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Party Product Rental Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Party Product Rental Market Trends
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According to The Business Research Company's, The party product rental market size has grown rapidly in recent years. It will grow from $2.23 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to economic conditions, consumer spending patterns, seasonal demand fluctuations, technological advancements in rental systems, and competition intensity.
The party product rental market size is expected to see rapid growth in the next few years. It will grow to $3.96 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to an increase in event hosting, cost-effectiveness, convenience, and variety; the growth of the event planning industry; urbanization and smaller living spaces; and customization and personalization trends. Major trends in the forecast period include party product rental, rental market expansion, sustainable party supplies, customization options, virtual party packages, eco-friendly rentals, DIY party kits, and themed party packages.
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Market Drivers and Trends:
The rising budgets for event expenses are expected to propel the growth of the party supply rental market. Rising budgets for event expenses are driven by the growing demand for immersive experiences, increased competition, and the need to meet higher attendee expectations. The event spending funds are utilized for party supplies to enhance attendee experiences with diverse and engaging decorations and accessories. For instance, in September 2023, according to a survey of 500 professionals published by American Express Global Business Travel, a US-based travel management company, 67% of companies predict an increase in overall event spending in 2024, up from 65% in 2023. Additionally, 10% of these companies anticipate an increase in expenditure of 11% or more. Furthermore, 70% of respondents expect attendee numbers to return to 2019 levels by 2024, compared to 67% in 2023. Therefore, rising budgets for event expenses will drive growth in the party supply rental market.
Major companies operating in the party product rental market are increasing their focus on customized and themed event kits to cater to evolving consumer preferences and gain a competitive advantage. Customized event kits are pre-packaged sets of themed decorations designed to create a cohesive atmosphere, including banners, lights, and props. For instance, in September 2023, Wilton Brands LLC, a US-based supplier of baking and party products, introduced a new line of Halloween kits aimed at inspiring bakers and party hosts during the autumn season. These kits offer unique features like customizable décor elements, easy-to-follow instructions, and themed designs, allowing customers to create memorable events with minimal effort. The new offerings include a vampire decorating kit, skull sprinkles, tall Halloween sprinkles, and shimmer pumpkin icing decorations, which complement Wilton's existing range of seasonal bakeware, tools, decorating kits, candy melts, icing, sprinkles, and edible decorations. Wilton's products are perfect for parties, family gatherings, or creative kitchen projects and promise to add festive delight to any Halloween celebration.
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Major Key Players of the Market:
CORT Party Rental, Chase Canopy Company Inc., Marquee Event Group, Bright Event Rentals LLC, The Party Rent Group, Broadway Party Rentals Inc, All Occasions Party Rental, Party Reflections Inc, Atlas Event Rental, Stuart Event Rentals, Big D Party Rentals, Event Source JBK Group Inc, Avalon Tent and Party Corp, A Classic Party Rental, Baker Party Rentals, Classic Party Rentals, J & J Tent And Party Rental, Cabaret Tent and Party Rental, AAA Party Rentals, Bethel Party Rentals, Pleasanton Rentals Inc, Ventura Rental Party & Events, Ultimate Events and Party Rentals, Diamond Event & Tent, Signature Party Rentals
Party Product Rental Market 2024 Key Insights:
• The party product rental market size is expected to see rapid growth in the next few years. It will grow to $3.96 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Corporate Conference Surge Boosts Party Product Rental Market Growth
• Transforming Party Planning With Customized Kits
• North America was the largest region in the party product rental market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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