High Cost Might Affect Events Management in 2019

Wednesday, November 07, 2018

Event Management Philippines

The high cost of staging events because of the current economic condition of the Philippines might affect events management in 2019.

The unchanged inflation rate of 6.7% this October 2018, and the forecast of experts that this condition will continue if no dramatic actions are taken by the government will have an telling impact on the event management industry.

Add the fact that the peso currency recorded a 7% slump this year. Companies across the board will display a changed of direction and approach in using events in their marketing communication strategies. A direction marked by conservatism and caution.

Creative Events Management

The situation forces event management companies in the Philippines to offer more and cut cost in order to attract the reluctant clients.

Creative solutions are now in demand in order to survive this quagmire.

Event management companies in the country must look at the cost of staging an event and re-adjust and recalibrate those that are taking much of the budget.

Even the size of the event will undergo examination. Is it wise to downsize the event and focus on the right attendees that needed to be in the event?

Event managers must contemplate these two critical questions.

Alternative Venue

Venue cost for local event management companies is one of the big pies in event management budget. The challenge is to find affordable one, yet the objective of the event is not sacrificed.

The collab spaces are poised to benefit from this adjustment.

Conscious Navigation

As of now, we cannot quantify the impact on the event management industry of the rising cost because of inflation and currency slump that the country is experiencing.

But the clarion call is clear, navigate consciously and adjust our strategies in order to survive and thrive in this difficult situation.

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