Chicago, IL (PRWEB) June 19, 2008
As the summer festival season gets fully underway, North American-based companies are expected to spend $754 million to sponsor fairs, festivals and annual events in 2008, up 7.7 percent from a $700 million outlay last year, according to IEG Sponsorship Report, the world's leading authority on sponsorship.
While that increase is down from the double-digit increases seen over the past two years, sponsorship of fairs and festivals remains healthy. Spending on state and county fairs, community celebrations and other types of properties is expected to post a larger year-over-year increase than the arts, cause, membership association and entertainment tour and attraction categories.
The ability of fairs and festivals to maintain corporate interest amid the sluggish economy is due in part to their ability to provide access to large groups of people across multiple demographic segments. They also have benefited from the fact that many events occur in the spring and summer, a period of time when many consumers are away from their homes and difficult to reach through traditional media.
"While many companies have cut back spending on the arts, nonprofits and other types of properties due to the economy, fairs and festivals remain resilient," said William Chipps, IEG Sponsorship Report's senior editor.
Fairs and festivals also continue to see a rise in sponsorship dollars from mobile marketers. A growing number of brands are seeking out sponsorship benefits in addition to real estate to generate a buzz and drive traffic to their road shows.
In addition, properties also have benefited from offering packages with tickets and other benefits that sponsors can use internally as an employee retention tool, Chipps added.
According to IEG Research, banks are the most active category sponsoring fairs, festivals and annual events, followed closely by beer and automotive companies. Other active categories include insurance, soft drink and newspapers.
About IEG, LLC:
IEG is the world's leading provider of independent research, consulting, training and analysis on sponsorship. Founded in 1981, IEG provides corporations and properties with the strategies and tools to harness the sales and marketing power of sports, arts, entertainment and cause marketing.
IEG offers services that include sponsorship consulting, competitive intelligence and valuation. IEG also publishes IEG Sponsorship Report, the international biweekly newsletter on sponsorship; the IEG Sponsorship Sourcebook, the definitive guide to sponsors, properties and agencies; and other industry publications and sources.
IEG also is the leader in sponsorship training. Its internationally renowned Sponsorship Conference, now in its 26th year, attracts a capacity crowd of delegates each year. Through its conferences, seminars and webinars, IEG has trained more than 45,000 sponsorship executives worldwide.
For more information about IEG and the sponsorship industry, please visit http://www.sponsorship.com or call 800/834-4850 (outside the U.S. and Canada, 312/944-1727).