The Events Industry - Economic, Social, Technological, Environmental Impacts - Research Paper Example

THE EVENTS INDUSTRY By Location Introduction The events industry has enormously grown in the last two decades. Yearly spending for special events globally is estimated at 500 billion dollars. Employment growth in the event industry is on the uptick. Globalization has contributed to this surge as these cosmopolitan businesses call on event organizers to schedule meetings for their journeying staffs. The events industry has become much more complicated because of increased demand for special events. It has become a force to be reckoned with (Entrepreneur Press 2009). The industry has experienced enormous growth in terms of size, length and range. The industry has also experienced numerous world fairs visibility and major sports events, during the recent century as Goldbatt (2000) asserts. Moreover, the events industry is developing and transitioning from a growth into maturity. Economic impact The economic effects of an event may differ because developed event type and the market appealed to that particular event. A scale of event has a direct correlation with the impact level. Events fixed length encourages visitors to attend. The extra experience acts as a form of indirect marketing for a region altogether. This provides a chance to grasp a market that was previously untapped. The incoming guests bring with them money, further expanding the market. Subsequently, both real and potential generation of revenue is increased. These events are an attraction that has both the power of drawing and holding. This means that they not only marshal in new tourists, but also assist to keep them in a region longer. It shows the significance of gauging the economic effects of events of tourists who specifically came to the event and those that did not stay longer because of the event. This means that they are not only ushering in new guests, but they also assist in keeping them in the region longer. Consequently, this portrays the significance of gauging the economic effect of those that come to the event and those that did not and extended their stay because of the event (Janeczko, Mules & Ritchie 2002). In addition, even though, they may have numerous other objectives, events in regional destinations aid the growth of tourism and the subsequent economic development. Traditionally, economic impact of the event industry has centered on spending of visitors and multipliers that extended this spending to other segments of the economy. They may be linked to job creation or income. Nonetheless, because of variation in formulas, the event industry has faced hitches in paralleling how they perform, against others. Because of this discrepancy in reporting and gathering of data, this information has often had discrepancies, resulting in subsequent under-reporting or over-reporting. Consequently, this may generate problems in the future for those evaluating the appropriateness of starting or contesting for an event in the future. Social impact Individuals that are concerned with staging main events have gone through their potential to have affirmative impacts on the populace and the societies that interrelate with them. Main events can rally large numbers of individuals and produce effects that are sensible on their lives in numerous ways. One of the regions of social impacts is satisfaction effect. Satisfaction is a significant social impact since it offers individuals with an enjoyable experience at an event. It contributes towards their general delight and satisfaction. Additionally, an involvement that is fulfilling at an event is expected to enhance the accomplishment of other social impacts such as changing the perception of a person in a place. Another area of social impact is identity, place, and image. The main events are habitually connected to the sites and places in which they are placed. Therefore, the perception of the people of an event might provoke a powerful effect on their views of the location in which the event took place. The capability of an even to change the views of the people of a place is more significant than ever. This is because of the regional and local authorities becoming progressively dynamic bodies in terms of supporting the staging of major events. Participation is another area of social impact. It is essential to expect the effects that an event can rationally anticipate in terms of participation. Ideally, events ought to be backed by supplementary programs, run by experts in the developing participation and engagement area. They also need to be escorted by obviously distinct paths that are well-managed, that have the ability of providing such changes. The improvement of people’s abilities and giving through events is not just an important societal effect, but it is also a crucial operational objective if events in the future are to be maintained. Events can provide various openings for individuals to attain treasured experiences and abilities that might not be able to grow in their environments of operations. Events may encompass chances of training to up the skills of an individual, and offering the workforce volunteering with transferable skills. It also assists the host region with better quality support for future events (McDonnell, Harris, Allen & Bowdin 2006). However, there are also negative social impacts on events. According to Musgrave and Raj (2009), some event visitors’ travel abroad to enjoy immodest casual sexual encounters and exploitation of sex has grown as rapidly as tourism in numerous destinations. Additionally, a large number of visitors into various events carrying huge sums of money and valuables will create an opening for prohibited activities. These include theft, damage, trafficking of drugs and violence. In addition, the lifestyle of residents is disrupted because of increases in traffic, noise and the overall disruption to regular day-to-day routine. Moreover, congestion, overcrowding and noise are accredited to event visitors’ influx in the destination of the host (Musgrave & Raj 2009). Additionally, the event’s management profession rapid growth has generated a confusing climate. The profession lacks integrity when paralleled to other professions and may be damaging to its prospects in the future in the long run. Technological impact Technology has always taken part in pushing the margins of what is possible at events and developing the events industry. One thing that has been remarkable is bringing social and professionals together at events. Industries that have been originally antiquated in their attitudes to events are beginning to make use of the social media and other newfangled age tactics. It aims to correlate with their visitors in a much more expressive and modified manner. There are also incredible modernizations near digital signage at events, with businesses leveraging technology to provide an experience that is both personalized and interactive at their booth for their visitors (Parry 2013). Environmental impact It is becoming progressively important for event organizers to have the knowledge of the effects of the environment on their events. This is in the sustainability interest, strategic management of sound, making the most of their sponsors and cost effectiveness in some instances, there