State of the Event Industry

Will people ever stop coming together for social or business purposes? mini circle State of the Event Industry

Although the global hospitality industry has taken many turns over the last few years, nevertheless it continues to expand. The industry has an average growth rate of 6.2 percent globally since 2003 and a growth forecast of 5.5 percent (4.2 percent in the United States) through 2011. Unlike virtually everywhere else in the media world, events-related marketing and advertising activity is expected to remain strong despite the fact that companies are spending less due to financial constraints.

Yet, the way in which brands gain exposure is no longer just about television and radio ads or sending out thousands upon thousands of high-end printed materials to a generally populated mailing list. Integrated marketing has become the cornerstone of the industry and this has allowed our clients to increase their leverage, particularly with a limited budget.

quote call out state 3 State of the Event IndustrySome companies may think this is the time to scale-back on marketing and advertising expenditures. Unfortunately, they continue to lose their grasp in the marketplace – their piece of the pie. The US event planning and catering industry includes about 11,500 companies with combined annual revenue of more than $14 million.

Will people ever stop coming together for social or business purposes particularly in this technological age? The answer is ‘No.’ However, the new and innovative ways in which we come together offer businesses increased opportunities to compete against larger companies and more popular brands.  Businesses today can’t afford to be lax in it’s commitment to it’s customer-base. Thus, they must continue to put marketing and advertising in the forefront if they want to thrive.

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