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Home > Business/Finance > Diversified Services > General Business Services
Corporate Hospitality
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The corporate hospitality market is served by a wide range of different agencies: contract caterers; ticketing agencies; event management and corporate communications agencies; and by the event and venue owners themselves. Sports events continue to be the most popular for corporate entertainment, with participatory events more often used as corporate team-building events. Corporate hospitality itself ranges in scope from a private box at a football match to custom-built hospitality accommodation, complete with audio-visual displays and interactive technology to enhance the client's experience of both the hospitality and the event.
Sodexho, one of the prime providers of corporate hospitality, reported that there had been no downturn in its sales since the last edition of this report was published (November 2006). In addition, according to the Barclaycard Business Travel Survey and the International Passenger Survey, business travel has increased, despite some economic uncertainty in the wider marketplace. Although corporate hospitality is difficult to quantify owing to the disparate nature of the market, Key Note estimates that, in 2006, revenues earned from corporate hospitality increased by 9.7%, to £1.2bn.
Changes are beginning to be felt as pressure to make events more sustainable is increasing and, on the catering side, there is pressure to provide healthier eating options. The leading contract caterers are addressing these issues by sourcing food closer to home and altering their cooking methods. At its annual conference held in July 2007, Eventia, the trade association body representing the meetings, incentives, conferences and events (MICE) market as a whole, launched a carbon-reduction programme for its members.
There has been some consolidation in the marketplace: Quintus Group, the UK corporate hospitality agency formed by two former IMG executives, was acquired by IMG in April 2007. IMG owns the catering and facilities management contracts for both the new Wembley Stadium and the new Arsenal Emirates stadium. Two Leicester agencies also merged to broaden their scope and increase their global offerings.
There are several issues of concern to the industry. The ability to prove that investment on corporate hospitality expenditure yields a measurable return has long eluded those responsible for buying it. As procurement and centralised buying become more important to organisations, this debate continues.
Commoditised buying does not lend itself readily to environmental and sustainability issues: this is a subject that will continue to exercise the industry for some time to come. As the London 2012 Olympic Games approach, an already attractive UK market will see further interest from overseas companies keen to increase their share of the UK market. With the type of buying power these companies have, the embryonic carbon-offsetting and sustainable food-sourcing programmes now being put in place could be challenged.
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