You hear a lot of predictions and anecdotal evidence about the events industry, but we here at Planning Pod also like data ... and lots of it.
We were recently poking around the Web (our favorite timesink) and came across quite a few event industry statistics that didn't square with articles and social media posts we have been reading online. (Because everyone knows if it's on the Interwebs it must be true.)
So, like the visual junkies we are, we decided to share it with you in the infographic below. Yes, we know, there are lies, damn lies, and statistics, but we feel these particular event-related statistics merit some attention.
12 Shocking Event Industry Statistics That Will Make You Think Twice
#1 - $115 billion
Amount the events industry directly contributes annually to the U.S. GDP
That's simply a lot of cabbage. And because there are few 800-lb gorilla companies in our industry, that revenue is spread across thousands of small businesses.
#2 - 10%
Projected job growth rate for events industry from 2014-2024
The average across all industries is 7%. Yay us for creating lots of new jobs.
#3 - 20-30 minutes
Amount of time preferred by attendees for a presentation (single-speaker event)
So much for the 45-60 minute speech. No wonder attendees start playing with their phones at the 20-minute mark.
#4 - 46%
Percentage of total event revenues that come from registration/ticket sales (on average)
With 23% of revenues coming from exhibitors and 19% from sponsors/donors, it shows that you need multiple revenue streams to stay in the black.
#5 - 75%
Percentage of sponsors who are constantly looking for new partnerships
We knew sponsors shopped around, just not this much. Emphasizes how critical sponsor retention really is.
#6 - 1,398,359
Average number of event-related social media mentions for large signature events
This includes mentions before, during and after the event, all of which are vital in generating and maintaining awareness.
#7 - 79%
Percentage of attendees who use smartphones when first researching live events
Shows how critical it is to have a responsive Web site that is easy to navigate. When you also consider that 80% of consumers eventually purchase a ticket after conducting an online search, it tells you your registration form should also be responsive.
#8 - 70%
Percent of event professionals who measure ROI/ROO by PR and social media exposure
These were the top two methods of measurement, with sales/donations dragging behind at 47% and lead gen at 59%.
#9 - 63%
Percentage of event professionals report that scheduling entertainers helped drive attendance
Yes, killer content and keynotes provide value. But it's the entertainers that often close the deal.
#10 - 26%
Percentage of meetings that will be virtual/hybrid in 2017
For the last few years, everyone has been clamoring about how virtual events will be the undoing of face-to-face events. Apparently not yet (and really not even close).
#11 - 13%
Percentage of event pros who will likely use virtual reality technology this year
With all the hoopla, you would think this would be dramatically higher. Think again.
#12 - 54%
Percentage of attendees who download the event app
Confirms what we've been seeing for a few years now. People only want to use the event app if it's crazy simple and has no learning curve, and still only about half of them engage.
1. MPI Move Forward Industry Statistics
2. U.S. Bureau of Labor, Occupational Outlook Handbook
3. MPI Meetings Outlook - 2016 Summer Edition
4 & 12. PCMA Convene Meetings Market Survey - February 2016
5. Sponsez - The Opportunity in B2B Event Sponsorships
6. The Viral Impact of Events - Freeman XP and the Event Marketing Institute 2014
7. Think With Google - Lifting the Curtain on Live Events
8. How Marketers Measure the Effectiveness of Sponsorship and Event Initiatives - Marketing Profs
9. Cvent 2015 Global Event Industry Benchmarks Study
10. American Express 2017 Global Meetings and Events Forecast
11. MPI Meetings Outlook - 2016 Spring Edition