Agenda polled 200 corporate event planners, independent meeting planners, and association planners and found more than half (52%) said their event would be scaled back in some manner, according to a press release. Overall, 7% said their event would be canceled this year, with 13% of corporate planners saying their holiday celebrations will be canceled.
Forty-seven percent of respondents indicated their party budgets will be reduced this year, with 62% of independent planners saying so. Almost half of corporate planners (48%) expect lower budgets, with 18% expecting “considerably lower” budgets, the release said.
Cost-cutting measures anticipated by respondents include offering a more cost-sensitive menu (48%), followed by using a less lavish décor (32%) and booking a less expensive venue (29%). Thirty-six percent of independents and associations pointed firmly to a reduction in alcohol options at their parties to cut costs.
The primary type of venue indicated by all respondents was restaurants (39%), followed by hotel space (30%) and dedicated event space (28%).
Agenda USA is a producer of resource directories, and online venues-search tool, and live events for special-events and corporate-meeting planners.