The Event Venue industry will increase to over $67 billion in the next five years. Industry growth will be drive by the following factors:
Per capita disposable income– Household disposable income, which is affected by changes in interest rates, wages, taxes and employment, can influence demand for and expenditure within the industry. Per capita disposable income is expected to increase over the next five years, which presents an opportunity for the industry.
Corporate profit– Corporate profit is a useful indicator of industry success, as large companies often hold events. Moreover, companies with higher advertising budgets are likely to sponsor and advertise at events. As corporate profit rises, so does corporate spending on industry services. Corporate profit is expected to increase.
Number of adults aged 20 to 64– Adults aged 20 to 64 represent the largest market for industry operators because they are the most likely to host and attend events. As a result, demand for industry services is linked to the number of adults within this age bracket. The number of adults aged 20 to 64 is anticipated to rise, representing a potential opportunity for the industry.