Events are growing across the world, and rental companies are set to reap the benefits, particularly compared to their construction equipment and tool rental counterparts. Will fallout from the coronavirus outbreak dampen this momentum?
A recently released rentals forecast from the American Rental Association (ARA) paints a rosy picture of continued growth in the event rentals market, mirroring an increase in the events industry as a whole.
While many event planners opt to completely hire out the creative planning process or simply buy their own equipment, these new methods of acquisition have yet to replace the traditional model of contracting with a rental company.
Multiyear growth is currently in a positive direction, but the impact of global event cancellations due to the coronavirus outbreak remains to be seen. Rental companies may need to brace for an unexpected drop in the coming weeks and months.
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— Lauren Ward, Events Editor
The Future of Meetings and Events
Fast-Growing Event Rentals Is Still a Very Fragmented Business: Is That a Bad Thing for Planners? Event rentals are poised to grow throughout 2020, suggesting that event planners want no part of seeing this sector consolidate. Planners still prefer traditional procurement methods, with as many choices as possible.
Travel Megatrends 2020: Consumer Brands Jump Into Hospitality Mashups: Consumer brands that see the passion of travelers are taking a leap. These brands are becoming hotel proprietors in greater numbers to reach out to millennials, who see travel as a lifestyle experience. Expect more retailers to invade the hospitality space.
What 2019 Taught Us About the U.S. Airline Industry: No other country or region has an airline industry as strong as that of the U.S. What’s the secret? Have U.S. airlines cracked the perennially difficult code to airline profitability, and will it last? Skift Airline Weekly dove deep and zeroed in on trends that explain the U.S. airlines’ success.
Around the Industry
Mobile World Congress Cancellation Over Coronavirus Is Foreboding Sign for Events: The cancellation of a major event outside of China is a serious warning for meeting planners to take action to preempt concerns over the coronavirus.
More Properties in Europe Want the Luxury Eco-Resort Label: As luxury resorts jockey for ways to differentiate themselves from the pack, a shift toward more environmental practices may help them find new customers. The key, though, is making sure those green efforts come from an authentic — and not purely financial — place.
U.S. Travel Arrangement and Reservation Sector to Top $57 Billion in 2020: Skift Research Forecast: The travel arrangement and reservation services sector has experienced strong growth for the past few years and outperformed other major travel verticals. We believe this trend will continue in the next few years, aided by more digital transformation.
The Best of EventMB
The Best of EventMB is our newest section, giving you a look into key content from EventMB, whether it be reports, articles, or resources for planners. EventMB joined the Skift family in September and is the largest online media resource for trends, technology, innovation, and education in the events industry.
Why Is Coronavirus Forcing Event Planners to Cancel Events: First the Mobile World Congress, then Cisco, then Facebook. Large events are being canceled around the world over fears of the novel coronavirus (COVID-19). Is this wave of cancellations justified or is it just an overreaction?
Events Editor Lauren Ward [email@example.com] curates the Skift Meetings Innovation Report. Skift emails the newsletter every Wednesday.
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Photo Credit: Karri Saarinen presents at Nordic Design. Event rentals are set to lead the way for overall rental growth in 2020, bit it remains to be seen how the coronavirus outbreak and its fallout will impact this positive outlook. Teemu Paananen / Unsplash