might be recognition that an event will have some serious impacts on the environment. However, other event organizers will locate affirmative environmental impacts and establish a strategy to capture such impacts as vital, in these cases. There are three categories of environmental impacts that result from events. Basic environmental impact that includes a waste management plan, transportation plan and sustainable plan that is only about the presence and systems to cope with the way an event impacts the environment. These plans would signify a crucial step forward for a number of events. Thus, financiers of events may desire to gauge whether events have these systems and strategies in place. Another category is the intermediate level environmental impact that tends to focus on measurements of the activities of the people and the perception around that event. For instance, if an event has attempted to promote best practices of the environment, then it could be logical to gauge the effect this has had on the visitors in attendance. Primarily, in terms of whether people tend to change their behavior of the environment because of the event. The advanced environmental impact is another category. Advanced environmental impact represents behavior change on behalf of those linked to the event (McDonnell, Harris, Allen & Bowdin 2006). Although these areas are hard to measure, they signify a real area of opportunity for organizers of an event in that an affirmative impact on the environment may be attained through hosting of an event. Challenges to the event industry Despite these impacts, the event industry faces some difficulties. The events industry is emerging and transforming from progression to maturity. This places the events industry at a critical crossroads that through considerate evaluation may develop directional skills of the stakeholders. Additionally, the events industry lacks the tools regularization and procedures of reporting needed to provide empirical data to allow shareholders of the event industry to make knowledgeable decisions. Lack of this regulation promotes mistrust, lack of integrity and spaciousness on the governments part, the private sector, and other organizations. Lastly, the industry operates from a conservative mode that is in contrast given the tactical planning central ability that is required for several events. Without the ability to predict and plan for the short term, midterm and long term trends, the events industry is potentially influenced (Goldbatt 2000). Policies that will affect the event industry As within any industry, the event industry has various uncontrollable policies that affect those involved in the industry. Knowing what these policies are is significant because it offers them with a chance for eventuality planning. Even though the policies cannot be controlled, their impacts can be alleviated through careful planning. Legal changes are one of the policies that can affect the event industry. The regulatory environment in the event can change from time to time, and this can have an impact on the way that the industry goes about conducting business. For instance, tax law alterations will affect the number of visitors to an event and costs to the event industry as well. Economics is another aspect that affects the event industry. External factors such as the economic state affecting the nation or the world are among the aspects that those working in the industry have no control over. Guest attendance may go by the wayside during extreme economic difficult times, leaving industries within the events industry dependent upon the continued support of the business community. Another factor is technology whose change affects the events industry significantly. As newfangled technologies are made accessible, companies within the industry are forced to adapt to the alterations or be left by the wayside. Lastly, the competition is another element that the event industry has no control over. Frequently, economic and other regulatory aspects heavily affect competition, and this pushes other from the market. Apparent trends Apparently, there has been a rise of event technology and tools that have assisted event organizers reap and improve the overall experience for visitors. There is also a huge growth in discovery of events through mobile and the evolving technology such as wearable tech. More visitors are also attending events virtually and sharing their experiences from the environment in more involved ways. In addition, the quality of networking is the biggest factor that encourages delegates to attend events. They come to meet different people and transact business as they also share ideas. Another trend occurring apparently is more capital cities and regions have positioned themselves as knowledge hubs for the particular sector. This positioning is driven by having the knowledge of the growth sectors of the global economy and ensuring the right infrastructure, backing and facilities are in place. Not just to host world-class events, but for businesses and talent in these segments to reside. Moreover, the apparent rapid growth of the event industry blogs, websites, and social media means that event bookers are better conversant than ever. It eases passage of information and sharing information without considering geographical barriers. Lastly, the events industry is apparently trying to stay relevant by staying ahead of the game. They are offering services that go beyond familiarity with the event industry and its providers. They also think beyond traditional marketing channels and contribute to conversations online. The event organizers are engaging with the platforms of the social media at a faster rate than ever before. These trends will continue in the subsequent years. Conclusion This study of trends in the evolving events industry has identified a rich variety of chances for the members of the industry and the intellectual are still debating. However, unless the events industry embraces national or even improved standards globally for the evaluation of the events effects, it will be hard for the events industry experts to be seriously esteemed. It will also be hard for the events experts to be valued by those in charge of finances and other vital resources required in assisting the growth of the event industry. References Entrepreneur Press, 2009, Start your own event planning business, Entrepreneur Press, Canada. Goldblatt, J 2000, A Future for Event Management: The analysis of major trends impacting the emerging profession. Available from http://sm.avito.nl/wp- content/uploads/2013/02/Goldblatt-J.- 2000.-A-future-for-event-management-the-analysis-of-major-trends-impacting-the- emerging-profession..pdf [ March 5, 2015] Janeczko, B., Mules, T & Ritchie, B 2002, Estimating the Economic Impacts of Festivals and Events: a Research Guide. CRC Tourism Research Report McDonnell, I., Harris, R., Allen, JW & Bowdin, G 2006, Event management, Routledge, London. Musgrave & Raj 2009, Event Management and Sustainability, MPG Books Group, UK Parry, A, 2013, The role of technology in events and how it will impact them in the future, available from http://www.eventindustrynews.co.uk/festivals-outdoor-event-news/the- role-of-technology-at-events-and-how-it-will-impact-them-in-the-future [March 5, 2015] Read More