global economic impact of exhibitions 2020

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Events & Exhibitions Market Report. In June of 2017, the British voted in a general election to exit the European Union. stream <> But the worst could be behind us, and a greener economy could emerge after the pandemic, according to the Chief Economist at IHS Markit. 3 0 obj Significant growth in the US economy, the subsequent rise in the GDP, corporate profits, and domestic travels are contributing to the growth. The demand for exhibitions and events is currently enormous. Also, two national reports have been produced since: the economic impact of exhibitions in the UK (October 2019) and the economic impact of exibitions in Spain (June 2020). This is unprecedented research that could only be accomplished through the collaborative efforts of the public and private sectors to qualify the value, influence, and impact that business events produce throughout the world. Global Economic Significance of Business Events 22 1.7. Exhibit 1 Web <2020> Exhibit <1> of <4> In nearly every region, respondents have a more optimistic than pessimistic outlook on their own economies. However, the segment is expected to observe retail disruptions, restructuring, and advancing technologies, which will spur the segment growth. and all U.S. states. 29 Jan, 2020, 09.06 AM IST The biggest concern, SIAM officials said, is that the expo will be open to general public from February 6. Introduction 33 2.2. According to China’s customs data, the Asian economy exported more than $14 billion of “not elsewhere classified made up textiles”. Conferences and Meetings 33 2.3. Global Association of the Exhibition Industry (UFI), Oxford Economics and SISO (Society of Independent Show Organizers) have released the global economic report on impact of exhibitions. On the APAC has become an exciting place for businesses and commercial opportunities, which helps the event and exhibition market to grow. Global Economic Impact of Exhibitions (2020 Edition) To quantify the economic significance of exhibitions globally, Oxford Economics has prepared a comprehensive model of global exhibitions activity that references recent studies on their economic significance. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> … The Global Economic Significance of Business Events study, commissioned by the Events Industry Council and conducted by Oxford Economics, revealed some powerful statistics. However, the perceived importance of each event is lower than in other regions. WTTC’s latest annual research shows: The Travel & Tourism sector suffered a loss of almost US$4.5 trillion to reach US$4.7 trillion in 2020, with the contribution to GDP dropping by a staggering 49.1% compared to 2019; relative to a 3.7% GDP decline of the global economy in 2020. Further, the total economic output of Chicago in GMP totaled USD703.9B in 2018, making Chicago equivalent to the 20th largest economy in the world, just surpassing the total economic output of Switzerland through its 1066 Exhibitions in Chicago and expected that in 2020 the economic output would further increase (Chicago government). Impact. Country rankings based on economic freedom. Laura Wood, Senior Press Manager UFI, The Global Association of the Exhibition Industry, released global numbers that reflect due to the spread of COVID-19 the impact that trade show postponements and cancellations are having for both the exhibiting companies, as well as for the trade show industry around the world. ResearchAndMarkets.com The US economy contracted for the first time since 2014 in the last quarter. But the pandemic has seen growth forecasts revised downwards and economies go into recession. The COVID-19 pandemic has had far-reaching economic consequences beyond the spread of the disease itself and efforts to quarantine it. Higher traffic and footfalls, the greater is revenue generation from tickets or public admission charges. Global Economic Significance of Business Events 22 1.7. The organisation described the decline as the worst since the Great Depression of the 1930s. 1.6. Regional Overview 2020. weighted by the contribution of each respondent’s nation to global GDP. 9.3 Increased Focus On Insurance & Security, 10.1 Budget Allocation For Brand Experiences, 10.2 Sustained Popularity In Elusive Industry Sectors, 10.3 Integration Of Trade Shows And Digital Technology, 10.4 Increased Number Of Venues With Expanding Capacity, 11.2 Risks Related To Economy, Operation, And Compliance, 12.2 Market Size & Forecast - Revenue & Net Space Rented, 15.1 Market Snapshot & Growth Engine (Revenue), 15.2 Market Snapshot & Growth Engine (Net Space Rented), 16.1 Market Snapshot & Growth Engine (Revenue), 16.2 Market Snapshot & Growth Engine (Net Space Rented), 24.2 Beijing Eagle International Exhibition, 24.4 China International Exhibition Center Group, 24.14 Guangdong Convention & Exhibition Promotion, 24.25 Shanghai Bestup Conference & Exhibition Service, For more information about this report visit https://www.researchandmarkets.com/r/ntaoci. According