III. Industry Analysis
The Event industry depends on the willingness of households and businesses to spend money on social gatherings. In general, businesses seek event space for holiday dinners, fundraisers and client appreciation events. Since companies with strong earnings over the course of the previous year have more money to allocate toward special events, demand for industry services from this market is primarily driven by corporate profit levels and overall business sentiment.
Likewise, households at venues for weddings, anniversaries, birthdays and other milestone celebrations. Consequently, per capita disposable income and consumer confidence levels are the key drivers of demand from the household market.
Over the past five years , increasing per capita disposable income and consumer confidence have boosted demand for event venues from both the household markets. In particular, rising per capita disposable income and an increase in the number of households earning above $100,000 have bolstered demand from individual customers.