When you’ve got a big party to throw, there’s a good chance that you’re going to need some help with that event. That’s the bread and butter of the events industry, which can help organizations and people alike throw social events like fundraisers or have special days go off perfectly, like a wedding.
Interesting Events Industry Statistics
The events industry in the United States generated over $6 billion in revenues of the last year.
Even though the revenues have still been strong, the fact is that this industry has seen an average negative annual growth. Even though annualized growth is expected to increase to a positive 2.1% per year in GDP by 2018, the fact remains that the industry as netted a negative 0.7% growth over the last 5 years.
Immediate Facts to Consider About the Events Industry
1. In the United States, this industry helps to support over 1.8 million meetings and events every year, resulting in a $115 billion contribution to the GDP.
2. When related industries and trickle-down effects are incorporated into the equation, total GDP impact averages $393 billion per year.
3. Nearly 1.8 million people are employed in this industry every year and is expected to grow by 33% in the next decade.
Takeaway: It is interesting that so many meetings take place in person today even with the benefits of modern technology. You can talk with someone half a world away, but that doesn’t change the benefits of in-person networking! That’s why the events industry is always going to play a critical role in the process of business and life in the world today. When a meeting is effectively organized, a sales presentation can be dramatic and convincing. On the same token, when a wedding reception goes off without a hitch, memories are made that can last a lifetime.
Other Facts to Consider About This Industry
1. Employment within this industry is listed as the 9th best job overall to have within the category of Best Business Jobs. It’s also ranked as the 53rd best job to have overall by US News and World Report.
2. More than 600 colleges and universities offer a degree program that is related to the events industry in some way.
3. More than $28 billion in total tax revenues is generated for local, state, and national benefit.
4. Labor income in this field averages more than $60 billion every year.
5. Events planning is more than just the business meeting – large events, such as the Super Bowl or the Olympics are also planned by this industry and provide additional revenues and exposure on a number of different levels.
Takeaway: Events planning is something that is fun to do and it lets people get in touch with others who have a similar mindset or chase similar dreams. By securing comprehensive face-to-face meetings, fostering relationships, and encouraging the networking process, the events industry creates a long-lasting value that is difficult to measure in just dollars and cents. Because of that fact, everyone should at some point include this industry in their future plans if they wish to be able to maximize their successes.