Whilst browsing the Conference & Incentive Travel (CIT) Magazine website the other day, we came across some interesting new findings regarding the events industry for 2015. According to research from the IPA Bellwether Report, published just last week, events budgets are due to grow by 5.7% - a positive outlook for the sector.
In fact, it was discovered that marketing budgets as a whole are expected to increase this year, making this quarter the tenth in a row to feature budget increases. More than one quarter (28%) of the company respondents to the survey said that they were planning a rise in marketing budgets this quarter, compared to the 15% that stated they were looking to decrease spend.
It is believed that with these increases to marketing budgets, events could be one of the sectors that benefits most directly. In fact, Paul Simonet – the creative strategy director for Imagination – commented on the findings, stating: “The increasing demand for events and experiences really only bears out what we have been seeing commercially for some time” before concluding that we are living in the “experience economy.”
Returning to the finding’s figures, a net balance of +21.8% of businesses asked stated that their budgets had risen over 12 months. Remarking upon the results, another Paul – Bainsfair, the director general of IPA – said: “With over 10 successive quarters of growth in marketing budgets and the best budget year for marketing spend in a decade, this latest Bellwether provides welcome evidence of the extent to which clients recognise and value the significant contribution marketing communications makes to their business success.”
Have you seen an increase in your marketing budget this year? Is the increase for a specific part of your marketing activities – like events – and if so what’s behind the rise?