U.S. Trade Show Industry Growth Jumps 2.9 Percent in Second Quarter
August 31, 2017
After a slow start to the year, the second quarter of 2017 in the U.S. trade show industry jumped into high gear, posting 2.9-percent overall growth, compared with the same quarter last year, according to the Center for Exhibition Industry’s latest Index Report.
Also, in the first time since the fourth quarter of 2016, the trade show industry out-performed the macroeconomy, with real GDP growing 2.2 percent year over year.
"The increase in the second quarter validates our prediction that economic fundamentals continue pointing to moderate growth for the exhibition industry," said CEIR Economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates, Inc.
Building, Construction, Home and Repair; Government; Communications and Information Technology; and Discretionary Consumer Goods and Services all registered robust year-over-year gains.
In contrast, Raw Materials and Science and Business Services posted year-over-year declines. Raw Materials and Science failed to build on the modest gain during the first quarter as oil prices faltered.
All exhibition metrics in the second quarter posted positive year-over-year gains, with revenues and attendance seeing the biggest increases.
Real revenues (nominal revenues adjusted for inflation) posted the largest increase of 4.0 percent, followed by attendees, which rose 3.8 percent, whereas net square feet and exhibitors gained 2.1 percent and 1.8 percent, respectively.
Just one of the shows in the second quarter that saw big numbers was Lightfair International, held in May in Philadelphia.
The world’s largest annual architectural and commercial lighting trade show and conference registered 27,939 attendees from 81 countries spanning 277,600 net square feet of expo space, with registration exceeding its 2016 event and increasing 7.4 percent, compared with its 2013 Philadelphia show.
“I look forward to the conversations taking place at the CEIR Predict Conference on 14-15 September and hearing from both CEIR’s economist and other economic experts on their predictions for the remaining months of 2017," said CEIR CEO Cathy Breden, CMP, CAE.
She added, “There is a lot going on with a major hurricane in the oil refining stronghold of Houston and trade agreement negotiations.”
Partner Voices
Just when it seems like Las Vegas can’t get any bigger, brighter or more exciting for groups, MGM Resorts raises the bar again. The company continues to invest and innovate across its portfolio of Las Vegas resorts, with new attractions and upgraded experiences for attendees of all interests.
Remodeled Guest Rooms
MGM Grand is the largest single hotel in the world with over 5,000 guest rooms and an 850,000-square-foot conference center. It is home to the newly remodeled MGM Grand Studio Tower—700 reimagined guest rooms with a fun mid-century vibe. Nearby, the iconic New York-New York Las Vegas Hotel & Casino recently completed a $63M redesign and remodel of its 1,830 guest rooms and 155 suites.
Down the street, Bellagio Las Vegas is sporting renovated rooms in the Spa Tower with sunrise-inspired decor and luxurious soaking tubs in Premier King rooms after a $110-million transformation.
Reinvented Luxury Experiences
The Luxury Meetings District, made up of Bellagio Las Vegas, ARIA Resort & Casino, Vdara Hotel & Spa, The Cosmopolitan of Las Vegas, Park MGM and NoMad Las Vegas, is now more connected than ever before. A new interior walkway opened this October for a seamless attendee experience – connecting Vdara, Bellagio, and The Cosmopolitan of Las Vegas, guests can now walk from Park MGM to Bellagio in around 15 minutes.
New on the scene in the Luxury Meetings District is Cathedrale at ARIA, TAO Group’s upscale establishment specializing in exquisite French-Mediterranean cuisine offering elevated private dining experiences that opened in May.
Heralded by World’s Best 50 Restaurants, GQ and VOGUE, LPM at The Cosmopolitan of Las Vegas is opening this fall and will deliver its signature spontaneity and imaginative celebration of France’s Mediterranean cuisine, art, and culture to the unique luxury resort in impeccable fashion.
A “New Wave for Mandalay Bay
A new wave of enhancements and experiences has arrived at Mandalay Bay Resort and Casino, including Flanker Kitchen + Sports Bar, an 8,445-square-foot restaurant that opened this June, perfect for pre- and post-game eats and drinks. Event planner’s favorite, Chef Michael Mina’s StripSteak, received a full renovation and now includes one of the largest private dining rooms on The Strip. Retro by Voltaggio debuts a one-year residency with a fun take on pop culture of the 80s and 90s with classic American dishes. An exciting addition planned for 2024 is Swingers, a 40,000-square-foot oasis of street food, miniature golf and art at Mandalay Bay.
Most exciting for meeting planners, the 2.1 million-square-foot Mandalay Bay Convention Center is undergoing a complete refresh, with lightened space, added eye-catching art, and improved technology infrastructure for even more flexible space. Energy-efficient digital signage now leads the way with faster internet speeds and new AV options.
From renovated guest rooms and meeting spaces to celebrated dining options and dedicated teams, MGM Resorts is dedicated to delivering exceptional and innovative meeting experiences.
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