New research has revealed that despite a cut in event expenditure in the first quarter of 2013, the reduction is far less severe than the drop from the same period last year.
The Bellwether report, commissioned by the Institute of Practitioners in Advertising and conducted by Markit Economics, finds advertising professionals pointing to renewed confidence in the market, rather than highlighting substandard performances from January to March.
According to thedrum.co.uk, 14.8 per cent of the 300 marketing professionals surveyed said their events budget had increased, with 15.4 per cent claiming to have witnessed a decline.
This leaves a net balance of -0.6 per cent, a drop that’s unlikely to inflict any real damage on the accounts of event spaces.
Furthermore, the report says the slight dip in spend represented an improvement on the far more significant four per cent decline seen during the final quarter of 2012.
Report author Chris Williamson says the new figures should be received as good news given what unfolded at the tail end of 2012.
“Last year we were seeing more pressure on the economy in general, confidence was more negative and so far this year there has been an improvement in business and consumer confidence,” he told meetpie.com.
“It means budgets are not being cut as they were and it’s a good sign for the events industry.”