Are you interested in learning more about the party rental industry? Do you want to know the latest trends and statistics? If so, you’ve come to the right place. In this blog post, we’ll explore the party rental industry and discuss some of the most important statistics.
We’ll look at the size of the industry, the types of services offered, and the average cost of renting party supplies. We’ll also discuss the trends that are driving the industry and the potential opportunities for growth. By the end of this post, you’ll have a better understanding of the party rental industry and how it’s evolving. So, let’s get started.
Party Rental Industry: The Most Important Statistics
The party rental industry’s revenue decreased by 1.1% due to Covid-19 restrictions, from 6 billion to 5.9 billion dollars.
Party rental business owners can generate anywhere from $52,000 to $156,000 in annual revenue, depending on their experience.
Party Rental Industry Statistics Overview
The US party rental industry is projected to be worth 6 billion dollars in 2023, which is a significant increase from previous years.
This indicates that the industry is a viable and profitable one, and that businesses in the industry should be able to continue to thrive and expand.
The industry growth is expected to increase by 0.3% in 2023.
Knowing that the industry is expected to grow by 0.3% in 2023 can help businesses in the industry plan for the future and make decisions that will help them capitalize on it.
The party rental industry’s revenue decreased by 1.1% due to Covid-19 restrictions, from 6 billion to 5.9 billion dollars.
97% of respondents in a survey of party/event industry professionals in the US expect to see more virtual/hybrid events in the future, which could be a threat to the party rental industry. Virtual events are becoming increasingly popular, which could lead to a decrease in demand for physical party rentals.
95% of revenue is generated through renting out equipment to consumers, indicating that the Party Rental Industry is highly reliant on consumer demand for rental equipment.
Without consumer demand for rental equipment, the industry would not be able to generate the majority of its revenue, which highlights the need to focus on customer service and satisfaction in order to ensure a steady flow of customers.
72% of party/event industry professionals believe that events technologies are essential for events organization and management, which is a rising trend in the party rental industry.
This shift towards technology can help streamline the event planning process, making it easier and more efficient for party rental companies to organize events. Additionally, the use of technology can help improve customer experience by providing more accurate and timely information about events.
The Party/Event Rental Industry employs more than 45,000 workers in the US.This statistic is important because it shows the size and scope of the party/event rental industry in the US.
It demonstrates that the industry is a significant employer and contributor to the US economy. Furthermore, this highlights the potential for growth in the industry, as more people are employed to meet the demand for party/event rental services.
There are over 10,300 companies operating in the party/event rental industry in the US.
The average American party host spends $1,422.65 a year on party-planning, with an average of $58.49 per 12 guests spent on party decor.
Party rental business owners can generate anywhere from $52,000 to $156,000 in annual revenue, depending on their experience.
Conclusion
The party rental industry is a multi-billion dollar industry that is growing rapidly. With the right strategies and investments, businesses can capitalize on the growth of the industry and make a profit.
The industry is highly competitive, so it is important to stay up-to-date with the latest industry trends and statistics. By understanding the current trends and statistics, businesses can make informed decisions and stay ahead of the competition.
References
1 – https://www.ibisworld.com/industry-statistics/market-size/party-supply-rental-united-states/#:~:text=The%20market%20size%2C%20measured%20by,to%20increase%200.3%25%20in%202023.
2 – https://www.ibisworld.com/united-states/market-research-reports/party-supply-rental-industry/
3 – https://www.ibisworld.com/united-states/market-research-reports/party-supply-rental-industry/
4 – https://welcome.bizzabo.com/reports/evolution-of-events-report
5 – https://www.ibisworld.com/united-states/market-research-reports/party-supply-rental-industry/
6 – https://welcome.bizzabo.com/reports/evolution-of-events-report
7 – https://www.quipli.com/current-state-of-the-party-rental-industry/#:~:text=Currently%2C%20the%20industry%20has%20over,45%2C000%20workers%20across%20the%20country.
8 – https://www.quipli.com/current-state-of-the-party-rental-industry/#:~:text=Currently%2C%20the%20industry%20has%20over,45%2C000%20workers%20across%20the%20country.
9 – https://nypost.com/2019/11/05/this-is-how-much-americans-spend-to-host-parties/
10 – https://stepbystepbusiness.com/business-ideas/start-a-party-rental-business/
