Trade Show Industry Snags Highest Quarterly Growth in Eight Years
September 1, 2015
After a big increase in the first quarter of this year, the performance of the business-to-business trade show industry, as measured by the Center for Exhibition Industry Research’s Total Index, remained relatively strong during the second quarter of 2015, posting a year-on-year gain of 3.8 percent.
This growth is the second highest rate since the second quarter of 2007 and also marked the 20th consecutive quarter of year-on-year growth.
"The second-quarter results are very promising,” said CEIR Economist Allen Shaw, Ph.D., Chief Economist for Global Economic Consulting Associates.
He added, “They show that the exhibition industry is on a solid position for robust growth this year.”
All 14 sectors enjoyed year-on-year gains during the first half of 2015. So far in 2015, the leading sectors have been Building, Construction, Home & Repair (HM), which increased by a whopping 11.8 percent, and Industrial/Heavy Machinery and Finished Business Inputs (ID), which has jumped 10.9 percent.
Conversely, the weakest performing sectors are Raw Materials and Science (RM), gaining by only 0.9%, and Discretionary Consumer Services and Goods (CS), rising a moderate 1.9 percent.
Early this year, the outlooks for Education and Nonprofit (ED) and Government (GV) sectors were pessimistic as tight budgets and sluggish government employment were expected to shrink the potential attendee lists for those exhibitions.
The outlook was especially grim for exhibitions catering to government services, such as military applications.
However, according to the CEIR Index, ED and GV have grown unexpectedly by respectable amounts so far this year.
After several down years, the expansion in these areas may reflect some pent-up demand by state and local employees looking to retool their enterprises.
These stronger than expected gains in ED and GV provide a boost to the overall performance of the exhibition industry.
As an objective measure of the annual performance of the exhibition industry, 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 provides data on exhibition industry performance across 14 key industry sectors: Business Services; Consumer Goods; Discretionary Consumer Goods and Services; Education; Food; Financial, Legal and Real Estate; Government; Building, Construction, Home and Repair; Industrial/Heavy Machinery and Finished Business Outputs; Communications and Information Technology; Medical and Health Care; Raw Materials and Science; Sporting Goods, Travel and Entertainment; and Transportation.
Click here for information on how to purchase the complete CEIR Index Report, which analyzes the 2014 exhibition industry and provides a future outlook for the next three years.
Predict: CEIR's Annual Outlook Conference will be held Sept. 16-17 at the JW Marriott in Chicago, where an expert economist will provide an outlook on the global economy and how the exhibition industry is faring nine months into the year.
Visit www.ceir.org/predict for more details.
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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