The UK market for corporate hospitality is projected to reach $2.2 billion by the year 2015, led primarily by large-scale sporting events such as the London Olympics, and Football World Cup.
Corporate hospitality is emerging as an important communication tool for organizations. As an integral part of organizational marketing strategy, corporate hospitality allows companies to maintain and develop good client relationship, acquire competitors' clients, ensure successful closure of deals, and optimize returns on investment. However, organizations prefer not to be vocal about corporate hospitality expenditure, particularly during the difficult economic conditions. Apart from macroeconomic conditions, factors such as level of corporate sponsorship and quality of catering services also influence market growth.
Growth in the UK corporate hospitality market is led by opportunities created by large-scale sporting events including the 2012 London Olympics and the 2010 Football World Cup, as stated by the new market research report on corporate hospitality. Events such as Cricket Tournaments, and Polo Events are considered vital for boosting the demand for corporate hospitality packages. Such corporate hospitality packages are primarily aimed at enhancing customer experience related to both the event as well as hospitality.
Though the global economic downturn squeezed the corporate hospitality budgets of a vast majority of the companies, organizations continue to spend on such events to maintain healthy client/customer relationship. The desire for maintaining and strengthening customer or employee relationship is expected to drive companies to seek corporate hospitality services. High-end events are also expected to regain their popularity in the post-recession period, driven by the high net worth customer base for such events. Corporate sector is also increasingly moving towards customized packages and services, as against off-the-shelf packages such as set experiences and private boxes.
The report titled Corporate Hospitality: A UK Market Report provides a review of market trends, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of annual revenues. Corporate hospitality market in the UK involves the participation of various types of agencies including ticketing agencies, contract caterers, corporate communication companies, event management agencies, as well as hosting events and venues. Players profiled in the report include Ambro Sports and Events Limited, BI Worldwide Limited, Compass Group Holdings PLC, Events International Limited, Eventwise, IMG, Mike Burton Group Limited, Motivcom PLC, Pall Mall Limited, Sodexo Prestige Limited, Sportsworld Group Limited, The Ultimate Experience Limited, and World Events Limited, among others.
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