State of the Industry Corporate Report: Corporate event budgets are under pressure
More corporate event professionals than not have seen their budgets decrease this year– but they remain optimistic about the future.
Event budgets are always a revealing barometer of how the event industry is faring. This year, experiences were mixed. Nearly a third (31%) of those surveyed said that their event budgets had increased over the past year (although only around one-in-10 (11%) had seen them increase a lot).
For a similar number of respondents (29%), event budgets had stayed the same. Meanwhile, 40% said budgets had decreased (although only 7% said they had decreased a lot).
Perhaps not surprisingly, given this mixed picture, expectations around future event budgets were varied – but optimism slightly tipped the balance. Overall, 40% expected their event budgets to increase, although most (36%) were anticipating small increases at best. A third (33%) believed their budgets would remain the same, while just over a quarter (26%) predicted modest or major decreases in budget.
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