DALLAS – The U.S. B2B trade show sector is rebounding, according to a new first-quarter report from the Center for Exhibition Industry Research (CEIR). The news is even better for trade shows and events: The recovery is only expected to strengthen, CEIR said.
Not only did the U.S. B2B exhibition industry improve significantly in Q1 2022 compared to the previous eight quarters, but compared to 2021, event cancellation rates continue to decline, with a 9.2% cancellation rate in Q1 2022 compared to a staggering 91.3% in Q1 2021.
Of the shows originally scheduled for Q1 that did not take place, 1.6% were postponed to a later date. It is also worth noting that only half of the cancelled events offered a digital event instead, which is a significant drop from the 78.5% of cancelled events that did so in Q4 2021.
The CEIR total index, which measures the overall performance of exposures, remains 37.9% below 2019 levels. At the height of the pandemic in Q1 2021, it had fallen to 94% of 2019 figures. Comparing Q1 2022 performance to Q1 2019, “the results reflect a continued, unstable and uneven recovery that is underway, although the direction is positive, with the sector improving slowly overall,” the report concludes.
Other CEIR research supports this report’s finding that demand for in-person events continues to be pent-up. CEIR’s January 2022 COVID-19 Impact and Recovery survey found that an overwhelming percentage of event planners and trade show managers plan to hold their events in 2022, despite the fact that an Omicron wave was occurring at the time the survey was conducted.
“Despite the arrival of Omicron in early 2022, our industry has continued to make progress, with many successfully and safely delivering their events,” said Cathy Breden, CEO of CEIR, CMP-F, CAE, CEM. “While it will take time to return to 2019 levels of performance, we are on the right track. With vaccine mandates and safety measures implemented at large gatherings, and with a majority of the population vaccinated, the recovery of B2B trade shows is expected to continue in 2022.”
Contact Cathy Breden at (972) 687-9201 or [email protected]
Read more:
Understanding the changing mindsets of trade show attendees
Events Industry Gathers in Washington to Demonstrate the Power of Purpose
Resilience and optimism prevail on World Exhibition Day