The event planning industry is growing rapidly, with more and more people looking to events as a way to connect and engage. While this provides ample opportunity for those in the event planning business, it can also be challenging to keep up with the latest trends and changes in the industry. To stay ahead of the competition, it’s essential for entrepreneurs in the event planning industry to be aware of the industry’s latest statistics, trends, and future outlook.
Industry Statistics
The event planning industry is worth $3.2 billion and is expected to grow to $4 billion by 2023. The event planning industry employs over 1.5 million people in the United States alone.
- Corporate events are the most expensive type of event to plan.
- Weddings are the second most popular type of event to plan.
- Holiday parties are the fourth most popular type of event to plan..
- The majority of event planners are women, with only 30% of event planners being men.
- While the profession took a steep negative dive during the Covid 19 pandemic, the event planning industry is expected to grow by 4% over the next ten years.
- The average annual salary earned by event planners is between $39,000 to $89,000.
Trends
Over the past few years, there has been a shift away from traditional events, such as catered dinners and trade shows, to more creative and experiential events. This trend is being driven by the millennial generation, who are more likely to attend an event that is unique and interactive. There is also a trend toward sustainability, with event planners looking for ways to reduce waste and avoid impacting the environment.
Future Outlook
The future of the event planning industry looks bright, with continued growth expected in both the size of the industry and the number of event planners employed. In particular, the millennial generation is expected to drive demand for unique and experiential events. Sustainable events are also likely to become more popular as consumers seek environmentally conscious brands.
Conclusion
The event planning industry is booming, and entrepreneurs have plenty of opportunities to get involved. However, staying up-to-date on the latest industry trends and statistics is important to succeed. The future of the event planning industry looks bright, with continued growth expected in both the size of the industry and the number of event planners employed. In particular, the millennial generation is expected to drive demand for unique and experiential events. Sustainable events are also likely to become more popular as consumers seek environmentally conscious brands. By understanding the event planning industry statistics, trends and future outlook, entrepreneurs can position themselves for success in this rapidly growing industry.