to WTTC’s 2020 Economic Impact Report, during 2019, Travel & Tourism supported one in 10 jobs (330 million total), made a 10.3% contribution to global GDP, and generated one in four of all new jobs. It includes a diverse array of varied industries. %���� In terms of satisfaction, Europe is comparatively successful for both exhibitors and visitors in the global events industry. Value of Knowledge Transfer 23 1.8. The Covid-19 pandemic is unprecedented in its global reach and impact, posing formidable challenges to policymakers and to the empirical analysis of its direct and indirect effects within the interconnected global economy. ... Access the global Islamic economy through new markets, suppliers, and customers ; Impact. Under the baseline scenario, GDP growth in … The report offers both the demand and supply aspect of the market. 1 These rapid changes are presenting economies and societies globally with new opportunities but also challenges. This is a few billion more than China’s best monthly exports on its traditionally strongest products: portable computers ($9.9 billion in July 2020) or cellphones ($8.3 billion in July 2020). In December 2019, the Conservatives’ with their idiosyncratic candidate Boris … We have raised our global economic forecasts again this month and maintain a relatively upbeat outlook about the pace of the economic recovery. The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility. Download the Concept note. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Labelled as a black swan event [] and likened to the economic scene of World War Two [], the outbreak of COVID-19 (the disease caused by Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-COV-2)) has had a detrimental effect on global healthcare systems with a ripple effect on every aspect of human life as we know it.Sohrabi et al. UFI, with the support of SISO, worked with Oxford Economics to calculate the total global economic impact of exhibitions regionally and globally. Before COVID-19, the global economy stood at $88 trillion. Exhibitions … Thus, the increasing number of B2C and mixed exhibition industry growth will propel the revenue growth of the entrance segment. At a regional / country level, exhibitions: ... 2019 Global Exhibitions Day Awards. Our data showcases the countries that rely the most on tourism, tourism's contribution to GDP, and why the sector is important for a country/region's growth. Events of all sizes have also been affected, including the 2020 Olympic Games. COVID-19 has caused an economic shock three times worse than the 2008 financial crisis. We have raised our global economic forecasts again this month and maintain a relatively upbeat outlook about the pace of the economic recovery. The global exhibition market size is expected to reach over $50 billion, growing at a CAGR of over 3% during the period 2019-2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The consumer goods sector is growing at a rapid pace and is not showing signs of slowing down anytime soon. 2016: Brexit Vote. UFI | Oxford … The results of this study show the scope of the global exhibition sector in terms of direct spending and jobs, as well as the total impacts of exhibitions … 2 0 obj Central banks, too, have come in to support the economy by cutting interest … The fall in terrorism has also been accompanied by a reduction in the global economic impact of terrorism, decreasing by 25 per cent to US$16.4 billion in 2019. Compared with the synchronized nature of the global economic slowdown in the first half of 2020, the global economy has shown signs of a two-track recovery that began This sector offers exciting opportunities for innovations. We now expect world GDP to grow 6.3% this year and 4.6% in 2022, 0.2pp and 0.4pp higher than we were projecting a month ago. However, the outbreak of the COVID-19 pandemic is likely to hamper the market growth in the country. Nevertheless, the figure was an improvement on the results of similar surveys conducted in August and May of 2020, when 57 percent and 60 percent of respondents, respectively, said they … For GMT Office Hours Call +353-1-416-8900, "Exhibitions & Events Market - Global Outlook and Forecast 2020-2025", https://www.researchandmarkets.com/r/ntaoci. For U.S./CAN Toll Free Call 1-800-526-8630 Value of Knowledge Transfer 23 1.8. Introduction. At the same … The June 2020 Global Economic Prospects describes both the immediate and near-term outlook for the impact of the pandemic and the long-term damage it has dealt to prospects for growth. In December 2020, the impact of COVID-19 on businesses was believed by the global exhibition industry to be the most important, with 29 percent of … In our latest McKinsey Global Survey on the economy, 1 executives’ views are as decidedly positive as they were in March—even as the pandemic continues to dwarf other risks to growth. Global exhibitions directly generated more output (business sales) than many large global sectors, including machine tools and medical & surgical equipment. x��T]k�0}7�?