"In recent reports, Chancellor George Osborne states that air fares and house hold bills are the next area of spend where people will see an impact, and I predict that the event industry won’t be far behind.
"2014 showed signs that the event industry, as with the UK economy, was back up and running, with 50% of incentive travel planners increasing their budgets (Incentive Research Foundation) and business travel spend growing by 0.9% (American Express Global Business Travel Barometer) compared to a previous three years of no growth.
"Although in monetary terms the budgets may not have grown dramatically, as an industry we now have the opportunity to make the spend go further. To make this work, in the same way that utility companies, superstores etc will be passing these benefits on to us, we need to pass the savings on to our clients.
"Reductions in air fares will mean that the time has never been better for incentive trips to and around the UK, but agencies who are benefiting from less inflation, caterers who are getting greater quantities of raw ingredients for less, and hotels who are benefiting from reduced energy bills need to pass these benefits on to the end user too.
"This is also a great opportunity for brands and corporate agencies to extend their event tool box, using methods like roadshows for mobile conferences and training initiatives. The reduced fuel prices minimise the significant outgoing of these events, making it the best time to see the ROI benefits they could bring.
"Taking the message on the road and directly to corporate organisations can also be more environmentally friendly and time efficient compared to delegates separately converging on one location, all paying for travel and losing a day from other duties.
"Trucking and freight affects all aspects of the industry, from staging for a world tour through to delivering food, refreshments and furniture for a conference. Not since before the recession have we had a better time to collectively demonstrate to clients that our costs are lower, so we can deliver more and reduce their budgets.
"If agencies and suppliers can pull together to make the money go further, I am sure that as brands and corporates experience the greater benefits of rekindling face to face on the road presentations and conversations in person with their markets, the event economy will benefit, further budgets will be allocated, and we will see a very positive story moving into 2016."