5 Industry Trends to Watch In 2021

December 8, 2020

We are in unchartered territory with a global pandemic disrupting lives and livelihoods. But, with successful trials paving the way for mass vaccinations, with better knowledge around COVID-19 and faster and more efficient testing schemes available, we are finding ways to live with and ultimately manage this virus. The tide is turning.

As we head towards 2021, the UFI team has – as we have every year – put together five trends that we believe will drive our industry’s development over the next 12–18 months. As always, these are based on conversations with and insights from our global UFI community as well as other stakeholders.

The threat will fade

First and foremost: This, too, will pass. The pandemic will end over time, even if the virus stays. Business will return, and life will return to more normality. The marketplaces and meeting places that we build and operate as an industry will be key for economic recovery, and a growing number of governments are understanding that. Think Australia with government funding. Think Germany, separating trade shows from mass gatherings and declaring that attending a show is essential travel. Think Singapore, actively exploring the opportunities to benefit from the resurgence of the business events sector. If we, as the exhibition industry and as the bigger business events community stay united, continuing to speak to authorities and governments with one voice, other governments will follow.

We will bounce back

We will see our sector grow again in 2021. And in 2022, 2023 and beyond. Part of that is simply math as we have lost an estimated 70 percent of revenues globally in 2020 year-on-year. Some markets will bounce back fast, others will need more time. But we know, both from our global research and from the ground in markets like China, that companies are eager to return to the trade show floor.

Global media takes note, as for instance, the New York Times writes that: “For small and midsize companies, (trade shows) are a window on the world.” Travel restrictions and complexities will mean that initially, national and regional shows will drive this recovery. Products and brands will more easily travel long haul than visitors. Global shows will “glocalize.” And, of course, we will safely run shows with COVID protocols in place.

Back to basics – focusing on the "trade" in trade show

The next 12–18 months will be about the “trade” in “trade show.” It will be about buyers meeting sellers to do business. It will be about getting back to face-to-face and onsite after screen to screen/online. People and businesses will need to re-connect to re-charge their business relationships that are being kept alive through lockdowns and restrictions thanks to digital and online events. Trade show budgets will return – business events are and remain by far the most relevant marketing channel for small and medium enterprises, and they make up the vast majority of our industry’s customers.

Digital is everyone’s challenge

The most discussed topic in 2021 might well be the future role of digital exhibitions and trade shows. The generic “hybridization” discussion we have had in 2020 will evolve and become more specific. The pressure is on – everywhere. Organizers need to apply the high-speed learning curve that the industry is forced through during the pandemic. Our colleagues on the event tech and digital side will need to deepen their understanding of the face-to-face ecosystem that we all operate in. Let’s please, finally, put the “virtual trade show” behind us! At its worst, a “hybrid” exhibition multiplies complexities and minimizes the financial result. At its best, it can expand reach significantly by creating year-round marketplaces. However, we have a long way to go before we can realize that potential.

The people make it happen

Right now, we are all suffering, and far too many talented event professionals have found themselves furloughed or out of a job. Big corporates are looking at event professionals and will begin to hire them as their own corporate meeting cultures evolve. Keeping people connected in these changing times will be a challenge, so industry community groups such as the Exhibition Think Tank Club will be powerful and important platforms for our industry. At the same time, COVID-19 has highlighted the importance of physical meetings. As a result, events will become an even more attractive industry to join. We have always attracted talent from very diverse backgrounds – be it by profession, race, nationality, gender or skillset. This diversity has always made our industry stronger and that will continue to be the case in the post-COVID world.

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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.