A Comparative Analysis of the Perceived Effects of Two Economic Recessions on Event Organizations

Abstract

Events have emerged as a growing and vibrant segment of tourism economies and there is significant evidence of associated economic, socio-cultural and political impacts on local host communities. While there are numerous studies that have determined the economic impact of individual events, there are few that focus on the influence of a changing economic climate on event organizations. This study compared feedback generated by two studies where event management professionals indicated the perceived effects of the economic recessions that spanned from 2000-2001 and 2007-2010. The results indicated a significant difference in the perceived effects of these two recessionary periods. Event professionals were found to have a more conservative view regarding future organizational performance after the 2007-2010 recession in comparison to forecasts accompanying the 2000-2001 recession. Specific recession impacts and methods event professionals employed to reduce financial exposure are identified.