Corporate events make up a large majority of the events that party rental companies, hotels and caterers participate in and see revenue from. In fact, Canada has now broken the top 10 countries ranking by number of meetings organised in 2015 (Source). This means more opportunity for hotels, party rental companies and caterers to book corporate meetings and events. If this isn’t a revenue stream you’re focused on, it is definitely one to consider. Not only do corporate events generally host lots of attendees (especially when multi-national companies are concerned) but they also tend to hold bigger budgets than traditional social events such as weddings. But larger corporate events aren’t the only events that businesses need to host – there’s training events, advisory board meetings, corporate board meetings, senior leadership meetings, all hand company meetings and conferences / tradeshows.
Special Events Magazine recently published a 2016-17 Corporate Event Forecast with research performed by Penton Media. This annual report studies the trends in the corporate event industry as well as forecasts potential trends for the upcoming year. Two statistics to note from the report includes:
- “The majority of respondents (57 percent) expect the number of corporate events staged in 2016 to remain about the same as their “typical” amount. A third (33 percent) expect to stage more.”
- “The typical respondent reports average expenditures on corporate events will reach $977,277 in 2016.”
That’s a lot of events to not only potentially win business from, but a lot of average expenditure to gain.
To view more of the article including 6 more statistics, swing over to Special Event Magazine.