The Ever-Evolving Event Industry
The event industry is evolving, and the recent pandemic has definitely pushed the industry forward multiple steps. While before it seemed like only a select number of companies had the competencies and reputation to put an event together, these days smaller event companies of just a few team members run by millennials and Gen-Z-ers are able to handle even medium to large scale events.
As more and more independent event planners compete with the bigger event organisers, customers have also become savvier in selecting the business they prefer to spend money with. With the various event niches from personal events of a few people to bigger-scale events involving large crowds, it is clear that there is in fact enough pie to go around within the event industry.
Let us explore the ways in which the industry is evolving in real-time.
Sourcing in a connected world
One prominent reason why event planning has become an industry that is dominated by younger entrepreneurs: internet savviness in sourcing. More than ever, we are spoilt for choice when it comes to acquiring event materials, with online shopping sites offering bulk and custom orders for any item under the sun.
Need decorations or party supplies? Bulk order.
Need a personalised poster for a private event? Custom order.
And with access to not just local vendors but also vendors based in other countries, young people have become sourcing experts, able to obtain materials at a lower cost, keeping prices low for customers while still delivering impressive-looking events with all the frills.
And it’s not just limited to materials, as planners and even customers themselves are enjoying having more options, using delivery apps or social networks to source for sub-services such as photo booths, printing, cake decorating, and more.
Viral content gives rise to trendy parties
From exciting to heartwarming, all over social networks we see videos of the kinds of events that we would dream to be a part of. From romantic surprise proposals to gender reveals, these seemingly perfectly planned events make watchers wish to have their own version of those events.
And with the determination to make wishes come true, trend-aware event planners are now seeking to create these wishlist events for everyday people, so everyone can have the opportunity to enjoy their dream event and be the star of their own social media content.
Whatever the Instagrammable party you wish to throw, whether a themed party with all your friends at a chosen venue or simply an intimate gathering at home, event planners are eager to make your vision come true.
Virtual and hybrid events are the future
We had perhaps never felt as grateful for digital connectivity as we did during the height of the pandemic.
These days, virtual or hybrid events are practically the norm; professional webinars are being held every day across industries, as are Zoom birthday parties. The main advantage of virtual events? – Inclusion through connectivity, whereby people can attend and be a part of an event, regardless of time zone or physical distance.
Though there are certain in-person experiences that would simply not hold the same value in a virtual version, the events industry has had to brainstorm harder than ever on how to make virtual events more enjoyable. Coming trends such as the rising popularity of the Metaverse will perhaps provide more opportunities to prove how virtual participation can feel like and bring the benefits and excitement of real-life experiences.
The event industry suffered huge losses during the pandemic, but while it may seem like most people might like to move past the challenges of the past 2 years and return to normal, the truth is virtual and hybrid events are here to stay.
Do you know that you can now plan your own events with just a few clicks? Checkout GemSpot’s new party planning services where you can plan a party (including venue, menu and decorations) from scratch, OR choose one of our bundle packages!