Costs are still on the rise and events in particular have seen a major increase since 2019 with the cost per attendee around 25% higher. And while event costs are expected to go up another 7% in 2023, event budgets may not be increasing at the same rate. When looking for additional budget for your next event, here are some specific data points to aid in making your case.
The average catering spend per attendee is up 120% for food and 70% for beverage in the past two years. Even banquet service fees have gone from an average of 20 – 22% up to 27 – 29% or higher. And reductions aren’t coming anytime soon, mainly because food prices have also risen by nearly 65% globally since the start of the pandemic.
For example, here are a few breakfast staples and their percentage price increase since this time last year:
- Eggs: 80%
- Breakfast meats: 50%
- Coffee: 34%
- Bakery products: 15%
- Dairy: 15%
- Fruits & vegetables: 9.3%
Additionally, in 2022, ADR is expected to rise by 18.5% compared to 2021 levels and go up another 8.2% in 2023. Airfare is another area with large increases, expected to rise 48.5% in 2022 and an additional 8.4% in 2023. And meeting space WiFi has increased as much as 6 times the 2019 rates!
When determining budget for your next event, be sure to involve your leadership early to discuss these rising costs and work with the right partners to help mitigate additional increases.