From nothing to everything, from everything to too much.
The current situation within our industry is keeping both planners and suppliers awake. Deadlines are shorter and the pressure is on, more than ever. What happened and why are we in a situation that is so unprecedented?
There are many answers to this question, and many of these answers are valid. But let’s take a breath, step back, and realize that we are ok and happy that we’re not still where we were 2 years ago. 2019 was a Buyer’s market, supply exceeded demand, and everything was possible. The competition was on, and events were executed across the globe. Now we are living in a Seller’s market. The demand for events exceeds the supply.
With more than 100 offices across the world Ovation Global DMC is seeing challenges across the board. Fewer bus drivers, not enough guides, catering companies that did not survive the crisis, and airliners that are coping with staff shortage. Availability is a challenge, despite people longing to get together again. It all seems logical and makes absolute sense. Live events are back, with a vengeance.
But how long will this last? How long can we expect this seller’s market to continue and at what point does our industry start to balance out again? Using the word recession is almost a curse word after the pandemic and a geopolitical shift on the European continent. Does the market regulate itself with the rising cost of fuel and airfares? We want to go back to events; the supply isn’t there and at the same time the cost of travel is rising fast. Finding a balance has never been more important than now.
Remembering where we were, where we are, and where we want to go is so important to keep in mind. A work-life balance, that is so often an issue in our industry, is creeping back towards a point of no return. The understanding and empathy that we kept dearly for over two years is fading again. The pressure is mounting.
On the supplier side, the collaboration has never been more evident, because the aim is to serve as many customers, as best as we can, with the help of everyone. The word competitor is now collaborator. As long as both planners and suppliers stay focused and continue to support each other, the pressure will wear down, and we can expect rising staff numbers and a decrease in vendor costs. But when is the question.
We are all focusing on what we can do. What we can do together. And how to keep this positive momentum going with the support of both planners and collaborators. A crystal ball is hard to read, but keeping a positive mindset and a healthy balance are key to the next phase.
Together we will make this happen and find balance in the future.