A report by Market and Customer Insight (MCi) predicts the corporate hospitality sector will grow in 2012, boosted by high profile event such as London’s Olympic Games.
Citing the aptly-titled ‘UK Corporate Hospitality Market Development Report’, Event Magazine says that the events sector will grow by eight per cent this year – four times’ the number posted in 2011.
The figure of eight per cent (although seemingly small) represents a marked difference when compared to that of the last few years, in which revenues have been sluggish.
Growth in 2012 will most likely be driven by the vast number of corporate events London is expected to put on throughout the year, as well as a number of independent and government-backed events nationally.
Despite the predicted successes of events in 2012, MCi remains apprehensive about the future, after the world’s biggest international sporting event comes to a close.
“What remains to be seen is whether the loosening of corporate hospitality budgets for this year will have a more permanent effect on the market,” read the report summary on MBDLTD.co.uk. “With the 2014 Glasgow Commonwealth Games also scheduled, then the success of events in the London Olympics could be a major factor on the level of growth in 2014.”