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Party and event rental market expected to grow 8 percent in 2015.
Editor’s Note: IFAI’s 2015 State of the Industry report appeared in the February and March issues of Specialty Fabrics Review magazine. The report’s tent industry segment is reprinted here. For a full report, visit www.specialtyfabricsreview.com.
The tent rental industry is a splintered, competitive market. Thousands of companies in the market are competing for events to rent tents and tent-related equipment. The U.S. end product manufacturer (EPM) market for tent fabric was 22.3 million square yards in 2014 and is projected to be 23.4 million square yards in 2015.
The party and event rental market grew 7 percent in 2014, and it is expected to grow 8 percent in 2015. The corporate event market improved again in 2014; it’s estimated to have grown about 2 percent and should reach 3 percent growth in 2015. The scope of corporate events, in terms of extravagant expenses, remained scaled back. This trend has gone on for a few years now and is expected to continue in 2015.
Tent market outlook. In 2014, tent fabric suppliers and tent manufacturers will introduce new features to the event industry to increase sales by offering tent event professionals high-end tent fabrics and structures, especially for clearspans and frame tents. In the last few years, tent event professionals have done a better job of marketing, efforts that have helped in differentiating their businesses from competitors.
In 2014, much of the sales growth did not necessarily come from renting tents but from renting add-ons, such as flooring, lighting and tables. Weddings, especially high-end weddings, showed strong growth in 2014 and should continue this pattern in 2015. Look for corporate events to attain their highest growth since the recession in 2009, mirroring U.S. economic growth.