Last Updated on: 22nd November 2023, 04:49 am
Amidst Financial Strain, Corporate Events Market Thrives as UK Businesses Seek to Reconnect with Workforce
In the face of mounting cost of living pressures, the corporate events and parties sector is experiencing a surge, with businesses making significant efforts to foster reconnection with their employees.
Despite the ongoing cost of living challenges impacting spending patterns in the UK, British companies are showing an increased inclination towards booking corporate gatherings and social events. This trend has been underscored by fresh data from Poptop, the UK’s premier platform for booking corporate events. As the lucrative Christmas party season approaches, this robust resurgence in corporate bookings post-COVID has prompted experts in the field to question whether the events market is finally on the path to recovery.
The Remarkable Ascendance of Corporate Parties Few industries have felt the economic turbulence of recent years as acutely as the events sector. After enduring a nearly complete trading halt during the two-year COVID-induced shutdown, the corporate and private events industry began to glimpse signs of revival, only to be dampened by high inflation and the impact of the “cost of living.” However, one corner of the events landscape continues to flourish amid this uncertainty. Poptop, an online events marketplace, analysed data from 423 of its corporate clients, revealing a staggering 68% surge in corporate bookings and staff parties compared to pre-pandemic levels.
The nature and scheduling of these thriving corporate events have indeed evolved since the time before the COVID disruption. Buffet catering and bartender services witnessed a 40% decline compared to 2019, whereas event categories catering to family-friendly themes such as BBQs, children’s entertainers, and magicians experienced an almost 100% increase in corporate bookings. Additionally, events are being scheduled on much shorter notice, with corporate gatherings often being arranged just weeks or even days ahead of the event itself. So, despite the volatile market, what is driving the success of the corporate events industry?
A Shift in Workplace Strategy The proliferation of remote and hybrid work over recent years, initially out of necessity and subsequently due to employees seeking a healthier work-life balance, is no secret. However, many companies are eager to entice their employees back into shared office spaces. Prominent business leaders like Elon Musk, Tim Cook, and James Dyson have openly expressed reservations about hybrid work arrangements, suggesting a potential shift in the stance of senior management.
Yet, the reality remains that UK workforces need motivation to return to full-time office spaces. Consequently, some HR departments view this as an opportunity to highlight the value of corporate life. Events centred around families that unite the workforce and impromptu events for employees serve as potent reminders that the office holds more than just managerial responsibilities—it offers a space for personal connections to be forged. This is an aspect that proves challenging to replicate over video calls, combating the isolation and virtual fatigue brought on by remote work.
Prioritising Employee Well-being At this juncture, it’s hard to definitively determine whether this corporate outreach is effectively luring employees back to the office. Regardless, these new corporate events offer dual benefits for both businesses and their workforce. The challenges of recent years have inevitably taken a toll on employee well-being and overall business productivity. Additional corporate events and team-building activities can wield a substantial and enduring influence on employee happiness, simultaneously rejuvenating team morale.
Furthermore, there’s an additional external advantage. Savvy sales teams are beginning to discern that clients are equally interested in stepping away from screens. Standalone networking events provide an ideal avenue for this purpose. Given the saturation and expense of online marketing, businesses can distinguish themselves through in-person client events, fostering enduring connections in the process.
A Bright Future for the Events Industry Whatever the rationale behind this surge in corporate bookings, its impact on the wider events sector is substantial and noteworthy. Industry confidence is progressively growing, showing no signs of abating. Thanks to the corporate segment, it appears that the events industry is solidifying its position once again.
“In 2023, we’ve witnessed an explosion of popularity in corporate events and parties. While hybrid work has become the norm for many firms, business leaders are actively seeking novel means to engage their team members with company values, kindle motivation, and encourage communication among them. We’re no different – with nearly all our team members adopting a hybrid work model, we perceive a tremendous opportunity to bring everyone together for enjoyable and engaging events. It presents an excellent chance to disseminate the latest news, deliberate on company goals, and simply have a good time together!”
Eugene Shestopal, CEO, Poptop UK
