Event professionals have always paid close attention to their budgets, logistics, and strategy for gatherings ranging from weddings to corporate functions. However, tariffs and overall economic uncertainty have brought new pressures and challenges.
Thankfully, a little knowledge can help you stay ahead of the ever-changing economic landscape and keep your business afloat. Relying on over 20 years of experience and the latest insights, TCFLinen is here to explain the impact of tariffs on the event industry. This report will also provide tips to adapt your event planning strategy and budgets for 2025.
What Is the Impact of Tariffs on the Event Industry?
An executive order delayed tariffs on dozens of countries until August 1, so we have a little bit longer before they officially take effect. What can we expect when the tariffs kick in?
Overall, event professionals will see the price increase on many goods and essentials that help make memorable events possible. Specifically, the higher prices will be on imported goods, so the price will go up if something isn’t “Made in the USA.”
Why Are Tariffs Increasing the Cost of Event Planning Products?
Tariffs are a tax on goods that are imported from countries outside of the United States. Generally, these higher taxes lead to higher prices for both consumers and businesses. This is because the cost of the tariff is often passed down the supply chain.
What Types of Products Will Cost More For Events?
Products and equipment for in-person events are likely to come with higher price tags due to tariffs. As we feel the impact of tariffs on the event industry, event professionals may end up paying more for the following items:
- LED screens
- Lighting
- Sound systems
- Event decor
- Photography and videography equipment
- Materials for signs and badges
- Branded swag
To cope with the increased costs, event organizers may feel pressure to scale back on physical event elements. They may also start having more arduous negotiations with both suppliers and venues.
How Much More Will Event Professionals Pay?
Right now, experts from banks and business schools around the country are speculating about how much more goods will cost. However, no one can say with 100% certainty at this point.
What we do know now is that the cost of imported goods will increase once tariffs officially take effect.
How to Prepare for the Impacts of Tariffs on the Event Industry
You might be wondering how you can prepare for the effects of tariffs, as no one is exactly sure how much they will increase prices. The answer involves focusing on ways to make your event strategy more resilient and adaptable.
Focus On What Matters
Before you dive into planning any event, identify what’s most important to your clients or attendees. Maybe it’s education, networking, or just a memorable experience. Once you pinpoint the focus, prioritize it and consider cutting back on less essential elements.
Build Flexible Budgets
They say the only constant is change, and it’s especially true right now. Assume that costs will continue to fluctuate and include room for price increases in your budget. Be sure to also use forecasting tools to view different financial scenarios and create plans A, B, and C for safety.
Consider Domestic and Diversified Vendors
In addition to getting event goods and essentials domestically when possible, it’s also helpful to have relationships with multiple vendors. Doing so gives you more options when challenges arise during event planning and execution.
Engage in Open Communication
Transparency builds trust and encourages understanding and flexibility. This means clear communication helps everyone from clients to vendors be more open to shirting timelines and costs.
Save on Event Decor and Essentials From TCFLinen
Now that you understand the impact of tariffs on the event industry, know that TCFLinen is here to help you get the event essentials and extras you need for less. Our stunning selection includes table linens, dinnerware, lighting, tabletop decor, artificial flowers, backdrops, and furniture.
TCFLinen also has a Preferred Partner Program that offers special benefits to members:
- Expert Guidance and Support: When you need help selecting event decor or placing a large, complex order, you can turn to our experienced team for help and support!
- High Quality and Low Prices: With our wholesale pricing model, you can save more when you buy more event decor.
- Speedy and Secure Shipping: Don’t worry about tight deadlines because we have fast and reliable shipping options, including overnight delivery!
Preparing for the impacts of tariffs on the event industry (and turning to TCFLinen for gorgeous event decor) can help you impress your guests for less!
Sign up as a Preferred Partner today!
Sources
https://www.bizzabo.com/blog/us-tariffs-impact-event-industry
https://www.specialevents.com/event-business-operations/how-tariffs-are-impacting-the-industry
