The corporate events market has seen its fair share of ups and downs over the past few years, with many corporate planners witnessing a budget boom and increase in event numbers in 2007, followed by a drastic move in the opposite direction in 2008. This shift caught the world wide hospitality industry in a bind, no one feeling the burn more than industry suppliers. As the economy slowly turns back north, industry operations are beginning to do so as well. Special Events Magazines annual Events at Work: Corporate Event Marketplace Study was recently released, showing results of a worldwide event professional survey discussing predictions on the upcoming year’s events outlook. Results of the study showed positive movement in all categories including budget, number of events and return on investment efforts.

The changes in the way corporations view events happened so quickly that many planners were still spending their 2007 budgets and did not feel the full effect of the backlash until their 2009 budget came up on the chopping block. SEM’s study showed that in 2008, 64% of respondents reported their companies would be holding approximately the same amount of events in the following year; that number dropped severely the following year with only 50% reporting no change in event numbers. Furthermore, in 2009 a whopping 14% of respondents stated that their companies would be holding fewer events the following year; that number more than doubled in less than twelve months.

With the array of troubles that have hounded the hospitality industry, a positive future outlook is much needed for both planners and suppliers alike. SEM’s study showed that 18% of respondents expect to stage more events in 2010 than the previous year. An even larger percentage predicts a significant increase in the number of events planned for 2011, with 35% of respondents reporting as such. One of the most staggering numbers in the report is the change in companies expecting to hold fewer events than average this year. In 2009, 38% of respondents claimed their company would hold fewer events than their “typical” amount; this year only 13% expect a decrease from normal pace.

Return on investment has become a main focus for many companies when it comes to planning events and meetings. When companies decide to put forth the capital for a particular event, the powers up the latter are making sure that the allocated amount for the event is going towards a particular purpose. In the 2004 Marketplace study, Special Event Magazine found that only 36% of respondents attempted to measure return on investment on their events. Just six years later, the same study found that 57% of companies are now putting effort into calculating ROI. It seems the days of blowing funds on extravagant details are few and far between; companies want to see their attendees take something away from the event other than just a good story.

With all of the negative press surrounding the hospitality industry from one of the most devastating recessions in our nation’s history to an unimaginable environmental disaster, it feels good to finally report on the positive side of things. Signs of normalcy are on the horizon, with companies beginning to hire again and make those investments they were scared to make a year ago. It is evident that even through the toughest times, the individuals in our industry are able to rise above, be creative and stay alive in our competitive jungle. Those same individuals will be the ones that change the negative judgment of events to show companies that meetings and events are not an option but a necessity to an organizations success.