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Latest report shows event budgets suffering

The latest Bellwether report from the Institute of Practitioners in Advertising (IPA) shows that event budgets suffered in the last quarter of 2011, despite an increase in marketing budgets. The sector analysis of marketing budgets revealed that ‘other spend’ – which includes events and PR – saw a drop of 7% in the final three months of 2011. The report also showed that traditional media spend fell, while marketers favoured spending on digital campaigns, price discounting and more direct marketing strategies.

This trend is worrying to carrier bag suppliers and other companies in the promotional products industry, as promotional merchandise sales are traditionally closely linked with event activities.

Commented Chris Williamson, Chief Economist for Markit and author of the latest Bellwether, “Companies held their marketing budget broadly unchanged in the final quarter of last year, a flat picture which probably reflects a similar stagnation of the overall economy. However, it is encouraging to see that companies are planning to raise their marketing spend in 2012 despite seeing their financial prospects for the next three months falling to the worst since the height of the financial crisis in early 2009. It seems that many companies are looking to fight the prospects of a challenging year ahead with increased promotional activity.”

Meanwhile, the latest corporate hospitality report from Market and Consumer Insight predicts an 8% increase in this sector of the event industry during 2012. This report reckons that 2011 saw the sector grow by 2% to a total value of £950 million and it follows hot on the heels of another survey that revealed that the corporate hospitality sector employs a staggering 7% of the UK population.

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