26 Oct 09 The AIG Effect
Many corporations are squirming under public scrutiny. Meetings are an essential element of corporate business; however, no one wants to be perceived a spendthrift when it comes to event planning. Ironically, teams are under more pressure than ever and get away meetings are important to corporate health.
The AIG effect refers to public outcry over frivolous spending by the American International Group, Inc. just days after receiving billions of dollars from Congress. When word got out about the $440,000 trip to a luxury resort, the public cried, “Enough!” The travel industry took a big hit and meeting planners have shied away from splashy locations for conventions and business meetings.
The good news is that regional convention centers benefit. To the public’s mind, holding a convention in Philadelphia is far more austere than holding the same event in Las Vegas. Events held on the waterfront are less popular now than ones held inland. Golf may still be part of the package, but chances are corporate golfers will pick courses that are out of the limelight.
The AIG effect isn’t completely negative. Even though planning purse strings have been tightened, events still take place. Buffets are replaced by sit down dinners and wines are less expensive. People travel by car rather than plane to events. A tough economic time reminds us all that business reputations are a valuable commodity and must reflect the times.
Tags: Aig, American International Group, American International Group Inc, Buffets, Business Meetings, Corporate Business, Corporate Health, Economic Time, International Group Inc, Limelight, Luxury Resort, Meeting Planners, On The Waterfront, Public Outcry, Public Scrutiny, Purse Strings, Regional Convention, Reputations, Spendthrift, Vegas Events
11 May 09 Low Budget Event Meals
The economic crunch has bitten into our lives, finding its way in everything we do. Yes, lifestyles have changed- a lavish, spendthrift economy has taken a back seat and what has come upfront is a population of anxious consumers, eager to save every penny.
With the “saving” culture finding a huge fan following, it is no great surprise that the event planning industry too has cut down heavily on unnecessary expenditure. The days of extravagant meals and rich cuisine have passed, being replaced by a much more affordable platter full of health-conscious food that causes less heart burn- both physically and financially! (more…)
Tags: Back Seat, Cost Cutting, Economic Crisis, Economic Crunch, Economical Food, Event Planners, Event Planning, Food Items, Food Menu, Intelligent Work, Lifestyles, Low Budget, Midst, Motto, Previous Years, Rich Cuisine, Rich Dishes, Spendthrift, Status Symbol, Unnecessary Expenditure
Advertisement
Corporate Meeting Planner Resources
- Cruise line Expansion in Chinese Market Good News for Meeting PlannersChina is becoming a popular destination for MICE events due to its rich cultural heritage, beautiful natural landscapes and most of all - its high economic growth. Everyone wants to do business in China right now. Naturally, that translates into lots of meetings, trade shows, conferences and other events. According to The China Incentive, Business […]
- Time to step out of the ZoneSo often we find ourselves repeating the same patterns both professionally and personally because it feels “safe”. While that perceived safety may or may not be real, it explains why so many people feel their lives are in a rut. It is that comfort zone that so many long for that ultimately is their worst enemy. In order […]
- Stimulating Your Attendees in a Positive WayAfter reading the article Boost the Brain Computer, Don’t Crash It, I got to thinking about how foods definitely have an effect on mood and concentration. Anyone who has ever seen a child at a birthday party, loaded with candy, snow cones, cake and soda can attest to the fact that while the sugar will […]