The meetings and events industry remains resilient heading into 2025, with 66% of event planners expecting budget growth and 74% optimistic about the industry’s health.
However, the 2025 Global Business Travel Forecast reports the cost per meeting attendee per day is forecast to increase by 4.3% to $169, primarily due to rising costs and staffing shortages. To make the most of in-person events, businesses focus on high-value, personalised experiences.
Despite the rising costs, businesses can still deliver impactful events while staying within budget. Reed & Mackay Head of Events (UK), Marali Kempthorne, explains: “Event costs have increased in recent years, but our dedicated team of event professionals have extensive experience across multiple industries and locations. We work closely with clients to provide tailored solutions that meet their needs.”
The Reed & Mackay Events team share useful tips you can implement to help you maximise your event budget and achieve your goals.
CLARIFY EVENT OBJECTIVES
Setting clear objectives is essential for measuring the success of your event. Identify these channels at the start of the event campaign. This allows you to prioritise funds to the channels contributing to the event’s success.
“Understanding the event’s purpose and the key decision factors is vital. This allows us to provide support with elements such as location, travel requirements, activities, and branding. For example, if your goal is to bring everyone together, then this will impact funds allocated to travel” Kempthorne adds.
CREATE A BUDGET BREAKDOWN
Creating a budget breakdown helps allocate funds to areas that contribute to meeting event objectives and limits unnecessary expenditures..
“Reviewing past budgets is a good starting point. This allows organisers to identify areas of overspending and opportunities for cost reduction. Our event team can support clients in creating a detailed budget based on their goals. Additionally, we provide travel analysis for clients to highlight appropriate locations within budget” Kempthorne shared.
PLANNING AND RESEARCH
Thorough planning is the backbone of cost-effective budget management. Researching venues and suppliers within your budget allows you to compare quotes, and make more informed decisions.
“Planning early allows you to access venues and suppliers that fit your objectives without having to compromise. It reduces the impact of rate inflation if your dates are in high demand.
However, we are seeing an increase in shorter lead times. If you’re willing to be flexible, then there is always room for negotiation on last-minute bookings” Kempthorne said.
PARTNER WITH A TRAVEL AND EVENT MANAGEMENT COMPANY
Partnering with a TMC offers access to expert advice, cost-saving opportunities, and value-added benefits. Their industry relationships can secure competitive pricing and exclusive perks.
“As a global travel and event management company, we have strong relationships with independent and small businesses. This allows us to provide clients with value-adds in their bookings. These can range from favourable cancellation policies; and room upgrades to complimentary welcome drinks on arrival.
“The team works on a variety of events at any one time and their expert knowledge enables them to provide support and advice for events of varying sizes and demands” Kempthorne said.
Did you know..?
Reed & Mackay clients are assigned dedicated event managers, who can help with everything from venue finding, entertainment and catering to negotiations with suppliers and in-depth reporting on travel costs, connectivity and C02 analysis.
Get in touch
Mail hello@reedandmackay.com to discuss all your travel and event management needs.
