Global spending on experiential marketing is expected to exceed pre-pandemic levels in 2024, marking a significant recovery for the sector. According to new research from media analytics firm PQ Media, total expenditures on business-to-business (B2B) and business-to-consumer (B2C) experiential marketing are projected to rise by 10.5% to $128.35 billion, surpassing the $121.87 billion recorded in 2019. The anticipated growth follows a 9.7% increase in 2023, which brought the market to $116.1 billion.
The growth forecast is outlined in PQ Media’s Global B2C & B2B Experiential Marketing Forecast 2024-2028. This year’s report, the 10th edition, includes for the first time data and analysis on the B2B sector alongside the B2C market, offering insights into spending trends across 24 industry verticals and six media channels.
PQ Media’s research highlights the resurgence of live events as a major driver of this expansion. In the B2C space, spending on consumer event sponsorships, the largest B2C channel, reached $42.72 billion in 2023. Sports sponsorships alone accounted for $28.65 billion, reflecting the importance of large-scale events in maintaining consumer engagement. Live consumer events, however, are growing faster, with a 9.6% increase last year, as brands increasingly turn to more personalized, interactive formats to connect with target audiences, especially younger demographics.
On the B2B side, exhibit space rentals emerged as the largest and fastest-growing channel, reaching $20.93 billion in 2023. Companies are investing more in booth expansions and incorporating new technologies like artificial intelligence (AI) and virtual reality (VR) demonstrations to attract attention at trade shows and conferences. Attendance fees, while still the smallest channel, also showed positive growth, reflecting a rebound in in-person event participation following the disruptions caused by the pandemic.
One of the key drivers of growth in 2024 will be global events such as the Paris Summer Olympics and the 2024 U.S. presidential election. Sponsors of Olympic teams are expected to contribute significantly to the rise in B2C experiential spending, while political rallies across major markets, especially in the U.S., are anticipated to boost both B2C and B2B marketing efforts. The recent shift in the U.S. political landscape, with Vice President Kamala Harris replacing President Joe Biden as the Democratic Party’s nominee, has already led to an increase in political event activity, with former President Donald Trump also ramping up his campaign efforts.
The United States remains the largest market for experiential marketing, accounting for $52.8 billion, or 45.5%, of global spending in 2023. U.S. growth was particularly strong in the B2B sector, which increased by 13.4%, outpacing B2C growth. Factors contributing to this surge include heightened corporate investments in trade shows and conferences, with tech and entertainment companies leading the charge in utilizing immersive technologies to enhance their exhibits.
Looking ahead, PQ Media points to future opportunities linked to major international events such as the 2026 FIFA World Cup, which will be co-hosted by the U.S., Canada, and Mexico, and the 2028 Summer Olympics in Los Angeles. Both are expected to offer significant potential for marketers looking to engage with global audiences through live, experiential formats.
This upward trajectory for experiential marketing comes at a time when the industry is increasingly focused on delivering measurable outcomes. As Patrick Quinn, CEO of PQ Media, noted, “Experiential marketing is becoming a more important part of campaigns because of better metrics and engagement with customers.” With digital tracking and improved targeting capabilities, brands are able to justify higher investments in events that offer direct, interactive consumer experiences.
While the industry is on track for a strong recovery, challenges remain. Internationally, some markets like Russia continue to struggle due to geopolitical tensions, as global brands withdraw from both B2C and B2B events. Despite these issues, the overall global outlook remains optimistic, with PQ Media predicting sustained growth through 2028 as companies seek to capitalize on evolving consumer behaviors and technological advancements in event marketing.
The full findings are available in PQ Media’s latest report, which offers a comprehensive analysis of the global experiential marketing landscape, including detailed data on spending across different markets, sectors, and channels.