Morsell Allison Comments on the Increase in High-End Corporate Events

PHILADELPHIA, PA, June 27, 2013

As the founder of Your Event Strategy--a comprehensive event management firm--Morsell Allison knows that the recession had a serious impact on the way businesses organized conferences. According to Allison, sponsorships became harder to come by, events became smaller and face-to-face meetings offered less frills. However, as the American economy endures what many have deemed as a "recovery," Fox Business reports that "swanky corporate events" are making a comeback.

The Fox Business article explains, "While lavish corporate events five years ago drew a negative stigma that executives tried desperately to avoid, new data show resorts are making a post-recession comeback. Resort bookings were up 33 percent year-over-year in the first quarter, according to data from Cvent...Organizations spent on average 24 percent of their marketing budget on meetings and events in 2012, according to Cvent. Perhaps even more telling, companies typically spend about one percent of their revenue on these events, which for [some companies] can amount to hundreds of millions of dollars."

Morsell Allison responds, "It is encouraging to see that businesses are looking back into hosting face-to-face conferences. While some may argue that the lavish quality is unnecessary, these elements suggest that today's corporate leaders are making an effort to inspire growth and further promote America's economic recovery."

However, Fox Business notes that there are still many challenges that this "comeback" faces--such as the slow recovery of business travel. The article also notes "While the lavishness has returned, the extravagance remains tempered to some extent compared with before the recession...with companies taking precautions to keep costs down, such as booking far ahead of the event date."

Regardless, many corporations know that these luxury events are in demand and are attempting to keep up with the trend. Fox Business observes, "Corporations are now craving upscale properties, and resorts have been quickly improving luxury amenities, offering a cornucopia of swanky restaurants, pristine golf courses and high-end spas to meet the fast-growing demand. As the stigma dissipates, these types of events for some industries have become a priority."

Morsell Allison notes, "For companies that may not have as many resources as a larger corporation, it can be difficult to keep up with the trend of luxury events. Fortunately, Your Event Strategy can optimize sponsorship opportunities, marketing needs and management to keep costs down for clients that may have a budget to stick to."

Virtual events are a great addition to face-to-face conferences, as these resources provide a way for more individuals to take part in an event. According to Morsell Allison virtual conferencing is a great way to boost branding, encourage networking and gain more return on investment when organizing a corporate event.

ABOUT:

Morsell Allison is the founder of Your Event Strategy--an organization that allows clients to outsource their event needs while providing consultation to maximize the returns collected on events. Whether one is hosting a virtual event or a face-to-face meeting, Your Event Strategy offers comprehensive solutions to staff, manage and market important business gatherings. As a member of the Society for Human Resource Management, or SHRM, Allison is a valuable asset to his clients in that he offers a high degree of insight regarding their human resources and event needs.