The recession is over but the recovery is weak, according to ex-HSBC Chief Economist Dennis Turner, who opened The Summer Eventia (TSE) 2012 today, 23 May, at Kings Place, London.
The events industry, like other sectors, should look to investment returning and to opportunities in emerging markets, in particular the BRIC countries, Turner told the 200 delegates.
“If we can’t sell to the domestic economy, we must look elsewhere,” he said.
“The BRIC countries have barely been touched by recession, yet account for export value just two-thirds of the total of the UK’s exports to the Irish Republic. Slamming the Gordon Brown years of building up Government debt, while praising him for then tackling the crisis, Turner said we could not rely on a return to 2007 levels of business and must do things differently even as growth returns.
He also advised the events industry not to talk down prospects of recovery or unduly blame the banks for the economic crisis. Joining Turner on a panel debating the state of the economy and its implications for the events sector was InterContinental Hotels Group Director of Corporate Sales Russell Green. He said he was “ a glass half full man” and confident of returning business confidence. He also said hotel management companies would have to work together with owners in future to provide investment in properties.
In a session on the Olympic Games legacy, London and Partners’ Director of Business Tourism Tracy Halliwell, said the economic halo effect of the Games was already apparent, “with a strong pipeline of events booked up to 2021, including the World Athletics Championships at the Olympic Park and the World Swimming Championships”. Chad Lion-Cachet, Group MD of Sportsworld, said it was vital London took advantage of the post-Games event vibe.
Halliwell added that London 2012 had already delivered the infrastructure “on time and on budget”, something she said was great for the capital’s reputation for delivering events. She noted £6.5bn had been spent on upgrading the capital’s transport infrastructure.
Nevertheless, the Crystal Interactive audience response questions shown immediately on screen reflected the Eventia audience’s concerns over getting hold of reasonably priced tickets for Olympic clients over the preparedness of the transport system and over legacy promises.
Event Assured’s Brian Kirsch asked which companies present had participated in the Government Compete For Tender site for Olympics-related business. Of 10 hands raised, only one admitted to winning any Olympic related event business.
Panellist Karen Webb, Head of Marketing and Communications for the Sydney 2000 Games, said good barometers for how successful the Games would ultimately be would be how the opening ceremony was received by the press and the reaction of London taxi drivers.
Webb claimed the UK had invested more than China in the Olympics, although analysts have said China invested over US$40bn, including in its infrastructure.
Any conference-related news? Email pcolston@mashmedia.net
