PARIS — The recently released Global Exhibition Barometer by UFI, the global association of the exhibition industry, predicts unprecedented revenue levels for the coming year, with revenues expected to increase by an average of 15%.
Just over half (52%) of the 419 companies surveyed plan to increase their headcount over the next six months, and 45% will maintain their current headcount at a stable level. A significant percentage of companies reported an increase in activity, ranging from 66% in North America to 64% in the Middle East and Africa, 55% in Asia/Pacific, and 54% in Central and South America and Europe, respectively.
“We knew from previous barometers that we had left the pandemic behind us, but the speed of growth remains astounding, although of course it varies from market to market,” said Kai Hattendorf, Managing Director and CEO of UFI. “Furthermore, the fact that more than half of companies worldwide are actively recruiting to expand their workforce right now sends a very clear message. We are busy and we are ready to advance the careers of new talent!”
Revenue growth in 2023 compared to 2019 ranged from 127% in India, 120% in Spain and 110% in Italy, to 88% in Colombia and 85% in South Africa, to 82% in Germany and 80% in Thailand. Revenue growth in 2024 compared to 2019 is expected to reach 154% in India, 151% in Greece, 99% in China and 94% in South Africa.
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In terms of operating profits compared to 2019 levels, about half of the responding companies reported an increase of more than 10% for 2023. The highest proportion of companies expecting a profit increase of more than 10% compared to 2019 are in the United Arab Emirates (91%), Saudi Arabia (80%), India (71%), Brazil (67%) and Mexico (64%).
India and the Middle East are the main growth markets, and Hattendorf expects that trend to continue. “For years, organizers have seen India as a market with high potential, but there is a shortage of quality venues,” he said. “Today, new venues are opening while existing venues are expanding and modernizing. In addition, the country’s economy continues to grow rapidly. As a result, both domestic and international trade shows are expanding, and this trend could continue for years to come.”
The situation is similar in the Middle East, he said. “Saudi Arabia is growing its exhibition and business events market, and doing so rapidly, while key markets such as Dubai, Abu Dhabi and Qatar continue to see steady growth. Destinations such as Oman and Bahrain are also gaining popularity as they offer excellent hospitality venues.”
The UFI biannual sector survey was completed in January 2024 and includes data from 419 companies in 61 countries and regions. It was conducted in collaboration with 31 UFI member associations. Download the report here.
Contact Kai Hattendorf at kh@ufi.org