Rising Costs of Events and the Option That May Solve It

Events manager checking the business calendar

More companies in Kansas realize the importance of events. According to My Future, employment outlook in this industry will jump 10 percent until 2024. The software market also benefits from it. It should earn more than $11 billion by 2022.

With the increased revenues comes a challenge: the rising costs of hosting and managing events. This problem may then illustrate the importance of choosing the right party venues in Kansas City.

How Much Does It Cost?

The events industry is highly segmented, so it’s difficult to get a more accurate picture. A study by Planning Pod, however, suggested that the average cost was about $20,000 in 2014. Meanwhile, 11 percent of the survey respondents said that their budget could reach at least $50,000.

Many factors are driving the rising costs. First, many event planners now require a budget and a down payment. On the average, clients have to pay $5,000 upfront. Another is the costs of travel.

The industry experts are already predicting that hotel and flight expenses would go up 3.5 percent. Even taxi fares may increase 1.6 percent. The effect is also global, which means it doesn’t matter where clients would have their events. They are more likely to spend a lot of money.

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A Possible Solution

Whether they are personal or business, events have many benefits. They improve social relationships and they can be an avenue for additional learning and self or professional growth.

But there’s also a need to mitigate the rising costs, and one of the ways to do this is to hold more intimate local events. Smaller gatherings also make the event more premium and valuable. Many local party venues also offer all-inclusive packages that can trim down expenses for families and businesses.

Having local events can also be an excellent test drive for future ones. If they get good coverage, they could already attract potential markets early on. A good example is the Startup Weekend, which already has many similar events around the world.