An event planner creating propsAre you an event manager or an event planner? A lot has changed in the industry over the years. Knowing what they are can help you make sound decisions in connection with your role.

It is a huge and growing industry

Event planning and management is a lucrative business. By 2023, the global market is expected to grow 10% CAGR (compound annual growth rate). Around this period, the market share will be worth $8.5 billion.

Events can cost a lot of money

Whether it’s due to inflation or demand for venues, one thing is for sure: having events can potentially break a bank. The average cost is already more than $20,000, according to a Planning Pod survey. At least 11% of the respondents said their budget is between $50,000 and $75,000. Meanwhile, more than 23% revealed an event could cost at least $30,000.

Trends help venues become more efficient

To help event planners and clients with the high costs, venue managers have become smarter and more efficient. One of the approaches is to adopt the stadium tiered seating.

This arrangement is not new, but the use of durable foam does. It gives the space flexibility depending on the number of participants and the events. The system is easy to install and cuts back costs on labor.

Planners have an eclectic clientele

The costs are forcing events planners to be selective with their clientele. They either opt for frequent small events or go for the big but infrequent ones. Those who belong to the former group can hold around 15 events annually. Each of these may have at least 100 attendees. Big-time customers, meanwhile, can spend as much as $100,000 for an event.

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Planners and managers are embracing tech

Managing an event is difficult. To help planners and managers, they are now using online platforms. Some are also investing in cloud accounts. It is understandable since an event can have several key players.

The cost of launching and managing an event is one of the serious challenges of the industry, but the trends also offer new opportunities as well. These include the use of tech and flexible seating arrangements that make the work more cost-effective.