Entertainers Juggle the Credit Crunch
Over the last few weeks www.juggletime.com have been asking some of 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 or two up their sleeves for 2009. From a survey they carried out of over 1000 entertainers, 94% say they had not seen a fall in the number of customers requiring entertainment services over the last 6 months 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 founder Simon Herbert commented that “whilst we have not seen a reduction in the prices quoted by Service providers for their entertainment services or the number of customers looking for entertainers, the entertainment industry could simply be wrapped 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 and resultant 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 for their money in the form of more choice around how they consume entertainment entertainers. Simon Herbert recognised that “customers are still hiring entertainers on www.juggletime.com, all we’re seeing now is an increase in the different entertainment packages on offer to customers. Entertainers are not just making customers one offer, but several different offers to cater for those with a lower 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.