Corporate hospitality is predicted to grow by 11% by 2015, although agencies have forecasted even greater increases.
As reported by Conference and Incentive Travel, research company Market and Business Development predicted that corporate hospitality will grow by 2% over the next year, and will see an 8% boost by the London 2012 Olympic Games.
However, availability of corporate venues would prove to be an issue, according to a venue event manager. They said: “One challenge that we are increasingly coming up against is availability, particularly in London. However, the industry seems to have started growing in confidence again and booking venues much more in advance, which does have some advantages with availability.”
An event marketer told C&IT Travel that the five-year forecast for the industry looks “encouraging”. He said: “There are a number of high profile events coming to the UK over the next decade that will be positive for business, and corporate hospitality industry growth will continue to be driven by the UK’s most iconic events such as the RBS 6 Nations, Premier League football and the Championships, Wimbledon.”
Event venues and party spaces will certainly be looking forward to the growth forecast, readying their venues in time for some of the UK’s premier sporting events.