Nearly 90 percent of respondents to the Special Events 2020 "Event Rental Forecast" say they expect to provide rental services for the same number or more events in 2020 than they did in 2019. Just over half of respondents (60 percent) expect to handle more special events in 2020 compared to 2019. Twenty-nine percent say they will handle about the same number of events in 2020 as they did in 2019, while 6 percent say they will handle fewer. Four percent are unsure.
The study is conducted every year by the Informa Engage division of Informa, parent company of Special Events.
BUSINESS VS. SOCIAL Just over half of respondents predict that their revenue from serving business/corporate events will be better in 2020 than it was in 2019. Thirty-four percent expect this revenue stream to remain the same, while 4 percent foresee a dip in revenue from business/corporate events.
On the social/private event side, 44 percent of respondents predict that revenue will rise in 2020 over 2019 levels. Forty-three percent expect this revenue stream to stay the same, while 8 percent expect 2020 revenue to come in below 2019 levels.
The typical respondent expects business/corporate event revenue to increase an average 9 percent year over year, and social/private event revenue to increase an average 8 percent.
The greatest challenges facing event rental operations in 2020 include labor shortage/lack of skilled labor (49 percent), increased competition (46 percent), and increasing costs in the face of pressure to hold down prices (46 percent).
The complete article, including 10 years of look-back data, will appear in the Spring 2020 issue of Special Events, available only to subscribers. Not a subscriber? We can fix that; just click here.