UFI Report Projects Growth for Trade Shows in 2021
February 2, 2021
A new report from UFI, the Global Association of the Exhibition Industry, predicts that a comeback is in the offing for trade shows.
Having polled 457 companies in 64 countries and 29 different regions, UFI lays claim to its research being the industry’s gold standard. Exhibitors as well as planners and organizers can only hope the association’s report is right on target.
According to the bi-annual UFI Global Barometer:
- Industry revenues will double in 2021, compared to 2020
- 64% of respondents say last year’s loss of events due to COVID-19 has only reinforced the importance of face-to-face gatherings
- 57% of North American companies say virtual events will not replace in-person events.
The news comes as the pandemic has kept trade shows on the sidelines while some convention centers and exhibit halls have been transformed into vaccination centers.
“This is the darkest hour before the dawn,” said Kai Hattendorf, UFI managing director and CEO. “This tunnel will end, driven by vaccination drives. We believe we are in for a busy year.”
Such positivity comes on the heels of a harsh winter to complete 2020’s challenges. The pandemic forced half of the companies UFI surveyed into silence between April and August. Moreover, 54% of companies in the survey said they cut workforce (half said by at least 25%) and 10% said they will close for good should events not get off the ground in the next six months.
A spike in COVID cases and cold weather have maintained the slide, though there are signs of life.
As some trade shows go on in-person, the number of organizations predicting activity to rise to near pre-pandemic levels hits 37%, compared to 10% in January.
The readiness of exhibition companies and attendees to participate in events and the lifting of current travel restrictions were, not surprisingly, listed as the top keys to resuming business as usual.
Hattendorf emphasized the importance of keeping events business afloat until the tide turns. “If we are able to run marketplaces, we need the industry’s ecosystem intact on the other side of COVID,” he said.
That “other side” looks to be the end of June or July, followed by a dramatic increase in industry movement this fall.
The prediction that revenues will double last year’s rate is particularly heartening, as the numbers suggest a building momentum for 2022 and 2023. And while virtual is here to stay, it’s not likely to replace face-to-face events, Hattendorf added.
“We will ‘build back’ even better, and while the industry will remain, primarily, a face-to-face marketing channel, digital offers will evolve with new patterns,” he said.
Don’t miss any event-related news: Sign up for our weekly e-newsletter HERE and engage with us on Twitter, Facebook, LinkedIn and Instagram!
Partner Voices
MGM Resorts is renowned for its exceptional service and diverse venue options across Las Vegas, Detroit, Springfield, National Harbor, Biloxi, and Atlantic City, providing flexible spaces for meetings of any size. Beyond these offerings, MGM Resorts distinguishes itself through a strong commitment to social responsibility and sustainability, making it an ideal choice for your next meeting.
At the core of MGM Resorts' company values is its platform, "Focused on What Matters," dedicated to meeting customer needs while advancing socially responsible practices. This commitment is evident in several key areas:
Protecting Natural Resources
MGM Resorts is home to industry-leading recycling, renewable electricity and water conservation programs. Some highlights include a cogeneration power plant at ARIA, producing ultra-efficient electricity; one of America’s largest contiguous rooftop solar arrays atop the convention center at Mandalay Bay; and onsite wells that provide water for the celebrated Fountains of Bellagio, avoiding reliance on precious Colorado River water. These efforts and many more save on natural resources while boosting attendee satisfaction.
Committed to Community
Always striving to be good neighbors, MGM Resorts works to avoid food waste and combat food insecurity with the Feeding Forward program. In partnership with local food banks, they safely divert unserved food to food insecure members of the community. Since 2016, over 5 million meals have been provided, highlighting MGM Resorts' commitment to minimizing food waste and addressing community needs.
MGM Resorts supports clients in their responsible-meetings efforts, not only with efficient venues but also waste-reducing décor and signage; sustainable food and beverage options; and outreach to help planners communicate sustainability efforts to attendees. What’s more, they offer a Mindful Meetings series that puts attendee wellness first—through fitness and mindfulness activities, and in give-back events with local charity organizations.
Fostering Diversity & Inclusion
To MGM Resorts, a diverse and talented workforce is essential to success. By cultivating innovative strategies that consider multiple perspectives and viewpoints, the company creates an inclusive workplace culture that benefits its employees and community. MGM Resorts takes pride in being a welcoming home for veterans, individuals with disabilities, people from diverse backgrounds, LGBTQ+ community members, and more. This commitment to inclusion is reflected in the company's recruitment and hiring practices and its social responsibility initiatives. From the workplace to the community, MGM Resorts' commitment to diversity, equity and inclusion remains unwavering, and its efforts continue to create a more equitable and sustainable world for all.
MGM Resorts offers unparalleled service and venue options while standing out for its proactive approach to sustainability and community engagement. Choosing MGM Resorts for your next meeting means aligning with a company that values social responsibility, efficiency, and attendee satisfaction, ensuring a meaningful and impactful event experience.
Add new comment