Businesses Are Eager For the Return of In-Person Events, Says Global Study
August 6, 2020
Feeling disheartened about the delayed return of face-to-face events? Findings of a new extensive global study focused on the recovery of the trade show industry should help spread some positive vibes about the value of shows when they do return. Conducted in July by live events research specialists Explori in partnership with UFI and SISO, the Global Recovery Insights study demonstrates the incredible value of face-to-face events by how strongly their absence has impacted the global business community.
Released on Aug. 3, the study comprises more than 9,000 survey responses from exhibiting companies and trade show attendees from 30 countries. The interim findings demonstrate that the cancellation of B2B events is having a strong negative impact on the companies that rely upon them.
“With trade shows running safely in more markets around the world, we are starting to feel more positive as an industry,” said Kai Hattendorf, CEO of UFI. “These results support that optimism, showing that the businesses who participate in our shows are missing the value that face-to-face brings and trade shows play a key role in driving economic recovery.”
For example, two-thirds of exhibiting companies surveyed reported that trade show cancellations have had a notable, detrimental impact on their businesses that have reduced their ability to build brand awareness with their target markets. Half of these businesses expressed this impact as being “very large,” according to the study. In addition, 50 percent of companies stated that the absence of live events was negatively affecting their ability to generate new business.
Of those who attend B2B events, 90 percent said they had been negatively impacted by not being able to attend in-person shows, while nine out of 10 stated that alternative solutions such as virtual events were not as effective as live events in meeting their professional needs.
“When we embarked on this project, most markets were in lockdown and the outlook for the industry was uncertain,” said Sophie Holt, global strategy director for Explori. “Some commentators felt that a shift away from live to virtual events would be a long-term outcome of the pandemic. However, these results suggest that whilst virtual events have an important role to play, especially in bringing events to new audiences, our customers are eager for the return of in-person events.”
Holt added that Explori and UFI will be conducting a further phase of research in the near future to further understand global event attendee and exhibitor sentiments as more markets open for business.
Further study results will be released in the coming weeks via the UFI Connects webinar series, with the full report to be available by mid-September. To request a copy of the full report, go here.
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Partner Voices
Just when it seems like Las Vegas can’t get any bigger, brighter or more exciting for groups, MGM Resorts raises the bar again. The company continues to invest and innovate across its portfolio of Las Vegas resorts, with new attractions and upgraded experiences for attendees of all interests.
Remodeled Guest Rooms
MGM Grand is the largest single hotel in the world with over 5,000 guest rooms and an 850,000-square-foot conference center. It is home to the newly remodeled MGM Grand Studio Tower—700 reimagined guest rooms with a fun mid-century vibe. Nearby, the iconic New York-New York Las Vegas Hotel & Casino recently completed a $63M redesign and remodel of its 1,830 guest rooms and 155 suites.
Down the street, Bellagio Las Vegas is sporting renovated rooms in the Spa Tower with sunrise-inspired decor and luxurious soaking tubs in Premier King rooms after a $110-million transformation.
Reinvented Luxury Experiences
The Luxury Meetings District, made up of Bellagio Las Vegas, ARIA Resort & Casino, Vdara Hotel & Spa, The Cosmopolitan of Las Vegas, Park MGM and NoMad Las Vegas, is now more connected than ever before. A new interior walkway opened this October for a seamless attendee experience – connecting Vdara, Bellagio, and The Cosmopolitan of Las Vegas, guests can now walk from Park MGM to Bellagio in around 15 minutes.
New on the scene in the Luxury Meetings District is Cathedrale at ARIA, TAO Group’s upscale establishment specializing in exquisite French-Mediterranean cuisine offering elevated private dining experiences that opened in May.
Heralded by World’s Best 50 Restaurants, GQ and VOGUE, LPM at The Cosmopolitan of Las Vegas is opening this fall and will deliver its signature spontaneity and imaginative celebration of France’s Mediterranean cuisine, art, and culture to the unique luxury resort in impeccable fashion.
A “New Wave for Mandalay Bay
A new wave of enhancements and experiences has arrived at Mandalay Bay Resort and Casino, including Flanker Kitchen + Sports Bar, an 8,445-square-foot restaurant that opened this June, perfect for pre- and post-game eats and drinks. Event planner’s favorite, Chef Michael Mina’s StripSteak, received a full renovation and now includes one of the largest private dining rooms on The Strip. Retro by Voltaggio debuts a one-year residency with a fun take on pop culture of the 80s and 90s with classic American dishes. An exciting addition planned for 2024 is Swingers, a 40,000-square-foot oasis of street food, miniature golf and art at Mandalay Bay.
Most exciting for meeting planners, the 2.1 million-square-foot Mandalay Bay Convention Center is undergoing a complete refresh, with lightened space, added eye-catching art, and improved technology infrastructure for even more flexible space. Energy-efficient digital signage now leads the way with faster internet speeds and new AV options.
From renovated guest rooms and meeting spaces to celebrated dining options and dedicated teams, MGM Resorts is dedicated to delivering exceptional and innovative meeting experiences.
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