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Research Outline
Prepared for Rachel | Delivered January 26, 2020
Event Planning Trends
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Goals
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.
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Early Findings
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
complexit
y 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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