We at KResearch expect that economic and political snags continuing from 2013 will likely force many businesses to postpone plans to organize promotional events in 1Q14. However, it has been found that many intend to allocate their PR expenditures to event organization this year. This, coupled with the resumption of promotional events that were canceled or postponed last year, leads KResearch to forecast that event business turnover in 2014 will reach perhaps THB14.3-14.7 billion, up 2-5 percent over the THB14 billion earned in 2013, with THB13-13.3 billion for events organized domestically, up 4 percent YoY and THB1.3-1.4 billion for events organized abroad, up 21 percent YoY.
Although event business is quite sensitive to economic performance, KResearch has found that there are still opportunities for expansion in both domestic and international markets, especially for events to bolster sales of goods and services upcountry amid growing urbanization. With many event companies in Bangkok planning to make greater inroads upcountry and the government's efforts to promote major cities, e.g., Chiang Mai, Khon Kaen, Pattaya and Phuket as MICE hubs, these factors should support this business to thrive across various regions.
In addition, favorable economic growth in Cambodia, Laos, Myanmar and Vietnam (CLMV) as attractive investment destinations for multinational companies is now driving up demand for event planning among local companies to bolster their sales of goods and services. Since the competitiveness of CLMV event companies is being inhibited by creative and technological capabilities, plus related event management know-how, this should be an important opportunity for established Thai event companies to tap into these markets.
Amid somewhat murky economic and political conditions, KResearch is of the view that small and medium event companies should adjust their strategies and transform themselves into being integrated marketing service providers, rather than simply event planners. Large event companies may take advantage of their creative and technological capabilities, know-how and close relationships with business partners to expand into broader business avenues, e.g., tourism and advertising at home and abroad, especially in the CLMV where lifestyles and tastes of consumers are similar to ours.
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