Event Management is looked upon as a sunrise industry in the service sector. The word ‘Event’ now needs to be re-defined in view of the manifold growth of the various ‘happenings’ in the ‘commercial’ as well as in the non-commercial’ world. Be it private happenings or public events, everything now is done on ‘big scale’. ‘Image’ is the key word today. This ‘image’ building exercise today needs a professional manager, either an individual or an organization, depending on the size of the exercise. Live Entertainment shows, Corporate events, MICE (Meetings, Incentives, Conferences, Exhibitions), and large scale Weddings have led to several work profiles and job opportunities. Individuals, Corporate houses and the Society have recognized the need for hiring professionals for handling events.
Lets take a closer look at the overall events industry statistics in India.
The past decade of the Indian economy has witnessed an alarming growth in the size of Event Management Industry. It has grown by leaps and bounds in the recent past and most of the experts in the industry strongly believe that this is just the beginning of a new era. According to the survey done by some leading Research agencies, the organized Event Industry in India is poised to grow by at least by 25% annually and is estimated to reach INR 5500 crores by 2014–15.
The scope of Events has been widening day by day and the Events & Entertainment Industry today encompasses events like Fashion & Celebrity shows, Film awards, Celebrity promotions, Road shows, Musical concerts, Bollywood-shows, T.V. Reality shows Company conferences, Banqueting facilities, Tourist attractions, Sports, Culture, Corporate seminars, Workshops, Exhibitions, Wedding celebrations, Birthday parties, Theme parties & Product launch. The continuous rise in the number and the scale of all such events has emerged as the main growth drivers in the sector.
Events are playing an increasingly important role in the Marketing and Communications mix for all companies. Today, Event Management has become an integral part of any Marketing plan. A large number of companies have already recognized the benefits of Direct Marketing through events. Events are considered as a means to Launch, Advertise or Build a brand.
Events are classified as:
- Social events which include Wedding Planning (Wedding Management) Birthday Parties, Anniversaries , Get Together, Social Gathering, Fund raising for Large Clubs, Charitable Trusts etc.
- Corporate events which include Meetings, Seminars, Conferences, Training Programs, Annual Picnics, and Award Functions.
- Entertainment events which include Movie Promotions, Celebrity Nights, Music /Video Release, Award Nights etc.
- Educational Events which include Education Fairs, College Events, Picnics & Holidays and Annual Sports.
- Exhibition and fairs
- Special Events for important clients
Weddings are very expensive in India. A recent survey has revealed that an average amount of $31,213 is spent by an Indian for his wedding. This number has observed a 4.5% than the previous year. The same survey has revealed that an average amount of $27,000 is spent by a U.S Citizen for his wedding. As the $38-billion Indian wedding market continues to grow bigger in size, the bridal brigade — brides, grooms and their respective families — across the country seems to have embraced the spending frenzy with open arms. About a decade ago, the most talked about society weddings were generally limited to familial lineages. Things, however, are changing now and anyone who has the required finances can surely have a grand wedding of their dreams.
The number is definitely going to increase in the coming years. The latest trend witnessed in Event Management sector is the popular demand for wedding planners. This industry thrives largely on the Indian notion of characterizing marriage as a singular high-point in one’s life. In a bid to make one’s wedding unique, the wedding planning industry derives a reasonable demand owing to their professionalism and touch of precision to make the entire process smooth.
Rise in disposable income coupled with time constraints that people face has led to the development of the wedding planning sector in our country. A wedding planner becomes imperative to streamline the entire process and attention to the minutest detail. An Indian wedding definitely needs a lot of time and effort towards planning and implementation.
The situation is not different when it comes to spending on Birthday Parties, Meetings and other corporate Events. A survey has stated that, around 15% of an organization’s collective time is spent in meetings. The number has kept on increasing since 2008. This fact is enough to give you an idea on much an organization spends on arranging meetings.
The following figure explains you about the rate at which the event management industry is going to rise in India, when compared with other nations.
The Indian M&E industry grew from INR 728 billion in 2011 to INR 821 billion in 2012, registering an overall growth of 12.6 percent. The industry has achieved a growth of 11.8 percent in 2013 to touch INR 917 billion. The sector is projected to grow at a CAGR of 15.2 percent to reach INR 1,661 billion by 2017.
Author: Rahul Rane