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The Impact of the US Economy on the Events Industry - Research Paper Example

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The Impact of the US Economy on the Events Industry

To the customer or guest, as special event is an opportunity for a leisure, social or cultural experience outside the normal range of choices or beyond everyday experience” (Allen, O'Toole and McDonnell qtd. in Skoultos and Tsimitakis 1). The definition was corroborated by Getz who traced the evolution of the events planning and management as a profession and disclosed that “events are an important motivator of tourism, and figure prominently in the development and marketing plans of most destinations” (Getz 403).With more organizations pursuing endeavors that focus on a variety of events, it was, therefore, imminent that a categorization of events naturally occurred. From among the events categorization that emerged, the following were noted: local, major, hallmark and mega events (Skoultos and Tsimitakis); and the typology of planned events as presented by Getz who differentiated cultural celebrations, political and state events, arts and entertainment, business and trade, educational and scientific, sport competition and recreational events, and finally, private events (Getz 404). At this point, the definition of events tourism has been clearly established as “a systematic planning, development, and marketing of festivals and special events as tourist attractions, image-makers, catalysts for infrastructure and economic growth, and animators of built attraction” (Ghazali, Collins and Minnis qtd. in Skoultos and Tsimitakis 2). In different studies, it was clearly established that holding significant events generate marked impacts on the promoter of events, as well as in the location within which these events were organized and implemented. From a more traditional perspective, it was deduced that event tourism aims to spur economic growth and gain profound benefits in terms of money generated from the event (“expenditure on travel, entertainment, shopping, and pre- and post-conference tours” (“Labour Market Review of the Events Industry” 29)). Getz, on the other hand, emphasized that there is a need to closely examine the impact of event tourism on factors such as social, cultural, political, and environmental transformations resulting from these endeavors. The paper written by Skoultos and Tsimitakis clearly identified, through a tabular presentation, the positive and negative impact of event tourism on factors such as economic, tourism or commercial, physical and environmental, psychological, and political as well as administrative factors. Objective of the Discourse Given the general overview of the event tourism industry, the objective of this paper is to determine the impact of the economic condition of the United States on the event tourism industry. This would include providing the current economic condition of the country, as compared to historical figures. The effect of the current economic status on the number of establishments that enter or leave the event tourism industry would thereby be examined to gauge the impact of the status of the economy on sustaining profitable performance of organizations within the event tourism ...Show more

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Date The Impact of the U.S. Economy on the Events Industry Overview of the Events Industry In the published report on the Labour Market Review of the Events Industry, it was explicitly revealed that defining the events industry initially proved to be a challenging endeavor…
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