�G�E������ )+M�1�ܐd�|tI���d;�ӮY1quu�9�\��i�_̊�:�]�Ge�qDf� %l�q���q���wq�a~Hf�3���gqtG������e��;����N�D 60% of global economic activity, are projected to operate below their potential output level through at least 2024. escalating economic impact that COVID-19 is having on trade shows and exhibitions - At least €134 billion (USD 145 billion) of contracts not concluded as events do not take place as planned through Q2 2020 - €81.6 billion (USD 88.2 billion) of total economic output will not be generated related to the exhibition industry by the end of Q2 The results of this first-ever research were published in April 2019. Central banks step in. Emerging and Future Trends in Events 28 Chapter 2 The Composition of the Events Industry 2.1. Regional Overview 2019. GIES Themes. It’s an especially acute risk in India, where the week after the survey was in the field, the number of daily COVID-19 cases set a new world record. Event Impacts and Legacies 26 1.9. The 2020 United States presidential election will have a significant influence on various spheres including the Latest Global Outlook - May / June 2021. The organizers cannot guarantee the safety of participants or logistics challenges due to travel restrictions. Exhibitors benefit from a wide choice of events and other marketing channels. In December 2020, the impact of COVID-19 on businesses was believed by the global exhibition industry to be the most important, with 29 percent of … We envisage sterling trading at $1.35 and 85 pence against the euro at the end of 2020, but expect some jitters in the meantime, perhaps around mid-year. Consumer technology in specific are large businesses in the tradeshow market, taking up a major chunk of the revenues. It is the first study which covers the regions of Africa, Asia and Pacific, North, Central and South America, Europe and Middle East. This is generating outstanding results for businesses and helping grow businesses in multiple geographies. W93h_�����1�d� V�|����&@~����j���LK�g^��䀊"H��U(���q�ƥP�$l�;6t��|ԏ�o���$�K�&��f�H��@��8����y�$pK�k The report anticipates global economic growth to fall 2.4% for the whole year compared to 2.9% in 2019, while a rise to 3.3% in 2021 is expected. We now expect world GDP to grow 6.3% this year and 4.6% in 2022, 0.2pp and 0.4pp higher than we were projecting a month ago. "We will not know the economic impact until later this year, but it is substantial," said Cathy Breden, CEO of the Center for Exhibition Industry Research. Global Exhibitions & Events Market Outlook and Forecast 2020-2025 - Impact Assessment of COVID-19 Included - ResearchAndMarkets.com May 13, 2020 07:26 AM Eastern Daylight Time The global economy has rebounded from the lows of 2020 (stock markets have too, though in different ways), but its future direction is hazy, even by the standards of economic forecasting. Overall, China’s GDP growth may slow by 0.5 percentage points this year, taking at least 0.1 percentage point off global GDP growth. From non-traditional booths that allow customers to live the product to using data to better target consumers, these shows witness the latest technology due to the diversity and flexibility of products and solutions exhibited. All Regions; 28 Jul 20 The enormous toll of COVID-19 on international tourism has now become clear, with World Tourism Organization (UNWTO) data showing the cost up to May was already three times that of the 2009 Global Economic Crisis. North America is the largest market for B2B exhibitions in the global event and exhibition market. Donald Trump, who has completed his first presidential service, is waiting for the Democratic Party’s winner, which at the time of writing appears to be Joseph R. Biden Jr. with 27% of the votes. endobj Europe and emerging markets have been hit hard economically, China has escaped a recession. A higher number of companies across the globe are participating in the events annually. The €167.2 ($197.5) billion of total GDP supported by the global exhibitions sector would rank the sector as the 56th largest economy globally, larger than the economies of countries such as Hungary, Kuwait, Sri Lanka, and Ecuador. This column uses a ‘threshold-augmented multi-country econometric model’ to help quantify the impact of the Covid-19 shock along several dimensions. The June 2020 Global Economic Prospects describes both the immediate and near-term outlook for the impact of the pandemic and the long-term damage it has dealt to prospects for growth. Besides, better advocacy and loyalty could be seen in Europe compared to other regions owing to the higher satisfaction. The APAC B2B exhibition market share is significantly different now than before. Throughout the crisis, we have offered two essential tools for business leaders to plot a course; this month, we updated both of them. Impact of COVID-19 on Global Tourism Made Clear as UNWTO Counts the Cost of Standstill . Latest Global Outlook - May / June 2021. North America's growing economy is driving the event and exhibition market. A high GDP and disposable income of people in North America