Event Planning Trends
To determine whether companies, especially SMB firms, prefer to employ in house event planning professionals rather than outsourcing their events to external event production agencies or experts.
- The event planning industry currently employs about 134,100 individuals. In terms of population growth and job outlook, the industry is expected to grow at a rate of 7% per annum, outpacing the growth rate of the average industry.
- The event planning industry, which consists of third party planners, agencies, and experts, achieved moderate growth rate of 2.9% between 2014 and 2019. The entire industry was valued at $5 billion in 2019.
- Only 8% of event planners regard themselves as self-employed. 19% of workers in this industry are employed in religious, grantmaking, civic, professional, and similar organizations; 11% are employed in the accommodation and food services sector; while another 11% are employed in the arts, recreation, and entertainment industry.
- There are currently no identifiable trends that support the fact that companies prefer to employ in-house event planning professionals. According to a report by American Express, outsourcing is a common practice in the industry.
- Companies choose to outsource or keep an event in-house depending on the size and complexity of such a project. According to the research, 57% of companies reviewed indicated their use of third party planners for meetings and events.
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