The Eastside Rooms, a prominent contemporary venue in England’s core, carried out a comprehensive study with 125 global event professionals in October 2023. The survey aimed to uncover the effects of economic shifts on the industry.
A significant outcome of this investigation was that a vast majority (83%) of event organizers observed a rise in event-related expenses in the previous year. The study also delved into how these economic conditions influenced both the organizers and the attendees’ actions.
The findings highlighted some notable strategies adopted by organizations in response to these challenges:
- 28% of non-profit and association groups have raised their employees’ salaries, and 9% have increased fees for freelancers and consultants.
- 25% of corporate entities have upped staff wages, with an additional 5% boosting freelancer and consultant fees.
Moreover, the report uncovered that 24% of the organizers, encompassing both associations and corporate entities, have introduced flexible work arrangements to better accommodate their teams’ needs.
On a different note, only a small fraction (2.5%) of corporate organizations reported a decrease in their budget for freelancers and consultants, without altering staff compensation. Similarly, 2.5% of associations have cut down on freelancer and consultant budgets, but a higher percentage (7.5%) also had to reduce employee salaries or benefits.
Leanne Bladen, The Eastside Rooms’ Director of Sales & Marketing, commented on the findings: “The industry is evidently adapting to the ongoing economic hurdles faced by both non-profits/associations and corporate bodies. Our workforce is the foundation of this industry, and it’s encouraging to see their welfare generally being prioritized. This survey was initiated to gain a deeper understanding of our clients and their current requirements. The insights we’ve garnered are immensely valuable, guiding our communication and interactions with clients, particularly in how we can aid them in supporting their teams.”
The survey categorized the participants into two main groups based on their organization type:
- Associations, charities, government/public sector, and agencies serving these sectors, making up 80 respondents.
- Corporates, including large companies (over 500 employees), smaller corporations (under 500 employees), and agencies serving the corporate sector, accounting for 40 respondents.
Industry suppliers, who formed the remaining 5 responses, were not included in these categories.
The demographic spread of the respondents was predominantly from the UK (69%), followed by Europe (19%), and the rest (12%) from various global locations.
Tags: Leanne Bladen, The Eastside Rooms, survey
