Hong Kong's Exhibition Industry Contributes US$4.6 Billion to Economy
November 21, 2011
The Hong Kong Exhibition and Convention Industry Association (HKECIA) reported results of its biennial economic impact study report.
Compiled by KPMG Transaction Advisory Services, the report shows Hong Kong’s exhibition industry contributed US$4.6 billion towards the local economy in 2010, compared with US$3.9 billion in 2008, or equivalent to 2.1 percent of Hong Kong’s total GDP.
Direct expenditure, which covers expenditure specifically on exhibitions and exhibition-related activities, amounted to US$2.3 billion or 50 percent of the total expenditure.
Business expenditure of international and local exhibition visitors contributed 55 percent, with the remaining 45 percent generated by exhibition organisers and exhibitors.
In terms of expenditure by exhibition visitors, US$1.3 billion was recorded in 2010, with 90 percent contributed by international visitors.
The food and beverage, retail and hotel sectors were reportedly the largest recipients of direct visitor expenditure, accounting for more than 74 percent, or US$936 million.
Business-related expenditure amounted to US$1.04 billion in 2010, a compound annual growth rate of 22 percent from 2008.
Daniel Cheung, the chairman of HKECIA, said, “Exhibitions are important factors in raising Hong Kong’s international status. Currently, Hong Kong hosts five of the world's largest trade exhibitions and seven of Asia's largest trade exhibitions."
He added, "Record-breaking events like this reinforce and publicise Hong Kong’s profile as a reliable, successful and dynamic place to do business of any kind, creating a momentum which keeps Hong Kong high in global public awareness as an ideal business location.”
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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