Smaller budgets for corporate events

Since the financial crash, and what seems like an endless recovery that seems still to be very similar to a recession, the world of corporate events has taken a massive dip with regards to its income. There are many facets to this industry. Hospitatlity, the corporate awards market, entertainment. The fact is when companies start to save on their awards presentations, or team building events, the effects are far reaching.

I have managed a corporate awards company for over 20 years, and I have never before heard the tales of hardship that many companies I am involved with, have to tell me. I deal with a great deal of function rooms & hotels, who tell me that they have lost over fifty percent of their regular custimers, in some cases. I deal with events management companies, as well as directly with companies who look for awards. My business has dropped by nearly thirty percent. I, like many of my friends who operate within this industry, are having less success when we go prospecting for new clients. They simply would rather organise lower key affairs, sometimes just within the offices they own, rather than a function hall. Awards have lost out to certificates, or just simple congratulations accompanied by cheap sparkling wine.

Something that interests me is, is the reason for  the decline. Much of it is obvious. When times were good, it seems, companies enoyed the fact that they could spend a fortune, regularly far too much. Many companies I was dealing with would admit to me they were thousands over budget for their event. Times, however were good, and this encouraged the price is no object attitude. As soon as the credit crunch, coupled with the general atmosphere of austerity, companies themselves saw incomes slashed. No one is keen to over spend, or indeed set high spending limits, when thier own income takes a severe dip. Companies I have dealt with for ages, even with improved incomes, are still keen to hold on the thrift they have shown for the past…

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