Trade Show Industry Q4 Growth Ticks Up 2.5 Percent: 1.9 Percent for 2018 overall
March 4, 2019
Despite headwinds, the Center for Exhibition Industry Research reports that the recent growth of the exhibition industry continued during the fourth quarter of 2018.
The growth of the industry, as measured by the CEIR Total Index, accelerated from a year-over-year gain of 0.9 percent in the third quarter to 2.5 percent in the fourth quarter.
“The performance during the fourth quarter shows the resilience of the exhibition industry despite uncertainties surrounding the trade negotiation with China, volatile stock markets and slowing world economic growth,” said CEIR Economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates, Inc.
Food; Government; and Raw Materials and Science all registered robust year-over-year gains.
In contrast, Consumer Goods and Retail Trade; Financial, Legal, and Real Estate; and Transportation posted year-over-year declines.
All exhibition metrics in the fourth quarter posted positive year-over-year gains. Real revenues (nominal revenues adjusted for inflation) and attendees posted the largest increase of 4.4 percent and 3.2 percent, respectively.
Net square feet (NSF) rose 1.6 percent and exhibitors expanded 1 percent.
For the year 2018 as a whole, the Total Index increased by 1.9 percent, just slightly lower than the 2.0 percent gain in 2017. At 109.0 (2014=100), the Total Index in 2018 surpassed the previous peak of 107.6 in 2007.
“Nearly a decade after the Great Recession, the exhibition industry in 2018 has finally entered an aggregate size above the previous peak,” said CEIR CEO Cathy Breden, CMP, CAE.
She added, “Barring an unexpected recession, the overall growth for the industry in 2019 will continue, albeit at a modest pace, as the economy remains healthy, even though a little softer than 2018.”
In addition to compiling the quarterly exhibition index, CEIR also offers analytical tools, an annual in-depth report and an outlook conference. The CEIR Event Performance Analyzer provides exhibition organizers with a tool to measure how an event is performing in its sector, as well as in the overall industry. The CEIR Index Report provides an economic overview of the exhibition industry, including key indicators for growth.
Together, these resources provide insights for developing business strategies and goals. The 2019 CEIR Index Report will be released in April and will include a three-year forecast for the business-to-business exhibitions and events industry.
The annual CEIR Predict Conference, scheduled for Sept. 16-17 at the MGM National Harbor, will provide exhibition professionals with macroeconomic insights and help attendees understand the economic and political factors impacting the exhibition industry.
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.
Add new comment