The latest report, which is researched and published by Markit Economics on behalf of the IPA, points to growth in overall marketing budgets. By sector, event spend slowed to a +4.9% rise in spend, which is down from the +12.3% recorded in the previous quarter.
Event Magazine - Claudia Stephenson, VP, business development, FreemanXP EMEA, said: "I don't see the brand experience industry slowing down anytime soon - in fact I predict it will continue to grow, prosper and evolve, especially as new event measurement tactics come to the fore."
C&IT - Lesley Mason, client services director at FreemanXP EMEA commented: "We saw an extremely busy start to the year so I don’t feel that there is less investment in our sector on the whole, however I do see the Q1 2017 Bellwether figures as a reaction to the uncertainty over the global economic outlook, which most notably came to a head at the end of 2016. Many brands are now choosing to manage their budgets on a quarterly basis as a result of this, as it allows them to react to market changes or competitor activity very quickly."
Conference News - Lesley Mason, client services director at FreemanXP EMEA: “I don’t believe events are on the decline overall. There was a lot of global political upheaval around the end of last year, and this has had a flow-on effect to Q1 of 2017. It’s likely that many brands have opted for a quarter-by-quarter approach to their marketing spend, as this allows them react to changing external conditions very quickly.
“This reactionary method means brand experience agencies need to be agile enough to react in efficient and effective ways, and it’s integral that we retain and grow talent with a broad range of skills so that they can respond to our clients’ diverse needs.”