Audiovisual-equipment and virtual/hybrid platform provider Encore has released the results its latest quarterly survey of planners, and it reveals that the present landscape for organizing business events is fraught with difficult budget considerations.
Among the survey’s 750 respondents—roughly 75 percent corporate planners and 25 percent association planners—the rising costs of air and ground transportation as well as food and beverage are top of mind right now. About 34 percent said they were preparing to spend slightly more on transportation for upcoming events, while another 25 percent said they were preparing to spend significantly more. And 38 percent said they were preparing to spend slightly more on food & beverage, while another 25 percent said they were preparing to spend significantly more on it.
Other areas where many planners expect to have upward revisions to their event budgets are audiovisual/in-room event technology (35 percent slightly/18 percent significantly) and guest rooms (37 percent slightly/11 percent significantly).
For events of 250 attendees or greater, these cost complications are exacerbated by the fact that only 50 percent of such events are being planned by the survey respondents at least six months out. Another 34 percent of those events are being planned three to six months out, while 16 percent are being planned within three months of going on site.
Another timely topic that planners weighed in on: The reasons for having their events be hybrid rather than strictly in person. Fifty percent of respondents said attendee preference was a primary factor; 46 percent said attempting to increase overall reach was a factor; 31 percent said the need to engage attendees at different times was a factor; and 27 percent said that reduced budgets were a factor.