Corporate spending on events is expected to rise by as much as 83% according to the Annual ICE Report
The report warns that this is not just a sign of growing confidence in conferences and events in London Conference Venues, but a reflection of the spiralling cost of running events as inflation and the cost of materials, people and fuel all begin to affect the sector.
Launched at Cvent CONNECT Europe, the report also uncovered the key challenges for brands and event departments in 2023, with sustainability (59 per cent) remaining a key challenge. The issue was ranked ahead of measurement of event performance (51 per cent), which remains a key issue, and ensuring the brand is represented consistently across events (41 per cent). Diversity, equality and inclusion (37 per cent) is a key issue and has also now risen into the top five challenges.
In addition, the report reveals that many event organisers still struggle to capitalise on attendee and engagement data from their in-person events. 41 per cent of respondents said that in-person experiences don’t provide the insights they need, even though 59 per cent look to use in-person data for making a business case for future budgets, 53 per cent for improving overall event strategy and 51 per cent for developing future content.
The report is produced annually by ICE (In-house Corporate Events) supported by Cvent and reflects the sentiments of those event professionals that work solely within brands.
Since the first edition of the report in 2019, there has also been an upward trend in the number of event planners reporting to the marketing function, a move that ICE advocates for. However, a notable proportion of respondents still report to a variety of business functions, which the organisation sees as an issue for the industry as events look to show their value within large corporate organisations.
In 2020, 49 per cent reported into marketing; this year however the number has risen to 55 per cent.
Here at Cavendish Venues, we are doing our best to control costs. Recent innovations include a ‘No Hidden Charges Guarantee’ We know that venue contracts are rife with clauses designed to extract extra costs our of clients from cloakroom costs to cancellation charges. We have worked hard to simplify so that there are no unpleasant surprises.
If you are looking for a conference venue in Central London look no further than Cavendish Venues.
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