Vinopolis study finds sector hard hit by economic climate

Vinopolis research finds 53% of planners running fewer events this year

Vinopolis: events 'still outperforming other sectors' study claims
Vinopolis: events 'still outperforming other sectors' study claims

A survey of 1,000 UK event organisers has indicated that the events industry is being hit hard by the tough economic climate, with 51% of planners reporting that budgets had been cut and 53% stating that they were running fewer events than last year.

The study was carried out by London venue Vinopolis and while managing director Rupert Ellwood accepted that the pressure was being felt, he defended the sector’s performance in light of more severe cuts being made elsewhere.

It’s interesting to see that only half of organisers have had their budgets reduced and that they still need to impress and show their business in the best light without obviously highlighting any cuts, Ellwood said. Venues that have let aspects such as maintenance slide will find the slowdown really tough. It’s all about adding value to clients’ events, giving them more for their money.

Elsewhere, some 47% of organisers said they were looking at cutting elements of their event agendas and 40% admitted altering the format of events to take cuts into account. Cost-cutting examples included reducing the time of events, limiting free drinks or researching events direct rather than using third parties. Planners also reported using more environmentally friendly options that doubled as cost saving exercises.

In terms of what’s driving venue choice, the survey showed that price and location were named as the two most important factors for event planners, with the so-called ‘wow factor’ named in third spot.

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