The Eastside Rooms, a prominent event venue in England, recently conducted a survey highlighting the impact of the cost of living crisis on event planning and management.
The survey, conducted in October 2023, included 125 event professionals from various parts of the world, focusing on the economic challenges they face.
Key findings reveal that 83% of the respondents have experienced a rise in event costs over the past year, with 45% considering the increase significant. The impact is more pronounced among associations/not for profits, where 88% noted a cost increase, compared to 73% of corporate respondents.
To cope with these financial challenges, associations/not for profits and corporate sectors have adopted different strategies. A significant 51% of associations/not for profits have cut back on catering costs, whereas only 25% of corporates have done the same. Instead, corporates are more inclined to reduce delegate numbers, with 28% opting for this approach.
Another notable difference is in the handling of AV/production costs. Associations/not for profits are more likely to reduce spending in this area (35%) compared to corporates (20%). Additionally, associations/not for profits are more inclined to increase registration fees, with 59% doing so, including 23% raising fees by over 10%. In contrast, only 28% of corporates have increased registration fees.
Both sectors, however, show a similarity in reducing the frequency of their events, with 29% of associations/not for profits and 25% of corporates holding fewer meetings and conferences.
Leanne Bladen, Director of Sales & Marketing at The Eastside Rooms, acknowledges these financial challenges and emphasizes the need for venues, caterers, and other suppliers to adapt their services accordingly. The survey results point towards a greater need for flexible and cost-effective solutions in the event industry.
The survey’s respondents were broadly categorized into associations/not for profits (including charities, government/public sectors, and related agencies) and corporates (both large and small companies and agencies focused on the corporate sector). The majority (69%) of respondents were from the UK, followed by 19% from Europe and 12% from other regions.
For more detailed insights and information about The Eastside Rooms’ commitment to sustainability, interested parties are encouraged to visit their website: https://eastsiderooms.com