CEIR Index Q3 Numbers Indicate Continued Slowdown of Overall Trade Show Industry Growth
November 20, 2013
Despite 13 straight quarters of trade show industry growth, as tracked by the Center for Exhibition Industry Research, the third quarter showed slowing growth of 0.2 percent, compared with 0.9 percent in the same quarter last year.
Three metrics showed decline, also compared with the same quarter last year – net square feet, exhibitors and attendees – with real revenues the only increase in the third quarter since the same period in 2012.
The results also showed continued slowing growth in contrast to the overall economy, which saw the GDP gaining 1.6 percent year-on-year in the third quarter.
"The paltry growth was due mainly to a 2.1-pecent year-over-year decline in attendees, which in part is attributable to the budget impasse,” said CEIR's economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates.
He added, “Poor attendance appeared in many industries, especially the Government (GV) and Education (ED) sectors.”
The government shutdown that occurred Oct. 1-16 impacted more than 800,000 federal employees who were furloughed during this time, some of whom were planning to attend events that were cancelled, postponed or held with lower attendance.
Though attendance declined in the third quarter, there was slight growth in the other three metrics, compared with the second quarter.
Net square feet increased 0.6 percent, exhibitors rose 0.2 percent and real revenues gained 2.2 percent.
CEIR had predicted the present slowdown in growth through 2013, with it gaining speed again into 2014.
There still were some bright spots in the third quarter, including PMMI’s biennial PACK EXPO Las Vegas that took place in September at the Las Vegas Convention Center.
The show spanned more than 740,000 square feet and attracted 1,700-plus exhibitors and 28,000 attendees. The previous PACK EXPO Las Vegas came in at 700,000 sq. ft., 1,600 exhibitors and 26,000 attendees.
Messe Frankfurt’s Texworld USA also saw exhibit space growth in July at the Jacob K. Javits Convention Center of New York.
In addition, woodworking saw a boost in showfloor numbers at the 2013 AWFS (Association of Woodworking & Furnishing Suppliers) Fair when it was held July 24-27 at the Las Vegas Convention Center.
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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