As the results of the 2022 midterm elections are finalized and promising consumer price reports are released, optimism is high for the trade show industry.
The US midterm elections have generated global interest, and the general feeling in Europe is that the results are a positive sign. “The elections confirmed that there is a strong underlying sentiment in favour of continuing strong political and economic ties between the US and Europe, which is extremely important, especially for any international exhibition business in the US,” said Jochen Witt, President and CEO of jwc GmbH. “There was clearly concern in Europe that a landslide victory for the Republicans could set back economic and political ties between the two regions. The current elections are a positive outcome for our industry and have brought a sense of relief.”
“It’s obviously debatable, but it seems that on the Republican side there is a strong trend toward more nationalism and a break in political and economic ties with Europe, such as reduced support for Ukraine. At least the trends that we’ve been following in the last month in this regard have not been confirmed by the electorate, which confirms that the ties between the United States and Europe are and continue to be good,” Witt said.
Of particular interest to the trade show industry, Dallas voters approved a ballot measure raising the hotel occupancy tax rate from 13% to 15% to help fund a new downtown convention center as well as the renovation of six venues at Fair Park. The Dallas Morning News The tax increase is reportedly expected to raise $1.5 billion over 30 years, with the money going toward repaying bonds that are expected to fund the projects.
Economic impacts
After the 2022 midterm elections, the consumer price index for the year ending in October was released, showing a 7.7% increase, a slower pace of increase than expected. Consumer prices rose only 0.4% in October, also below expectations. Bloomberg Airfares were reported to have dropped by 1.1%, a welcome drop for those travelling or planning to travel.
The index also recorded the lowest annual inflation rate since January. After the better-than-expected numbers, the stock market responded with Dow Jones futures rising more than 800 points. The technology sector helped push the S&P 500 up 4.6% after the report.
Contact Jochen Witt on +49 170 578 1142 or jwitt@jwc.eu.com