Gaurav Dhall Rounds Up 2015 and Highlights Trends of 2016 for T.I.C. and the Industry
by EVENTFAQS Bureau Industry Watch | January 8, 2016 | Guest Article
T.I.C. Gaurav Dhall
By Gaurav Dhall, Managing Director, T.I.C.
Despite the changing economic conditions in the country, the event industry in India remained unperturbed in 2015, registering an overall growth of approximately 22%. This growth was motivated by a burgeoning demand for experiential events by the corporate sector, which is leaving no stone unturned to lure customers.
The industry welcomed lots of new experiential marketing campaigns and new technologies to the market. While it’s true that the growth of this sector was phenomenal, it could have been even greater if the infrastructure, tax structure and facilities were better and easier. Also, a lack of good venues and trained staff posed as challenges. The good side was the introduction of new technologies and varied innovative products in the industry for which companies showed a keen interest and were eager to explore in order to reach out to their audiences.
In 2015, wedding and social events played a pivotal role in the overall growth and turned out to be a profit making business for the event industry. The year also saw a shift in focus by corporates to Tier 2 and Tier 3 cities, which turned out to be an important segment for companies’ / products’ overall promotions. Further, digital and social media marketing campaigns became an integral part of events.
Expectations are that this year the event industry will grow by 16-17% to reach 5,779 crore in 2016 (according to ‘Making experiences in India: The events and activations industry', a report released by EY – EEMA). It is expected that the government will realize the potential of the burgeoning event market and will give attention to this industry and make things easier for the players. Better infrastructure and formal education for the event industry will definitely boost growth. Technology again will play a crucial role in shaping future events. Tier 2 and Tier 3 will remain in focus for marketers, who will adopt new strategies to attract customers from these areas.
In this guest article, Gaurav Dhall, Managing Director, T.I.C. highlights key growth factors and challenges in the year 2015, and discusses industry expectations for 2016.