With budgets continuing to be tighter than most find comfortable, meeting and event planners are having to make some tough choices on where to cut back. According to recent research, here’s where planners are cutting back.

Tight budgets appear to have sticking power. According to PlannerPulse Mid-Year 2024, a recent research report from Encore, budget constraints are the biggest challenge facing more than three-quarters of those surveyed. And more than half don’t expect that to change any time soon, while 16% are anticipating their already-tight budgets may decrease.

Unfortunately, this means it’s time to tighten up those belts and find ways to maximize the budget you do have to pay for the elements that will give you the most value for those precious dollars. What are some of the non-critical elements that planners feel they can cut back on without risking their event’s impact?

• Props and décor. About half said they were cutting back on props and décor, which is 1% more than said the same in Encore’s last Planner Pulse survey.

• Entertainment. Forty-nine percent said the live DJ at the evening reception and other entertainment was an element they could slim down without harming the overall program’s effectiveness. However, this is 9% fewer than those who targeted entertainment for cuts than in the last survey, so perhaps entertainment is gaining a foothold on at least some event budgets.

• Off-site events. With 42% saying offsite events could be trimmed, there may be fewer excursions to unique venues, area restaurants and other off-site venues that can add local flavor and interest — as well as provide an often-needed change of scenery for attendees.

The report also highlighted other must-know event trends, including:

• Attracting attendees is the top goal. When asked what trends are influencing their planning decisions, 36% of the surveyed event professionals said attracting attendees is paramount. Just behind that was creating immersive experiences, at 23%, followed by personalization at 12%. The key takeaway from this finding, according to the report, is, “Understanding your audience plays a foundational role in planning, as it dictates how you draw in participants and craft experiences that surprise and delight.”

• General meetings/conferences and seminars are the most common types of events being planned. When asked what types of events they’re planning now, 44% said their focus was on planning meetings, conferences and seminars. This emphasizes the growing need for connection, knowledge sharing and professional development that are core goals for many organizations that are struggling with pulling teams back together in an increasingly work-from-home environment. Education and training events came in second, at 21%, followed by exhibitions at 9%. Coming in at 5% or less were social events, trade shows, awards ceremonies, charity events/fundraisers, incentives, sales kickoffs, product launches and road shows.

• Despite challenges, planners are mainly pretty satisfied with their events’ outcomes. A whopping 93% said they were either very (42%) or somewhat (51%) satisfied with the quality of the outcome of their events. Only 3% said they were dissatisfied, while another 4% were somewhere in the middle.

For lots of advice on how you can negotiate today’s tough financial environment, check out the cover story of the Fall 2024 issue of MeetingMentor.