2006-07 corporate event market looks bright, Special Events Magazine study says

Corporate event planners forecast a strong year in 2006 and a robust year in 2007, according to the latest research from Special Events Magazine.

One in four respondents will stage more corporate events in 2006 compared with their typical amount, and a healthy 41 percent say they will hold more events in 2007 than in 2006. This is the most optimistic outlook for the next year’s business in the history of the four-year-old survey. In 2005, for example, 27 percent of respondents said they expected to produce more special events the following year, and in 2003, only 24 percent said so.

Nearly four in ten respondents (37%) will spend $250,000 or more on corporate special events in 2006, with an estimated median expenditure of $190,000.

One in four respondents (23%) increased their spending on corporate special events by 6% or more in 2006, compared with 2005 levels. Four in ten respondents (43%) will increase their expenditure in 2007 compared with 2006, with an estimated mean increase of 2.4%.

Seventeen percent of respondents indicated that their company’s budget allocation for corporate special events will increase by 6% or more in 2007 compared with 2006, with an estimated mean increase of 2.1%.

The majority of respondents (53%) attempt to measure ROI (return on investment) of their special events -again, this is the highest percentage reported to date. In 2003, only 32% said they attempted to measure ROI.