In a survey of more than 1,200 meeting and event planners, nearly one-quarter of respondents selected “reduced event budgets” as the main challenge they expect to face next year. The survey was created and marketed by Social Tables, in partnership with BizBash, and conducted online for two weeks in August. Nearly one-half of the respondents were corporate planners, followed by nonprofit organizations and independent meeting and event production firms.
The survey found that concern regarding shrinking funding is highest among planners whose annual budgets are less than $50,000. This category of planners made up the majority of the respondents to the survey—24 percent—and 60 percent of them expect their funding to remain flat in 2017.
At the other end of the spectrum, 62 percent of planners that are already spending at least $5 million annually on their events expect their budgets to increase. “Which I think tells us that the folks that have identified that there’s a serious place for events within their organization are definitely seeing the value there, and the investment they’re already making is working for them,” says David Budimir, content marketing manager for Social Tables.
More than a third of those surveyed indicated event technology has had the most noticeable impact on how events are planned and produced, but lack of money to add or upgrade technology is also the second biggest concern for planners. Respondents indicated the majority of their budgets go to food and beverage, venue rental, and audiovisual and lighting production, with technology being at the bottom of the list. “Planners are being tasked to do more and they see tech tools and solutions that could help them, but they are worried they won’t have the budget for it,” Budimir says. The report concludes with tips to help planners request more money for their budgets.
The full report, Having the Talk: Making the Case for More Budget, is available for download. In the coming months, the survey data will be used to generate additional reports on the role of millennial meeting planners, collaboration across venue and vendors, and attendee engagement.
