Party Planning Market Size, Share, Growth, and Industry Analysis, By Type (Baby Shower, Farewell Bachelor Party, Birthday Party & others), By Application (Personal & Group) and Regional Insights and Forecast to 2032

Updated On: 17 June 2024

PARTY PLANNING MARKET REPORT OVERVIEW

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The global party planning market size expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

The global party planning market is also poised for substantial growth in the coming years, driven by several factors. Party planning market is becoming popular since the company makes the party process less stressful, ensures it runs smoothly, takes care of the legalities, and has the right contacts.

Party planning can be very time consuming and can move several parts that require time and attention. Therefore, the party planning agency and other industrial professions included in that agency can help to reduce the time and do it the process with a cost efficient method. Party planning is the combination of various efforts such as strategic planning, organization, and execution of different events like conferences, trade shows, weddings and entertainment shows. With the rise in virtual events and hybrid planning formats, technology plays a vital role in providing innovative solutions for event organizers, and enhancing attendee experiences. The event management market is also highly sensitive to economic scenarios such as fluctuations in corporate budgets, which affects the scale and frequency of events organization. Additionally, due to the rapidly rising sustainability concerns, emphasis on eco-friendly practices in the party planning market has also increased. Furthermore, as the demand for professionally managed events grows, the event management services market will remain dynamic and competitive, adapting to changing trends and client needs.

COVID-19 Impact: Market Growth Restrained by Pandemic due to increased demand for virtual events.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic resulted in slowdown of the party planning market growth. With a significant number of people working from home and spending more time online every day, the pandemic has played an extremely vital role in accelerating the shift of party planning market to digital mode. The high demand for digital resources is over burdening many software and platform organizations, affecting their ability to deliver quality & reliable services. Since the advent of the pandemic outbreak, the demand and popularity of virtual events has risen exponentially, this is followed by the rising demand for mobile solutions by key stakeholders, high profile associations, professional meeting organizers, company executives, marketing managers, human resources, and others. However, the pandemic also had a negative impact over the party planning market on account of unwanted cancellation of various mega events such as sports matches, exhibitions, festivals, concerts, weddings etc., which were in fact necessary to curb the virus spreading.

LATEST TRENDS

"Embracing the Hybrid Event Revolution Drive the Market Growth"

A latest trend in the global party planning market is the hybrid event revolution. The hybrid event organizations are a type of revolution in the market where events have the options of joining in both physical (in-person) and virtual (online) modes. This is closely related to the market dynamics of the event management industry and indicates a growing trend in the event management market thereby gaining momentum in demand for event management services. Owing to the extremely rapid adoption of digitization worldwide and its acceleration caused by the pandemic, many organizations realized the benefits of reaching wider range of the target consumer/customers by inculcating virtual components into their events. This has led to the evolution of the traditional in-person event model into a hybrid approach, i.e. availing accessible options of both in-person and virtual attendance. Due to these features, hybrid Party Planning has become one of the most sought-after trends in the global market.

PARTY PLANNING MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into baby shower, farewell bachelor party, birthday party and others.

• Baby Shower: The baby shower party planning market is a niche within the broader event planning industry that focuses specifically on organizing and coordinating baby shower events. Baby showers are the type of celebrations held before a baby's birth, where friends and family gather to offer gifts and well-wishes to expectant parents. Some of the key aspects of the baby shower are customization & personalization of the gifts, social media presence, safety considerations, specialized services, collaborations/partnerships and the budget-friendly options to be available for customers. The baby shower party planning market offers opportunities for creative professionals to help expectant parents have a grand and memorable experience of welcoming their most important new family member in the life.

• Farewell bachelor party: The farewell bachelor party planning market, also known as stag party planning, is a segment within the party planning market that focuses on organizing memorable and exciting events for soon-to-be-married individuals and their friends. These bachelor parties also called stag parties are typically held as a final celebration for a groom before his wedding. Some key aspects and trends of this type of party organization are- customization, personalization, destination parties, unique experiences, bachelor party packages, safety considerations, collaborations and bespoke services. The farewell bachelor party planning market offers opportunities for creative professionals to help the target individuals and their friends have a grand and memorable experience of enjoying their last days a bachelor and welcome their new phase of married life with full fervour and passion.

• Birthday Party: The birthday party planning market is a vibrant and diverse segment within the broader event planning industry. This covers a wide array of events ranging from children's birthdays to key memorable milestone celebrations for adults, whose prime components or features are virtual parties, Do It Yourselves (DIY) and budget friendly options, themed parties, safety considerations, specialized services, social media marketing etc. The birthday parties offer a wide range of opportunities for creative professionals to help the target individuals and their families have a grand and memorable experience of enjoying their important dates and achievements. By organizing such events, birthday party planners play a crucial role in bringing people together to celebrate life's special moments.

