A Booming Industry

Following our country’s improvement from the 2007 to 2009 downturn in its economy known as the Great Recession, the events and hospitality industries have returned to a boom. People have become more financially willing and able, and therefore more comfortable with the idea of hosting events. More and more institutions of higher education are offering degrees in travel, tourism and/or hospitality, and finding a corporation lacking a department or staff dedicated solely to planning events for the company’s staff, clients and stakeholders is rare. Last year’s statistics continue to impress following years past. Thanks to multiple, credible sources, we have the most updated information to share with you:

  • Roughly 1.8 million meetings and events are conducted across the U.S. yearly, spending a total of $280 billion and bringing in $66.8 billion in labor income. (Meeting Professionals International)
  • 1.8 million is also the magic number for jobs within the U.S. meeting and events industry. (Meeting Professionals International) To give you some perspective, that’s more than the number of people living in the most populated city in our service area: Philadelphia!
  • The most recent data places 100,000 workers within the events industry. (U.S. Bureau of Labor)
  • Continuing to increase from 2015, 86% of event organizers expected to utilize mobile phones with an app at their event in 2016. (Cvent)
  • Planners rely most heavily on email marketing campaigns, with social media coming in a close second. However, the always trusty word-of-mouth strategy remains highly effective. (Eventgrid blog)
  • The three most popular meeting destinations are Orlando, FL, Las Vegas, NV, and Chicago, IL. (Cvent)
  • Conferences are leading the B2B event types, followed by trade shows and webinars. (eMarketer)
  • Event organizers most commonly factor in budget, accessibility and ease of transportation to their event locations/venues. (Amex Global Business Travel)
  • Wi-Fi fees within event venues have risen as much as 300% as attendees expect the ability to use multiple devices. Travel costs and F&B fees are also challenging organizers’ budgets and “less is more” mentalities. (Eventgrid blog)
  • An emphasis has been brought to virtual and technologically-hybrid events, with virtual attendance expected to increase at a rate almost 1% higher than live attendance. (Meeting Professionals International)
  • We all know how beneficial events can be for their individual stakeholders, but even cities can earn brand exposure, increased property values and infrastructure development from large meetings and events, like the Olympics, Superbowl or major conferences.

Weddings At a Glance

The average cost of a wedding in 2015 was $32,641, up 5K since 2010, according to CNN Money. Granted, there are many contributing factors, like geography, time of year and day of the week; but the last census marks the median household income at around $54,000. This means it is no longer uncommon for couples to spend over 50% of their annual income on their wedding.

Lastly, Eventbrite’s latest Pulse Report states the majority of event professionals remain optimistic that the industry—and, as a result, their individual success—will continue to rise in the near future. And they’re right! IBIS World reports an annual growth rate of 4.8% for the events industry, which consists of hundreds of thousands of businesses. In fact, experts foresee the recovered growth since the Great Recession to continue to at least 2020.

Ten years ago, events management was not a popular career. Now, the U.S. Bureau of Labor Statistics tags the event planner profession as the fastest average growth rate of all occupations. With over 200,000 of event agencies of varying caliber out there, we know you have a tough choice to make when it comes to your need for professional event assistance. That’s why we’re so glad you’re here… thanks for considering C9ED! Get in touch now to learn exactly what sets us apart from our competition.

 

*All sources have been cited in text.