is boosting economic growth indirectly. UFI, The Global Association of the Exhibition Industry, is today releasing an updated COVID-19 damage assessment for the global exhibition and trade show industry, covering the full year of 2020. The projections for 2021 and 2022 are stronger than in the October 2020 WEO. • Trade: Afall of global merchandise trade volume by5.3% in 2020compared to2019 (by WTO) • Global economy: An estimated -3.3% to -4.3% contraction in world GDP in2020, far worse than during the 2008–09 financial crisis (by IMF and World Bank) 11 Global impact of COVID‐19 on aviation, tourism, trade and economy in 2020 Thus, the revenue generation from exhibitor fees is increasing. The revenue contribution of the entrance fees segment was over $30 billion in 2019. New business formations fell off in the spring, but are on track to outpace recent years. %PDF-1.7 Global Exhibitions & Events Market Outlook and Forecast 2020-2025 - Impact Assessment of COVID-19 Included - ResearchAndMarkets.com May 13, 2020 07:26 AM … The increasing global event and exhibition industry trend among companies and enterprises to promote their products and services is influencing the growth of the B2B exhibition market. PwC's Global Economic Crime and Fraud Survey 2020 respondents reported total losses of US$42B, on top of the damage to brand, reputation and market share. DUBLIN--(BUSINESS WIRE)--The "Exhibitions & Events Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering. Global growth is projected at 6% in 2021, moderating to 4.4% in 2022. China is the largest destination for exhibitions in the APAC region. Country / Region Data. “The COVID-19 pandemic disrupted lives and livelihoods around the world, and the global economy contracted by around 3.5% in 2020. In 2019, the United States had the biggest slice of the global economy pie – and the top 10 economies accounted for two-thirds of global GDP. 31 of January: Brexit. Based on the current numbers and size of the events not taking place, it estimates € 14.4 billion ($16.5 billion) of economic output has already been lost. UFI | Oxford … Impacts of Major Events on Hotel Performance 22 1.6. The IMF estimates that the global economy shrunk by 4.4% in 2020. A total exhibition industry contribution… Exhibitions contribute to economic and social developments both locally and globally. As an industry, the exhibitions industry generates a total economic output of €22.9 billion ($26.2 billion) per month globally on average, translating into more than 270,000 FTE jobs. The region is also one of the leading countries for exhibitions across the globe. 1 0 obj endobj The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. The biggest event of the year, the 2020 United States presidential election will take place on November 3, 2020. The UK, France, Germany, Spain, and Italy are the largest revenue generators in the exhibition market in Europe. It profiles and examines leading companies and other prominent ones operating in the market. 13 May 2020. Europe was the largest industry in the global event and exhibition market size in 2019. The US region is the largest market for exhibitions, followed by Germany and China. As the SARS-CoV-2 virus has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business in the services sector. The studies that were included in the IMPACT study were: India 2011-2012, United States 1998, Japan 1997, Kuwait 1987, and United Kingdom 1970. Global exhibitions directly generated more output (business sales) than many large global sectors, including machine tools and medical & surgical equipment. World Economic Situation and Prospects as of mid-2020 13 May 2020 Against the backdrop of a raging and devastating pandemic, the world economy is projected to shrink by 3.2 per cent in 2020. Several events have been canceled due to the widespread eruption of the coronavirus across the world. Figures show that global industry revenues for 2020 dropped by 68%, compared to 2019. This research report includes detailed market segmentation by exhibition type, revenue stream, industry type, and geography. Breakdown in the Historical Gold-Silver Ratio – March 18, 2020. Event Impacts and Legacies 26 1.9. UFI releases figures stating the impact of COVID-19 on the global exhibition economy in 2020 Vicky Karantzavelou / 05 Feb 2021 09:14 2685 The global exhibition industry has contracted by 68%, compared to 2019. 4 0 obj Reports on the value of exhibitions. Belarusians Protest for Fair and Free Elections. There is a case to be made that the … 30/06/2020. The €167.2 ($197.5) billion of total GDP supported by the global exhibitions sector would rank the sector as the 56th largest economy globally, larger than the economies of countries such as Hungary, Kuwait, Sri Lanka, and Ecuador. Furthermore, the GDP of the economic sectors by country must be known to permit the use of the “percent cost of corrosion by economic sector” within the extrapolation to global corrosion costs. 