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A new report by Market Intelligence provider Key Note claims that the recent economic downturn has resulted in a significant drop in activity in the corporate hospitality sector. The report, Corporate Hospitality, specifically notes a decline in attendance numbers, numbers of events being designed and booked, as well as the amount being spent on events. It estimates that the total value of the UK corporate hospitality market fell by 2.5% to £1.2bn between 2007 and 2011.
This decline can be attributed to the frequency of companies cutting back on marketing budgets in favour of spending dedicated to marketing channels which offer a more visible turn on investment (ROI). Fear of negative media coverage has also contributed to a reluctance by companies to be seen entertaining clients at high profile public events at a time of national austerity.
Some companies, nevertheless, did continue to invest in corporate events and entertainment, recognising that strengthening the relationships between client and business partner during a recession is more important than ever. Spectator sports remain the most popular choice for provision of corporate entertainment, while the sector has also seen increasing demand for bespoke and personalised corporate packages, as well as packages that offer good value for money.
Key Note believes that the corporate hospitality market is recovering gradually from the current recession, and the market is expected to grow in line with the UK economy. Upcoming major events, such as the 2012 London Olympics and the 2014 Commonwealth Games are also expected to further boost growth in the UK corporate hospitality sector. Over the next 5 years, Key Note estimates that the corporate hospitality industry will increase by 8.5% to reach a value of £1.34bn in 2016.
Press enquiries: Jack Sykes at Key Note at email@example.com or 0845 504 0452. Press/review copies of the report are available on request.