How much do companies spend on corporate eventsLynne Lolley
According to a recent report from ICE, corporate event spending is set to rise by as much as 83% in 2023. The increase in demand for corporate events combined with inflation has meant companies are now spending more than ever, but what costs precisely should you be budgeting for?
In this article, we’ll be delving into this growing industry and answering the all-important question of how much do companies spend on corporate events.
What factors influence the cost?
Corporate events encompass various business celebrations and meetings, from conferences and seminars to workshops, charity events and team days. Each has its own specific objectives, so the scale and intention of the event will significantly influence the associated costs. Here, we have listed some of the factors that are likely to affect spending:
Location and Venue
Your chosen venue will play a significant role in determining your event budget. Naturally, larger, more premium venues in central locations such as city centres will come with a higher price tag. The accessibility and facilities at the venue will also factor into how much you should expect to pay.
Number of Attendees
The number of people attending your event will also impact how much you will spend, as these numbers affect seating, catering, materials and activities. The larger your guest list, the more arrangements and the higher the cost.
Another factor that will influence your budget is the type of event. A small, simple team-building session held at your office with a self-catering arrangement will require minimal funding. However, a high-profile product or service launch with guest speakers, activities and more will demand a more considerable investment to see the desired return on investment.
Corporate events often include activities and entertainment that entice attendees and make the day more enjoyable for everyone involved. This could consist of panels with sought-after key industry speakers who can share their insights or even an award ceremony with crystal awards to serve as a lasting reminder of employees’ achievements and contributions. Whatever entertainment you choose to add appeal to your event, financial considerations must be made.
Balancing your Budget and ROI
All companies want to host a successful, memorable and hopefully inspiring event, but it is important to remember to balance your budget to ensure a return on investment. When properly planned, a well-executed corporate event can strengthen your brand, forge new relationships and create a positive company culture.
What’s your next corporate event?
Determining how much companies spend on corporate events is a complex question and will ultimately be influenced by various factors. However, it is clear that this is a growing industry for a reason, and increasingly, organisations are using these events as key opportunities to strengthen their teams, fulfil objectives and boost their brand recognition.
If you are considering hosting a corporate event for your company in the coming year and want to add a touch of elegance, we highly recommend our bespoke crystal and glass awards.
To learn more about how our Crystal and Glass Awards can help to elevate your next corporate event, please don’t hesitate to give our team a call on 01527 400092, or you can email us at firstname.lastname@example.org, and we’ll get straight back to you.