It’s no secret that Gen Z preferences are transforming the workplace by way of collaborative leadership models, work-life balance policies, and purpose-driven missions, among major cultural shifts. But according to new research from Freeman, released Oct. 8 at IMEX, the event industry is not evolving fast enough to meet the needs of the next generation eventgoer.
By 2030, Gen Z will account for 35 percent of the workforce, right behind millennials (40 percent) and overtaking Gen X (20 percent) and boomers (5 percent). And census data shows an “acceleration” happening right now as the next generation is poised to represent 75 percent of the workforce within the next five years. Freeman’s own trend studies show a dramatic shift in Gen Z respondents, which accounted for 2 percent in 2022; 5 percent in 2023; and a whopping 12 percent in 2024.
“There is this huge shift in how Gen Z thinks about events,” Janet Dell, ceo at Freeman, told EM this week. “We’ve been in the business of organizing events for the Boomer and it’s almost a 180-degree change with the way younger generations look at events and engagement and connection. The shows that are really growing are the ones that are embracing a change in mindset.”
Let’s explore three findings and recommendations from the report.
Only 27% of Event Organizers Say They are Making ‘Dramatic Audience-centric’ Changes from One Event to the Next.
Event marketers point to long established programs and organizations resistant to change as pain points getting in the way of new thinking. And 52 percent of event organizers say they struggle with balancing attendee experience requirements with rising costs. But the reality is, the “now” generation’s values “are opposite” of boomers, according to the study, with Gen Z and millennials valuing flexibility, technological adaptation, and experiences as top priorities, compared to boomers’ material wealth, job stability and career development.
87% of Attendees Say Discovering New Products is the Most Important Element to Attending an Event.
Some 83 percent of event organizers report they’re under the impression that networking is the most important factor in securing attendees. According to this study’s respondents, behind discovering new products, 77 percent of attendees say inspiration and excitement is important for the on-site experience, 67 percent say they’re going to events to build their networks, and 58 percent point to hands-on learning. Yet consider this other interesting stat: Perceived value of content and programming ranks higher (78 percent) over an event’s reputation and brand recognition (65 percent) in driving attendance decisions.
“The future of adult learning in this environment is huge, right? We’re not willing to just concede it. We need to bring it back and enhance it, and bring learning methods and styles and technologies that will bring this particular opportunity to the forefront,” Dell says. “Let’s do it differently and accelerate.”
61% of Attendees Say They Would Choose to Not Attend an Event Over Costs Associated with Travel and Hotel.
Certainly, reductions in corporate travel budgets have impacted event travel and attendance. But it’s worth examining the second and third reasons why event attendees say they would not attend an event: 41 percent said it would be due to staffing shortages and workload pressures, and 32 percent said it would be because of time spent way from home. This next generation sets boundaries.
While event organizers hyper-focus on apps, digital displays and elements that will make the event experience easier, attendees say they just want to see hands-on interactions and immersive experiences, according to the study. Event marketers need to adjust their budgets accordingly. And a final interesting fact: The next generation eventgoer ranks after-hours experiences lowest in priority. Because, boundaries.
Check out the full report here.
Image Credit: iStock/gorodenkoff