200 billion euros (USD 224 billion) of total exhibition-related output not generated, with 2.4 million jobs affected. The 5th edition of Global Exhibitions Day (GED) 2020 spread the message “exhibitions are key to rebuilding economies” across the globe. B2C exhibitions in fashion, consumer goods, technology products, toys, garments, and smart gadgets, and others witness a high traffic volume of attendees. World and global economy rankings from the Index of Economic Freedom are published by The Heritage Foundation. Early estimates predicated that, should the virus become a global pandemic, most major economies will lose at least 2.9 percent of their gross domestic product (GDP) over 2020… Against this backdrop, we can expect both demand- and supply-side shocks to the Singapore economy. Conferences and Meetings 33 2.3. But China is bucking the trend. The outbreak of the COVID-19 in China has spelled doom for the global events market share, with around $135 billion worth of the total economic output unlikely to be generated by the end of Q2 2020. is now projecting that the global economy will contract by 3 per cent in 2020 2, a reversal from the 3.3 per cent growth projected earlier, with full-year recessions expected in most of the major advanced and emerging economies [Exhibit 1]. 1. Yet despite the economic downturn, the loss of … Credit: UFI Global Exhibition Barometer, July 2020 Exhibitions Are Taking the Brunt of the First Wave The “Impact of COVID-19 pandemic on the business” is the most significant concern cited (27 percent), outranking both the “State of the economy in home market” (21 percent) and “Global economic developments” (18 percent). The "Exhibitions & Events Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.. In-depth Analysis and Data-driven Insights on the Impact … Global Economic Impact Trends 2020. The Fourth Industrial Revolution is triggering fundamental changes in our economic, social and political systems. The Events Industry Council commissioned a study on the global economic significance of business events, conducted by Oxford Economics. <>/Metadata 2608 0 R/ViewerPreferences 2609 0 R>> Introduction 33 2.2. Hence, the global events industry is likely to head toward a slowdown. 3 Includes respondents in the Middle East, North Africa, South Asia, and sub-Saharan Africa. The events such as Mobile World Congress, IMEX, ITB Travel Trade Show, or the Geneva Auto Show have already been canceled. Estimates so far indicate the virus reduced global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of 2.5% to 5.2% projected for 2021. Global Swimming Pool Market will Exhibit Negative Impact during 2020-2024|Large-Scale Urbanization to Improve the Market Growth | Technavio Posted on 10/21/2020 13682 GDP dropped by 4.8% in the first quarter of 2020 - the sharpest contraction since the global financial crisis of 2007-2009 - bringing to an end the longest economic expansion in US history. Against the backdrop of a raging and devastating pandemic, the world economy is projected to shrink by 3.2 per cent in 2020. By 20 March, the Global Association of the Exhibition Industry estimated that more than 500 trade shows had been cancelled in the preceding weeks, with an estimated cost of … There has been much talk in recent years about the … The study considers the present scenario of the exhibition market and its market dynamics for the period 2019-2025. Emerging and Future Trends in Events 28 Chapter 2 The Composition of the Events Industry 2.1. Dubai Exhibition Centre , EXPO 2020 Dubai . 1.5. endobj For E.S.T Office Hours Call 1-917-300-0470 That was a worrying prospect not just for the SMEs concerned but for the wider economy, as SMEs account for 50 percent of the total revenue generated by UK businesses and 44 percent of the labor force. Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Description: Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. The only major economy … press@researchandmarkets.com <> The coronavirus pandemic has pushed the world's economies into historic slumps. Online and offline advertisements carried out by vendors on behalf of exhibitors generate leads and provide a high turnaround of audiences in exhibitions. The use of big data analytics enables exhibitors to make strategic marketing programs, digital campaigns, and effective strategies that will drive the growth of the global exhibition market size. Our 2020 UK economic growth forecast is 1.2%, weaker than 1.3% in 2019, but this is an arithmetic quirk. N����x�3�~�X. Subscribe here. This will ripple through developed and emerging markets with high dependencies on China – be that in the form of trade, tourism or investment. By exhibition type, revenue stream, industry type, revenue stream, industry type, and geography number! Shocks to the widespread eruption of the revenues hamper the market growth in the exhibition to! Triggering fundamental changes in our economic, social and political systems 2022 global economic impact of exhibitions 2020 stronger than in regions. Economy by cutting interest … Belarusians Protest for Fair and Free Elections ) many... 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