Ten years ago a decent hospitality event was a conference room with a few drinks and sandwiches, but over the last few years hospitality events have become more sophisticated than ever before. Now, most companies go out of their way to host memorable events that are sure to impress guests and the events are just as likely to take place at a sporting event as they are to take place in a conference room.
The rise of sports and hospitality
Sports clubs are now a huge part of hospitality, so they frequently work with event management companies to host amazing events that guests will love. After all, the sports industry in the UK is worth nearly £20 billion a year, so it is a seriously valuable asset to take advantage of.
The sports industry also supports around 450,000 jobs, so it is very big business. This means that more money than ever before is being sunk into sports. In the past, stadiums were old and in need of some repairs, but now they are some of the biggest and best venues in the UK.
However, it is worth noting that these events aren’t limited to the UK and lots of British companies are splashing some cash to fly their guests out to international events, such as the Monaco F1 Paddock Club. If you own a business and you want to set up an F1 corporate event, check out https://edgeglobalevents.com/f1-paddock-club/monaco/ to find out more.
The issues hospitality has faced
The hospitality industry kept growing until 2008 when the recession hit. After this hospitality decreased slightly and research from Key Note found that the size of the industry fell by 2.5% during the four years after the recession. This meant that most companies had to tighten their purse strings, so only the most successful companies could afford to host lavish events.
Thankfully, the industry is now back to its former glory – in fact, it is likely that the industry will continue to grow over the next decade, so it will be bigger than ever! This means that luxury events are possible for many businesses, which is very useful as a hospitality event is a great way to connect with new customers and other like-minded business, which can help your business to grow and succeed.