One may ask, how come then they were able to undertake such activities in the past Its true they have but the increasing complexity of the events desired, the magnitude and the time it demands makes it more appropriate to be undertaken by a person or a group of persons. Along with the planners are the logistics and sales and promotions side, the combination of which comprises the industry's supply side.
There are basically tow types of markets event planning services: Corporate and Social. Although it may be argued that corporate events are basically social functions, the latter presents a more personal tone.
To further detail the difference, the Corporate Market covers the companies and business firms. However, nowadays, this market can be more aptly called the Organization market since it also covers other organizations such as charities and the nonprofit type.
The events that companies usually undertake are trade shows, conventions, company picnics, holiday parties and meetings for staff members, board members or stockholders. According to Meetings Market Report conducted by Market Probe International Inc. for Meetings & Conventions magazine, the total number of meetings held in the United States was almost 1 million where organizations spent a total of $40.8 billion. The events hosted by Charities and Nonprofit Organizations include receptions, gala fundraisers, athletic competitions and other events aimed at expanding their public support base and raise funds. It is estimated that thousands of these events occur each year.
The Social Market
Social events include weddings, birthdays, anniversary parties, bar and bat mitzvahs, Sweet 16 parties, children's parties, reunions and other personal functions.
The market for social events, especially birthdays and anniversaries, is expected to continue to increase over the next few years, as baby boomers mature. This group has children getting married, parents celebrating golden anniversaries, and their own silver wedding anniversaries to commemorate.
Trends in the Industry
The event planning industry offers large potentials with profits becoming more and more lucrative. According to recent research conducted by Event Management guru Dr. Joe Goldblatt, the industry has seen tremendous growth in the past few decades with spending for special events worldwide amounting $500 billion annually. Dr. Goldblatt is a CSEP (Certified Special Events Professional), founder of International Special Events Society (ISES), e. founding director of the Event Management Program at George Washington University, and co-author of The International Dictionary of Event Management. (ISES, 2006)
Furthermore, Dr. Goldblatt's research forwarded the notion that the tremendous growth is bound to continue as more and more individual, companies and other organizations are outsourcing planning and management of their events. According to Goldblatt, the current profit margins for a planning entrepreneur amount to 30 to 40 percent as compared to 15 percent max during the 1990's.
In an annual survey of event planners conducted by a Special