My predictions are that in 5 years time the events industry will increase due to key factors such as:
these factors benefit the events industry due to profit going in to the economy therefor more individuals will have disposable income justifying an increase in individuals participating in events, Duncann (2000) suggests that disposable income is money left over from households taxes and is there to buy on enjoyment and leisure. The more individuals partaking in events the more profit an event makes therefor increasing overall profit for each classification of events although if these factors decrease the events industry will also be effected with a decrease in worth Harris (2012) states that certain factors affect profit to any organisation.
Tourism impacts travelling to the U.K for millions of tourists which leads to money going into the events industry and the economy increasing the events industry worth Sharply (2012) suggests that tourism helps bring money in to business' and the economy, without tourism the economy would decrease in worth as well as organisations such as hotels, airports and other business' therefore tourism is beneficial to a business due to the publicity increases more customers.
Regular public transport benefits the events industry due to individuals having easy access to events ensuring a wider range of customers from a distance will promote the business' publicity and increases customers to the company Litman, (2010) states that transport policy and planning decisions often have significant economic development (also called macroeconomics) impacts by affecting government and consumer expenditures, employment opportunities, resource consumption, productivity, local environmental quality. Some of these impacts are widely recognized and considered in conventional policy and planning analysis, but others are often overlooked or undervalued therefore transport can impact a business via employmobility, customers expenditure and affordability therefore if the venue is in a restricted area customers and staff may not be able to attend the event due to the lack of transport to the venue.
Social media has a massive impact on the events industry due to details being updated and published for events to increase individuals awareness of events running therefore attracting a vast amount of potential customers to increase profit to the business. Tickets can now be brought via Facebook, Twitter and websites this impacts the events easy access to buy tickets online which increases individuals to attend due to saving time to buy a ticket. Technology has made a massive change to the events industry. Apps for phones are designed so the public can get details on upcoming and on going events Greenwell, Danzey-Bussell and Shonk (2013) suggests Twitter,Youtube and Foursquare are now used to promote and market many events. As new technologies emerge, marketers will continue to reach out to new consumers through these new mediums.
- Increase in job opportunities in the UK which increases disposable income
- Increase of tourism
- Improvement of technology to publicises events
- Increase of public transport to events
these factors benefit the events industry due to profit going in to the economy therefor more individuals will have disposable income justifying an increase in individuals participating in events, Duncann (2000) suggests that disposable income is money left over from households taxes and is there to buy on enjoyment and leisure. The more individuals partaking in events the more profit an event makes therefor increasing overall profit for each classification of events although if these factors decrease the events industry will also be effected with a decrease in worth Harris (2012) states that certain factors affect profit to any organisation.
Tourism impacts travelling to the U.K for millions of tourists which leads to money going into the events industry and the economy increasing the events industry worth Sharply (2012) suggests that tourism helps bring money in to business' and the economy, without tourism the economy would decrease in worth as well as organisations such as hotels, airports and other business' therefore tourism is beneficial to a business due to the publicity increases more customers.
Regular public transport benefits the events industry due to individuals having easy access to events ensuring a wider range of customers from a distance will promote the business' publicity and increases customers to the company Litman, (2010) states that transport policy and planning decisions often have significant economic development (also called macroeconomics) impacts by affecting government and consumer expenditures, employment opportunities, resource consumption, productivity, local environmental quality. Some of these impacts are widely recognized and considered in conventional policy and planning analysis, but others are often overlooked or undervalued therefore transport can impact a business via employmobility, customers expenditure and affordability therefore if the venue is in a restricted area customers and staff may not be able to attend the event due to the lack of transport to the venue.
Social media has a massive impact on the events industry due to details being updated and published for events to increase individuals awareness of events running therefore attracting a vast amount of potential customers to increase profit to the business. Tickets can now be brought via Facebook, Twitter and websites this impacts the events easy access to buy tickets online which increases individuals to attend due to saving time to buy a ticket. Technology has made a massive change to the events industry. Apps for phones are designed so the public can get details on upcoming and on going events Greenwell, Danzey-Bussell and Shonk (2013) suggests Twitter,Youtube and Foursquare are now used to promote and market many events. As new technologies emerge, marketers will continue to reach out to new consumers through these new mediums.