Global exhibition industry on track to hit record revenues this year, says UFI, the global association of the exhibition industryThe last of Global Exhibition Barometer industry flagship report.
Released on August 8th, 33rd The 2024 edition of UFI’s biannual report, designed to take the pulse of the global exhibitions industry, was concluded in July 2024 and includes data from 453 companies in 68 countries and regions, as well as dedicated insights and analysis for 19 target countries and regions.
The results of the Barometer confirm the first data from the UFI from its January Report This showed that 2024 would be a record year for global industry revenues, according to Kai Hattendorf, UFI’s managing director and CEO.
“This edition shows how this growth is translating into new jobs in our sector as well as expansion plans by the majority of companies, targeting both new business activities and new geographies,” said Mr. Hattendorf. “In a complex global context, the global exhibition sector is optimistic about its short- and medium-term prospects. The barometer also shows how 19 key exhibition markets and regions compare to both their respective regions and global averages.”
After a deeper dive into the data, here are six takeaways from the report:
2024 revenues are expected to grow 17% on average year-over-year
Globally, the exhibitions sector is moving beyond its post-pandemic recovery, which was achieved in late 2023. According to the report, revenues grew by an average of 20% in 2023, and this trend is expected to continue, with revenues expected to grow again by an average of 17% year-on-year, varying by country, in 2024.
Operating levels and profits are recovering
Globally, activity levels in the first half of 2024 increased for half of businesses (4 in 10 in Asia Pacific, Central and South America, and the Middle East and Africa; and 6 in 10 in Europe and North America), while one in three described these levels as “normal.”
This trend is expected to continue next year, with an average percentage of companies reporting an increase in activity ranging from 59% in North America to 50% in Asia Pacific, 49% in the Middle East and Africa, and 48% in Central and South America and Europe, respectively. Meanwhile, 54% of respondents expect an increase in industry activity in the second half of 2024, with 34% expecting normal operations and 10% expecting a reduction.
Looking at 2024 operating profits, 47% expect an increase of more than 10% compared to 2023, and 39% expect stable levels.
Looking ahead to the first half of 2025, 46% of companies expect an increase in industrial activities, 35% expect normal levels and 6% expect a reduction.
A large proportion of companies are planning to increase their workforce in the coming months
Headcount growth is a major challenge for companies in the international trade fair sector over the next six months. 48% of them plan to increase their headcount. 48% of them plan to maintain their current headcount at a stable level, and only 4% plan to reduce their headcount.
The state of the economy in the domestic market remains the most pressing trade problem
The most important issues that international companies in the trade fair industry attach importance to are the economic situation in their home market (22% of responses worldwide) and the development of the global economy (15%), which is consistent with last year’s results (22% and 17%, respectively). This is followed by geopolitical challenges (14%), competition within the trade fair industry (14%), internal management challenges (11%), sustainability/climate (9%) and the impact of digitalization (6%).
Most exhibition companies plan to expand their business scope, some into new countries and regions
When it comes to current strategic priorities, 77% of companies across all regions say they plan to develop new businesses, either within the traditional area of exhibitions business (venue/organizer/services), outside of current product portfolios, or both. The percentage of companies intending to do so varies by region, with 84% in the Middle East and Africa, 83% in Europe, 75% in Central and South America, 74% in North America, and 69% in Asia Pacific.
Regarding geographic expansion, 43% of companies express their intention to expand their operations into new countries and regions, while 57% intend to remain in the countries in which they currently operate.
Adaptation of generative AI continues across the industry
When asked what impact generative AI applications, such as ChatGPT, would have on the exhibition industry, 90% of respondents said it would affect the sector, with a growing share of companies reporting that they are actively using this new technology.
The areas expected to be most impacted by AI development are the same across all regions: sales, marketing and customer relations (83% globally), research and development (82%) and event production (69%), areas where generative AI applications are already predominantly used, and across all regions.
The next UFI Global Exhibition Barometer survey will be conducted in December 2024. Download the full 2024 results, as well as other UFI reports here.
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