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Scottish conference venues are facing difficulty turning a profit as the credit crunch grips the UK and businesses are spending less on corporate travel, reports business.scotsman.com.
Over the course of the past 12 months business tourism has secured around £900 million for the Scottish economy but this figure is likely to fall sharply next year. While UK-based businesses - normally Scotland's strongest customer base fall victim to a receding economy, the recovering dollar means foreign firms may be the conference sector's saving grace. Nevertheless, most events venues are expecting to have to cut prices.
Caroline Packman, head of VisitScotland's business tourism unit, told the website: "[Conference venues] have to think long and hard about their product and pricing and about how they can compete in these times."
With many businesses looking to reduce costs by cancelling conferences or seeking more basic events venues closer to home, Glasgow venues and Aberdeen venues may be forced to diversify in order to make it through the credit crunch.
Meanwhile, news.scotsman.com recently reported SNP plans to invest £35 billion in public projects across Scotland over the next decade.