Birthday parties are getting a makeover amid the coronavirus (COVID-19) pandemic. Though it is challenging to stay cheerful amidst the lockdown period, individuals are taking to video conferencing apps to celebrate their birthdays. Homemakers are transforming their living rooms into fairytale-themed parties with the help of toys, Barbie props, and party balloons to cheer their children. Thematic virtual video call parties are becoming increasingly commonplace for individuals amidst the coronavirus outbreak, which has helped in the growth of the party balloon market.
Family and friends are dedicating personalized birthday songs through video conferencing and using party props such as balloons, tiaras, and paper garlands to enhance their party themes. Since most restaurants and pubs are shut down amidst the ongoing COVID-19 era, individuals are buying balloons and other cost-efficient party décor to enhance their video conferencing party appeal. Hence, companies in the party balloon market are increasing their production capacities to meet customer demands.
Online Party Shops Being Highly Preferred by Individuals Hosting Events
The booming wedding planning and event management business worldwide is a key deciding factor for the exponential growth of the party balloon market. Attractive balloon installations have become the highlight of most birthday parties and events. End users are opting for innovative color combinations in party balloon installations to lure customers in malls and events by encouraging them to participate in activities. Hot party trends such as orb balloons have become a style statement for individuals hosting festive events and birthdays.
e-Commerce holds promising potentials for maximizing the business of party balloons. For instance, LENZO— an Australia-based online party shop, deals in the business of party balloons, decorations, and partyware products by becoming the one-stop shop for buyers. Online party shops in the party balloon market are increasing efforts to accommodate event management and food & beverage (F&B) services in their portfolio to boost the sales of party products.
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Innovative Party Themes Add Illusion of Luxe for Commercial Events
Monochromatic and pretty-in-pastel party themes are increasingly becoming innovative party trends for individuals. Pantone LLC, best known for its proprietary color matching system, has highlighted the concept of Pantone Color of the Year, which has been sensationalized in popular news outlets. Similarly, event managers in the party balloon market are advising commercial workplaces about color coordination for conducting recreational activities for its employees. Award functions and festive occasions are prime highlight of commercial workplaces and bolstering the sales of party balloons and other decorations.
Foil party balloons are being highly preferred by individuals who desire to give a fancy yet chic touch to their party theme. Several startups in the party balloon market are stepping into the business of event planning to assure eye-glazing festive party set ups. One or two color palette party themes are becoming a way that give the illusion of luxe at events.
Sustainable and Reusable Party Décor Helps Reduce Environmental Footprint
The party balloon market is estimated to progress at a modest CAGR of ~5% during the forecast period. However, growing awareness about balloon littering is anticipated to hurt the sales of party balloons. It has been commonly observed that party balloons are not efficiently recycled and many a times do not reach landfills, thus ending up in rivers and seas causing pollution. Hence, manufacturers are increasing their production capabilities to produce biodegradable party balloons to efficiently decompose and prevent them from adding to the already high environmental footprint.
Sustainable and reusable party décor is the highlight among individuals who are environment conscious. Hence, manufacturers in the party balloon market are focusing on developing materials that help in producing reusable balloons.
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Growing Corporate Culture in Asia Pacific Boosts Market Growth
The concept of blue balloon décor en masse is being highly publicized by popular wedding and event management companies. This concept is expected to grow popular in 2020. New trends such as gender neutral party ideas and circus theme birthday party themes are expected to fuel the demand for foil and latex party balloons. On the other hand, rise of the corporate culture is another key driver boosting the growth for the party balloon market, which is anticipated to reach US$ 2.4 Bn mark by 2030.
Cost-effective decorative material is becoming a mandate in small and medium enterprises (SMEs). This trend is most prominent in countries of Asia Pacific, since the party balloon market in the region is expected to generate the highest revenue and grow at a rapid rate during the assessment period.