Entertainers Juggle the Credit Crunch!
How has the Credit Crunch affected the entertainment market?
Many entertainers are ignoring the looming recession as they continue to offer their services to customers planning parties and events. But there are a few entertainers who, while not seeing a need to reduce their prices just yet, are wary of a potential pinch in the year ahead.
Over the last few weeks Juggletime
has been asking their service providers how the changing economic climate has affected entertainment services. They wanted to know if their Clowns are still laughing, if their Caricaturists have been drawn into reducing their price and if their Magicians had a trick up their sleeves for 2009.
From a survey they carried out of over 1000 entertainers, 94% say they had not seen a recent fall in the number of customers and 88% of service providers had not reduced their prices. That said, there are fears that 2009 could herald a difficult time for the industry. Juggletime co-founder Simon Herbert commented that “whilst we haven’t seen a reduction in the prices quoted by our entertainers or the number of customers looking for them, the entertainment industry could simply be wrapped up in the festive season when entertainment services are naturally more in demand.” This appears to be supported by survey findings that 56% of the entertainers felt 2009 might be significantly tougher.
As the credit crunch begins to feed through from the financial services sector into the ‘real’ economy then falling house prices, negative equity, higher mortgage repayments & the increased difficulty of obtaining credit will all impact disposable income. It’s then that discretionary spending on the entertainer at Tom’s 5th Birthday, the Magician for Bob’s retirement do, the Limousine for Amy’s 21st, are all likely to come under closer scrutiny.
In response to these tightening economic circumstances the biggest changes for the entertainment industry have been centred around giving consumers more choice on how they consume entertainment & entertainers. Simon Herbert recognised that “customers are still hiring entertainers on Juggletime
, all we’re seeing now is an increase in the different entertainment packages on offer. Entertainers are not just making customers one offer, but several different offers to cater for those on a tighter budget.”
The Credit Crunch shouldn’t stop the party, we simply have to adapt to the changing economic environment. By being dynamic and offering choice, service providers should be able to keep the show on the road.