III. Industry Analysis
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Everyone loves a good party but few people enjoy planning them. The most important aspect of party planning is ensuring that there is enough furniture, activities, decorations, and other items to keep all the guests happy throughout the event. Anyone doing this on their own knows how expensive and stressful this all can be. That’s why they trust party rental companies to handle the work for them.
As such, the party rental industry is in high demand. According to Global Newswire, the party supply rental market was valued at $12.38 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 14.86% from now until 2030. This shows that the party rental industry is a booming and necessary industry that is showing no signs of slowing down.
However, the industry is dependent on several factors for continued success. The party rental industry depends on the willingness of households and businesses to spend money on social gatherings. American households seek supplies for birthday parties, reunions, and other special family gatherings. Businesses seek supplies for corporate meetings, holiday dinners, fundraisers, and client appreciation events. Therefore, the demand for the industry’s services is primarily driven by increases in per capita disposable income as well as corporate profit levels.
