective long-term alternative for physical events.
Once the crisis has been overcome and event conditions ‘return to normal’, B2B marketeers anticipate a surge in spend on B2B events. B2B marketing budgets are expected to increase by 8% compared to pre-crisis levels and events will form a higher share of pre-crisis budgets, caused by a heightened need for face-to-face interactions to drive the economic recovery.
Most B2B marketeers expect a ‘return to normal’ from February or March 2021 onwards, signposted by the availability of a vaccine.