Global Economic Impact of Exhibitions Figure Drums Up Excitement for GED19
April 26, 2019
The global economic impact of exhibitions totals $325 billion in business sales annually, according to a new report from UFI, the Global Association of the Exhibition Industry.
Conducted in partnership with Oxford Economics and supported by Society of Independent Show Organizers, the report claims to be the first time this figure has been calculated.
“This new data will support us when we talk to stakeholders about our industry, especially as it’s broken down into the direct, measurable economic impact per exhibiting company, right down to the economic value of every single square metre of venue exhibition space,” said UFI President Craig Newman. “On top of that, it makes me proud to work for our industry, knowing that we are securing over three million jobs.”
In this report, an exhibition, show or fair was defined as an event where products, services or information are displayed and disseminated.
Among other key findings:
- The exhibition sector generates more than $81 billion in direct GDP, ranking as the 56th largest economy in the world
- Approximately 32,000 exhibitions directly involved 303 million visitors and 4.5 million exhibitors across more than 180 countries in 2018
- Europe was the largest market in terms of visitors, welcoming 112 million in 2018; North America ranked second with 92 million visitors
- North America ranked first in total GDP, with more than $92 billion attributable to the exhibitions sector, followed by Europe with $57 billion
- Overall, exhibitions generated $71,700 total sales per exhibiting company and $870 per square foot of venue gross indoor exhibition space
The report was timed appropriately to provide data in advance of Global Exhibitions Day, set to take place on June 5. On this day, exhibition industry professionals, associations and companies around the world will participate in events and activities to highlight the important role of the industry in driving regional, national and global economies.
“This is the fourth Global Exhibitions Day campaign, and it is our industry’s big day,” said Newman. “I am sure that GED19 will send a strong signal to all policymakers and stakeholders of our industry on the power of exhibitions, for business as well as for people.”
Get involved with #GED19 by accessing a promotional toolkit from UFI HERE, or read the full report on economic impact for free on UFI’s website HERE.
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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.
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