Any event planner that was working in the industry before the COVID-19 pandemic will tell you that one of the most notable changes since 2020 has been the rising costs of event food and beverage. From a breakfast muffin to a plated dinner every menu has seen substantial increase. We’ve watched as inflation pushed grocery prices higher and both in-house chefs and external catering companies inevitably followed suit. While we’ve started to see prices stabilize, a new phenomenon has emerged known in grocery stores as “shrinkflation.”
Shrinkflation is the practice of offering smaller portions for the same price. To no one’s surprise this practice has slowly started to creep into event menus as well. Items that once exuded abundance now feel underwhelming. Sandwiches and wraps that were once hearty and bursting with fillings to the point of requiring picks to hold them together now resemble something more akin to a fast food snack wrap. Plated dinners that boasted a generous side of asparagus now arrive with just three stalks decoratively arranged on the plate.
The challenge for event professionals is two sided: how can planners ensure attendees are well-fed while staying within budget and how can caterers deliver quality meals while maintaining fair market prices? The answer is both simple and complex – we just have to be creative but we also have to be willing to change the status quo. Why not think outside the box about how we approach our event menus?
Venue and hotel agreements often come with “minimum spend” requirements, which can be restrictive and may not align with evolving budgets. Why not propose alternative approaches, such as asking suppliers to match prices offered by local restaurants for comparable menu items. This strategy introduces competition and can lead to better pricing or improved menu options.
Sometimes less is more. Consider focusing on fewer food service times and enhancing the quality or variety of what’s provided. For instance, at a recent client event, foregoing food during a break and serving only coffee proved to be a cost-effective strategy and attendees didn’t even notice. Outside snack items were placed on tables during plenary sessions and even after paying a surcharge to bring in outside food, there were significant savings realized and a broader selection of items from which attendees could choose.
Traditional banquet-style meals are often the most expensive option. Consider exploring alternatives like food trucks, vouchers to restaurants on property, or partnering with local eateries to provide unique meal experiences. These options can sometimes offer better value and quality while introducing a fresh element to your event. It’s also a great way to support the local communities where events are hosted.
Planners need to work closely with caterers to prioritize items that attendees value most. For example, if feedback suggests that attendees prefer simple hearty meals over exotic presentation, planners can advocate for simpler, more substantial portions that meet expectations without exceeding budgets. Shrinkflation isn’t always a bad thing. Portion sizes that align with actual consumption can help reduce waste and lower overall costs. Collaboration between planners and caterers is key to strike the right balance between portion sizes and attendee satisfaction.
As inflation continues to influence the events industry, planners must stay proactive. Keeping an eye on trends like shrinkflation and engaging in open dialogues with vendors will be key to ensuring events remain both cost-effective and enjoyable. By rethinking traditional models, leveraging creative new strategies, and advocating for attendee needs, event professionals can navigate the rising costs of food and beverages while delivering memorable experiences. After all, the goal is to ensure both planners and suppliers feel they’ve delivered an exceptional experience for attendees.
Lyndsay Munholland is event strategist and team lead at Managing Matters. She has has been a professional in event planning for more than 10 years, managing all levels of professional engagement from meetings to conferences, road shows, tradeshows, fundraisers and social events for clients around the world.