By Application

Based on application the global market can be categorized into personal and group.

• Personal: The personal party planning market encompasses a broad range of events and celebrations that individuals may want to organize for various occasions. These events are often personalized and include limited gatherings in the form of dinner, cocktail, holiday, engagement, housewarming parties, and many more. Some key features of the personal party are intimate experiences, themed events, small & limited members’ gatherings, safety considerations, customized service, sustainability and eco-friendly options. The personal party offers a wide array of opportunities for planners to create memorable and personalized experiences for targeted individuals who wish to celebrate their special occasions only with a select few friends and family members. By organizing such events, personal party planners play a crucial role in bringing people together to celebrate life's moments in style.

• Group: The group party planning market encompasses events organized for larger groups of people, such as corporate events, team-building activities, group retreats, and social gatherings. Some key aspects and trends in the group party are- corporate events, team- building activities, destination retreats, social gatherings, virtual events, customized experiences, tech integration, health and safety considerations. The group party offers a wide range of opportunities for planners to create memorable and impactful experiences for organizations, teams, and social groups. Whether it's a corporate retreat, team-building activity, virtual workshop, or social gathering, group party planners play a crucial role in bringing people together to connect, collaborate, and celebrate.

DRIVING FACTORS

"Growing Interest among Youth towards Entrepreneurship & Business Seminars Boosts the Market Growth"

One of the key driving factors in the global party planning market growth is growing interest among youth towards entrepreneurship and business seminars. Event management is considered as one of the most interesting and challenging jobs. Today’s youth is looking forward to build careers in event planning as it’s a profession where one can relatively work and enjoy at the same time. Event management gives them an option of meeting people and working in teams. Due to multiple benefits of being an event planner most of the youth is attracted towards such a profession, which is predicted to drive the market in the estimated period. In addition as the number of companies are increasing at a faster rate, the companies are invest heavily in organizing events as they can showcase products or meet employees to convey a message in the event itself, which is predicted to boost the global event management market in the estimated period. 

"Increased Demand for Advance Data Solutions to Expand the Market"

Another driving factor in the global party planning market is the increased demand for advance data solutions. The Event Management card is a type of key facilitator to provide advanced analytics that is comprehensive set of analytical techniques and methods designed for helping event management companies discover trends and pattern, solve problems and accurately predict the future and drive change using data driven and fact driven information. These tools introduced in the market help event management company with average skills to explode data and enjoy the advantage of augmented analytics and technological advancement. This integration of event management with technology will help the market to grow in future.

RESTRAINING FACTORS

"High Setup Cost to Hinder Market Growth"

One of the key restraining factors in the global party planning market is high setup cost. The cost involved in organizing an event is very high which is predicted to be the biggest restraint for the global event management market in the forecast period. Most of the organizations as well as individuals are interested in organizing an event but due to the high cost involved in organizing the event and the event planners’ fees hamper the market growth. Due to the higher cost involved, most organizations or the general public refrain from hiring an event planner.

PARTY PLANNING MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market due to Presence of large number of companies "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global party planning market share due to several factors. Presence of large number of companies across the region and companies investing heavily in organizing events is predicted to be the major driving factor for the region market in the estimated timeframe. In addition, the party planning market in North America region is so vast that it provides employment to a large group of people. Such factors are predicted to drive the regional market in the estimated period.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Collaboration and Capitalization"

The party planning market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. Players in the market have used diverse development strategies to increase their market share, capitalize on the corporate event planner market opportunity, and increase profitability. Large initial investments are required to launch a new event organization. However, new entrants in the market pose a moderate threat. The players in the market are also focusing on collaborating with vendors who assist Arts and Culture Organisations because of the increased demand for cultural events. Furthermore, the growing number of public events being organized across the globe also creates a favourable outlook for the studied market's growth. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• SANSTATION (U.S.)
• A Perfect Event (U.S.)
• Autodesk (U.S.)
• Bassett Events, Inc. (Canada)
• Chunky Onion (Hong Kong)
• Colin Cowie (U.S.)
• David Tutera (U.S.)
• Event (U.S.)
• Eventive (U.S.)
• Lincoln Financial Group (U.S.)
• MEMO PLUS Production (Hong Kong)
• MKG (France)
• Oren Co is a famous event planning company (U.S.)
• Rafanelli Events (U.S.)
• Royal DSM (Netherlands)
• Wonderland (Norway)

INDUSTRIAL DEVELOPMENT

May 2023: SI Tickets, the fan-first ticketing site from Sports Illustrated, launched 'Box Office by SI Tickets,' an innovative, primary ticketing and self-service party planning solution built in partnership with web3 leader ConsenSys and powered by Polygon's blockchain technology. According to the company, Box Office is the first global platform to combine a complete NFT ticket solution for events of any size with adjacency and visibility to traditional, non-NFT tickets.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.