The earnings and job prospects of meeting, convention, and event planners are sensitive to ups and downs in the economy. During recessions, companies have less money to spend to fly employees to conferences or to reward sales workers with incentive meetings at lavish resorts. Cash-strapped businesses are more likely to economize by using video conferencing in place of face-to-face meetings and to find lower budget venues for incentive meetings. Families hosting a wedding during a recession also tend to cut back on their expenses either by planning the event by themselves or by making the wedding a less elaborate affair, one that will require less of a professional planner's time.
The pandemic struck a serious blow to the event planning industry. With restrictions on gatherings and business lockdowns, many event venues found it impossible to continue business as usual. Venues for business conferences and entertainment closed and canceled all activities. Catering halls shut their doors due to limits on the number of people allowed to gather. Many weddings were postponed or reinvented as small, outdoor events. In some cases, large conference facilities, such as the Jacob K. Javits Center in New York City, became temporary hospital facilities at the peak of the pandemic. Post pandemic, the events industry has been rebounding but slow growth for some sectors is forecast in the years to come.
The wedding planners sector experienced setbacks during the pandemic in 2020 and early 2021, and yet despite this disruption, experienced 11.6 percent annual growth from 2019 to 2024, according to IBISWorld. As of September 2024, the U.S. wedding planners industry brought in $1.7 billion, an uptick over $1 billion in revenue in 2019. The pandemic caused pent-up demand, with many weddings cancelled or delayed. As the economy stabilizes and more people have disposable income, more people have been willing to hire wedding planners, and spend money on their weddings. The wedding planners industry is expected to decline, however, through 2029. IBISWorld revealed that do-it-yourself weddings are growing in popularity thanks to related Web sites and mobile apps. This type of option is especially attractive to those with limited financial resources.
Unlike many occupations, event planning seems resistant to job loss caused by technology and offshoring. The task of organizing a meeting requires high-level managerial skills—such as communication, critical thinking, evaluation, and tact—that a computer application cannot provide. Businesses understand that face-to-face contacts provide benefits that teleconferencing technology cannot duplicate. Offshore workers cannot easily confer with the client in person or visit the venue where the event occurs, either for advance planning or for managing the event as it happens.
Businesses recognize that it pays to use professionals for planning tasks, rather than administrative workers who lack expertise, because those who work exclusively in this industry can deliver a highly effective meeting at the best price available. Businesses sometimes use meeting planners even for arranging teleconferences.
As a result of all these factors and in spite of the setbacks from the pandemic, the outlook for the industry is rosy. The Department of Labor (DOL) projects the workforce of meeting, convention, and event planners to increase by 7 percent through 2033, which is faster than the average for all occupations. Businesses are expected to continue relying on industry professionals to organize a steady stream of events and meetings.
Business, professional, labor, political, and similar organizations are a mix of for-profit and nonprofit organizations. The DOL has noted that as business meetings and events become more global in scope, the greater the demand will be for meeting and event planners. Meeting planners working for the health-care industry probably will experience the most job stability, because health-care practitioners need to attend medical meetings regularly to maintain their licensure. Another mixed group is performing arts, spectator sports, and related industries, which are projected to provide opportunities as well.
Trade show and conference planning, composed of 45,868 businesses and 113,000 workers, was valued at $21.4 billion as of August 2024, representing 2.3 percent annual decline since 2019. According to IBISWorld, the low barrier for entry to this industry, including minimal upfront capital requirements and regulations, has caused an increase in new businesses in the industry. Post pandemic, many businesses have also returned to the industry as the economy strengthens and more companies have the money in their budgets for conference and trade show exhibits and services. As business spending on marketing increases, trade groups and nonprofits will turn to trade show and conference planners to help increase sales.
Competition for job openings is expected to be strong because this field has no formal entry requirements and therefore has traditionally attracted more applicants than job openings. Job candidates with a bachelor's in hospitality management will have a definite advantage. The Certified Meeting Professional credential also is valued by potential employers, as is skill with teleconferencing and social media. High-tech skills are not just for corporate planners anymore; wedding planners need them, too. Many couples now have personal wedding Web sites, and they use social media to share wedding details with guests, and mobile phones to access planning Web sites. One way to get started in this industry is to plan events for family members, friends, or a local volunteer organization.