Meetings and Events Procurement Intelligence Develop at a CAGR of 4.1% Till 2030Posted by rahul nikade on May 2nd, 2024 Meetings and Events Procurement Intelligence In this meetings and events procurement intelligence report, we have estimated the pricing of the key cost components. Staff salaries, venue costs, travel and accommodation, and marketing and advertisingare some of the key cost components. The cost of meetings and events services vary based on the scale of the event, number of attendees, venue, and complexity of the event. The A/V equipment cost for 10 big-ticket events can range from USD 1,100 to USD 1,400. Similarly, the paid advertising can cost around USD 5,000. Printing branded elements such as signage and banners can range from USD 90 to USD 170 per item. There are various fixed and variable costs incurred in hosting hybrid events. For instance, venue rental can cost around USD 30,000. Live streaming technology can cost USD 15,000. The cost of an in-person event can be higher due to venue rental, F&B, design, and live entertainment. Additionally, by emphasizing the distinctiveness of the onsite experience during event marketing, event planning companies may have the opportunity to raise ticket prices beyond those set for a solely in-person event. Conversely, virtual participants necessitate fewer resources and incur lower expenses; however, the reduced ticket cost acknowledges that they will miss out on the multi-sensory elements offered by the in-person event. Order your copy of the Meetings and Events category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis Operational Capabilities - Meetings and Events
Functional Capabilities - Meetings and Events By Event Format
Solutions
Rate Benchmarking When analyzing rate benchmarking of meetings and events, the type of event planner and their experience in the field, and the location of the event play an important role. For instance, events planned in developed countries like the U.S., U.K., Japan, and Spain will be more expensive than emerging or developing countries like India, Brazil, or Africa. The salary of an event planner in the U.S. is around USD 50,000 each year. Similarly, an event planner in India earns, on average, USD 3,500 per year. In Spain, the event planner's salary is around USD 51,000 each year. The difference can be attributed to higher vendor/ supplier services expenditures or expensive supplies sourcing in developed countries compared to developing countries. The average salary of an event specialist in the U.S. is between USD 45,000 to USD 50,000 per year. Whereas, in India, the event specialist earns on average between USD 6,000 to USD 12,000 each year. In Tokyo, Japan the average salary of an event specialist is between USD 45,000 to USD 50,000 every year. Supplier Newsletter In September 2023, Bizzabo launched a premium event service known as Bizzabo Studios for virtual and in-person events. The platform was created in collaboration with creative agency Smyle to provide end-to-end meeting production planning, management, and marketing services. This will help to offer better solutions to the clients as Bizzabo Studio offers services such as template designing, registration setup, and end-to-end event configuration. In September 2023, Headbox introduced a novel tool named “Journeys”. This tool enables users to assess estimated travel emissions for attendees heading to various potential meeting venues, aiding in the comparison between in-person gatherings. Leveraging the U.K. government’s “Conversion Techniques” and Google Maps, the tool calculates greenhouse gas emissions across various transportation modes. This feature is part of Headbox Zero, the company’s suite dedicated to sustainability. In April 2023, CWT Inc. introduced a meetings and events carbon footprint calculator. This tool merges data on hotel accommodations, travel, meeting venues, and food & beverage carbon emissions for corporate gatherings. As a result, this can provide comprehensive insights into environmental impact. Catering to both CWT event organizers and clients, it empowers them to make more sustainable decisions for large-scale global events ranging from 200 to 50,000 attendees. List of Key Suppliers
Browse through Grand View Research’s collection of procurement intelligence studies:
Meetings and Events Procurement Intelligence Report Scope
Brief about Pipeline by Grand View Research: A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. Our services include (not limited to):
Like it? Share it! More by this author |