(Image of a bustling crowd at the CES Trade Show, capturing the energy and networking potential of one of the industry’s most significant events. Image courtesy of Intel Free Press on Flickr.)
Written by Cameron Wilkinson
The future looks bright for global exhibitions, but there appears to be room for improvement in the U.S.
According to a new report, the global exhibition industry is poised to set a record for revenue growth in 2024, with a 17% year-over-year growth following a 20% increase in 2023. Driving the growth is increases attendee and exhibitor participation and emerging technologies.
The report, spearheaded by the Global Association of the Exhibit Industry (UFI), offers insights from 453 companies across 63 countries and regions. Here are a few highlights from the 33rd edition of UFI’s Global Exhibition Barometer:
- Globally, 48% of companies plan to increase their workforce in the next six months, while another 48% will maintain current staff levels.
- Many show organizers aim to expand geographically (43%) and develop new activities across regions, including venue services, outside their current portfolios.
- 90% of companies believe AI will affect the industry, with key areas being Sales, Marketing, Customer Relations, R&D, and Event Production.
- Revenues saw major growth across countries, ranging from 105% in Spain to 143% in Malaysia in 2023. For 2024, countries like Colombia and Brazil are expected to see the highest revenue growth.
Specific profit growth figures for the United States aren’t mentioned, but it does not rank among the top five countries with the most dramatic revenue growth. Malaysia (143%), Thailand (139%), Argentina (132%), Colombia (148%), and Brazil (138%) lead the way. Similarly, the US trails behind when it comes to workforce expansion, whereas Malaysia (91%), Brazil (75%), and the UAE (73%) lead in adding staff.
Additionally, in terms of operating profits, Malaysia (100%), Brazil (82%), Spain (83%), and the UK (69%) are at the forefront, indicating that these countries are poised to continue driving growth and innovation in the exhibition industry.
The US appears to be slowing down by comparison. However, this is not a cause for concern. For one, the US may have been the fastest country to recover after the pandemic, which means growth will naturally slow down. For another, each week is a new report of record-breaking attendance. Most recently, on Wednesday, RX’s Functional Fabric reported an 18% increase in attendance compared to the previous year.
Attendees are back, but what do they want?
There was a brief moment after expos emerged out of the pandemic where the few attendees that walked the exhibition hall were serious, quality buyers.
Brands that jumped back into events sooner than others were rewarded, but it again, it only lasted for a brief period. Exhibitors were the first to fully return. Now in 2024, attendees are back en masse, however, it is a much different crowd than five years ago.
The most striking change is that attendees are younger. A recent survey from ASM Global revealed that 42% of attendees are under 40, with 18% younger than twenty-five. A key characteristic of Millennials and Gen Z is their preference for experiences over products. Surveys compiled by Event Marketer and Finance Online demonstrate that:
- 85% of consumers are likely to buy after participating in events and experiences
- 70% of consumers become repeat customers after an experiential marketing event
- 65% of consumers say that product demos and live events helped them understand the product better than any other advertising method.
For exhibitors to attract younger professionals, they will need to provide memorable customer experiences (CX) in their booth design and activities.
Booths that are clear, direct, and fun
What this means in practical terms is that your booth design should
- Clearly communicate your what makes you different
- Directly address the problem/pain point you solve
- And do those two things in a fun, engaging way
There’s nothing more deflating than when an exhibitor arrives at the trade show with a massive grin only to find out their competitor two booths over is launching a product that’s nearly identical to theirs.
If there were ever a time to stand out, it’s now.
