The party supply industry embraces a vast assortment of products employed by organizers to create a convivial, friendly, and relaxed atmosphere for various occasions. Candles, balloons, invitation cards, tableware, tents, and banners are among a few widely used specialty items. Herewith, party supplies are mostly chosen following party themes to make events memorable and meaningful. These themes typically include weddings, birthdays, anniversaries, corporate meetings, and holidays, such as Christmas, Halloween, and others.
Over recent decades, the industry has demonstrated steady and rapid growth with real potential for promising development, especially in the online sector. According to Party Supplies Market 2021 research report, the value of the global party supplies market has reached nearly $12,658 million as of 2019. Moreover, the researchers state that this indicator is expected to achieve $20,291million in 2017, exhibiting a compound annual growth rate of almost nine percent from 2021 to 2027. It is also worth noting that North America comprises the most considerable share of the party supply market in 2019, with the fastest increase. According to another study, while the US Market Size of Party Supply Rental accounted for $5393 million in 2016, it has arrived at almost $6 billion in 2021, showing 2.1 percent of annual growth. Thus, based on the actual data of the given research, the Copious company possesses excellent opportunities to expand in the market.
It is also worth considering the external contexts, especially those stipulated by the COVID-19 pandemic that has inflicted substantial, mostly adverse effects on people’s daily lives. Specifically, the disaster caused short- and long-term changes in the macroeconomic environment, including demand fluctuations, supply chain disruptions, and shifts in customers’ habits. Surging economic crisis, limitations imposed by governments on social gatherings, and social distancing measures have influenced consumers’ preferences and the possibility of conducting events and celebrations. However, this phenomenon is temporary, and after the end of the pandemic, significant recovery is projected.
Moreover, the current circumstances have noticeably spurred customers to online shopping, thereby promoting e-commerce and offering evident advantages for Copious. For example, as the United Nations Conference on Trade and Development (UNCTAD) revealed, digital purchases increased by ten percent in almost all product categories. In this regard, the company should consider the opportunity to run its business through social media platforms, such as Facebook, Instagram, WhatsApp, and Viber.
Finally, it is worth paying attention to the competition in the market, which is represented by both direct and indirect rivals. The most potent direct competitors include Party city, American Greetings, Unique Industries, and Oriental Trading Company. Besides, since Copious plans to locate its business in the state of Delaware, Fulton Paper & Party belongs to its local contestant. Finally, Copious can face minor competition from such firms as Amazon, Birthday Express, Discount Party Supplies, and Wholesale Party Supplies. Nevertheless, taking into account that the industry is on the rise, and elaborated market strategy can help the company overcome the existing rivalry and reach marked outcomes.