Adapting to Economic Challenges: The Eastside Rooms’ Survey Highlights Shifts in Event Planning

In a world where the cost of living is steadily climbing, the event industry is not immune to the economic pressures. A recent survey we conducted provides insightful data on how event organisers are adapting to these economic challenges. With the survey covering a diverse group of 125 event professionals from around the globe, the findings offer a comprehensive look at the current landscape of event planning and management.

One of the standout revelations from the survey is that a significant 83% of event organisers observed an increase in the costs associated with hosting events in 2023. This statistic is particularly pronounced within the not-for-profit and association sectors, where budget constraints are often tighter. In response to the rising costs, these organisations have been compelled to find creative solutions to balance their budgets.

A notable strategy adopted by 51% of associations and not-for-profits is the reduction in catering expenses. This is a significant shift compared to the corporate sector, where only 25% have opted for this approach. Instead, corporates seem to be more inclined towards reducing delegate numbers, a strategy adopted by 28% of the respondents in this sector.

Another area of divergence is seen in the handling of audio-visual and production costs. While 35% of the not-for-profit respondents have reduced spending in this area, only 20% of corporate event planners have done the same.

The survey also highlights a crucial trend in the adjustment of registration fees. Associations and not-for-profits are noticeably increasing their fees, with 59% taking this step and 23% raising fees by more than 10%. In contrast, only 28% of corporates reported an increase in registration fees.

Leanne Bladen our Director of Sales & Marketing here at The Eastside Rooms, underscores the importance of understanding these challenges. She points out that“it's not just the organisers who need to adapt, but also the venues and other suppliers in the event sector. Recognising the need for reduced catering and AV budgets, for example, is crucial for proposing feasible and effective solutions.”

This survey is not just a reflection of the current economic climate but also a roadmap for event professionals navigating these challenges. It emphasises the need for flexibility, creativity, and a deep understanding of the sector’s evolving dynamics. As the industry continues to adapt, we remain at the forefront, offering state-of-the-art facilities and a commitment to sustainability, making us an ideal choice for a wide range of events.