What is the typical percentage range for event contingency budgets?

The typical percentage range for event contingency budgets is generally recognized as being between 5% and 15%. This range is important because a contingency budget acts as a financial buffer to accommodate unforeseen expenses that may arise during the planning and execution of an event. Such expenses can include unexpected venue costs, last-minute supplier price increases, or other logistical challenges that occur.

Setting the contingency budget within this range helps event planners maintain flexibility and ensures that they have sufficient funds available to address any surprises without jeopardizing the overall budget for the event. A contingency of 5-15% strikes a balance between being prudent and providing enough cushion to handle unexpected costs while still keeping the overall budget manageable.