The eventplanning industry is not a new industry. It has been around for many years andin fact, it is expanding and growing at a quick pace. According to the U.
S.Bureau of Labor Statistics, the Event Planner industry is expected to rise by10% by 2026 (Bureau of Labor Statistics, 2017).Everyone can be an Event Planner. It does not take a college degree to becomeone but instead, it takes creativity and skills.
As of 2016, the number of jobsavailable in the event industry was approximately 116,700 with a median pay of$48,000. Although the events industry was hit hard during the recessionin 2007, it has since recovered, with revenue of $5 billion and an annualgrowth of 3.9%. (IBIS, 2017) According to DataUSA, the top locations with highattentiveness for the Event Planner industry are in Illinois,DC, and New York, being home to approximately 41.
9% ofthe industry. This is leading to an increase in events, and an increased needfor planning.Our target marketsare individuals, upper-middle class families, older couples and elderlies.Individuals under the age of twenty-four, preferably college graduates or youngcouples, will focus mainly on themes with moderate to high energy appeal suchas graduation. Furthermore, our targeted markets for Middle/Upper classfamilies between the ages of 25-55 are employed.
They may choose event plannersbecause they are too much to plan events for themselves, therefore, themajority of special occasion will befall in this segment. Older couples,between the ages of 20-45 may hire an event planner, specifically to plan for awedding. However, this segment may be very low because the average personprefers to be marriage at a later time in their life, decreasing the eventplanning industry. (SBA, 2017) In fact, there has been a 50% decline inmarriage from 1970-2016. (The State of Our Unions, 2011)Our targeted customers arepeople from all walks of life no matter their status, religion, shape or color.
There are no boundaries of who our customers are; whether local orinternational, big or small businesses, lowly placed or highly placed people.We have designed our products and services to best suit all people, eventsand/or organizations: potential couples/young adults, corporate organizations,religious organizations, families, schools, sports organizations,entrepreneurs, etc. The overall needs of the combinedmarkets are that the schedule or hours of operation remain flexible to cater tothe needs of both the commuting and seasonal work schedules.
There is also astrong need for consistency and high quality in planning. The winter seasonwill be a slow month due to the lack of events because of cold weather, but thecycle begins its upturn in the fall and summer with an increase in events suchas graduation parties and weddings. The size of the primary targetmarket is quite large, at about a 20% growth rate for the first year, for agesunder 24. Meanwhile, those in the age range of 25-55 will have a growth rate of40% in the first year, 31% for ages 20-45, and 29% for ages 56 and over. Theestimated percentage of market share is going to be average, allowing for agreater competition from all similar industries. (Bureau of Labor and Statistics, 2017).