According to the 8th annual hotel event survey just released by Special Events, the lousy economy has walloped special event business for the hotel industry.
Just over half of respondents—51 percent--predict a falloff in event business this year, compared to 29 percent who said the same thing in 2008 and only 10 percent in 2007.
However, 42 percent predict better business in 2010, and 48 percent say they will do at least as well next year as they will this year. Only 9 percent of respondents say they expect their event business to be worse in 2010 than it is this year.
SOCIAL VS. CORPORATE
Some 53 percent of respondents predict their social event business will pick up in the next 12 months; 35 percent expect social business to stay the same and 12 percent expect it to fall off.
Forty-three percent of respondents predict their business events to increase in the next 12 months. Forty-two percent say their level of business events will likely stay the same, and 14 percent expect business events will decrease.
See the full story in the November-December issue of Special Events.
Photo by iStockphoto.com
