CEIR Index Indicates 1.3 Percent Q1 Growth Rate in Trade Show Industry
June 12, 2013
The pace of growth may be slowing, but the trade show industry still just keeps moving in a positive direction, with the Center for Exhibition Industry Research’s Index showing a 1.3-percent increase to kick off the first quarter of this year, compared with the same time period last year.
Even though it’s the eleventh straight quarter with an uptick, the year started out lagging behind the overall GDP, which saw 1.8 percent growth, compared with Q1 2012.
The fourth quarter of 2012 ended with a more modest growth rate of 0.9 percent, according to CEIR.
"Overall, the first-quarter results are positive and confirm that the exhibition industry has survived and emerged from the recession," said CEIR's economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates.
He added, "With 11 consecutive quarters of growth, as well as our predictions closely matching outcomes, we are confident in the continued growth and progress of the industry."
Good news for shows was that net square footage and exhibitors both saw positive gains, 2.3 and 2.2 percent, respectively, in the first quarter of this year, along with revenue, with a 1.0-percent increase.
After several quarters of attendance growth, however, there was a small decline of 0.2 percent in the first quarter of 2013, which CEIR attributed to less participation from government personnel.
With not only increased scrutiny on events in the government sector, but also sequestration, both are challenges faced in not only specific sector, but also shows that typically draw government attendees.
"With the decline in attendance, we are closely monitoring business-to-business exhibitions especially for trade shows that depend on government employees' participation to determine how much of the attendance decline is directly attributable to Sequestration," said CEIR President and CEO Douglas L. Ducate, CEM, CMP.
He added, "Based on media reports from lawmakers in Washington, it appears unlikely that both parties will reach an agreement on a ‘grand bargain’ in the near future; therefore, this period of uncertainty is likely to continue through 2013."
The CEIR Index measures year-over-year changes in four key metrics to determine overall performance: Net Square Feet of Exhibit Space Sold; Professional Attendance; Number of Exhibiting Companies; and Gross Revenue.
The CEIR Index also provides exhibition industry performance across 14 key industry sectors.
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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