Trade Show Industry Grows 1.8 Percent in Q1
June 10, 2019
The Center for Exhibition Industry Research reported that the recent growth of the exhibition industry continued during the first quarter of 2019.
The CEIR Total Index, a measure of exhibition industry performance, posted a decent year-over-year gain of 1.8 percent, even though it under-performed the inflation-adjusted GDP.
“The performance during the first quarter shows the resilience of the exhibition industry despite a government shutdown through most of January and uncertainties surrounding trade negotiations with China and slowing world economic growth,” said CEIR Economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates, Inc.
Food; Raw Materials and Science; and Building, Construction, Home and Repair all registered robust year-over-year gains. In contrast, Consumer Goods and Retail Trade and Discretionary Consumer Goods and Services posted year-over-year declines.
All exhibition metrics in the first quarter posted positive year-over-year gains except exhibitors.
Real revenues (nominal revenues adjusted for inflation) and attendees posted the largest increase of 4.1 percent and 2.2 percent, respectively.
Net square feet (NSF) rose 1.5 percent and exhibitors dropped 0.4 percent.
“The growth during the first quarter indicates that the exhibition industry is on track to register a ninth consecutive year of growth, albeit slowing growth as was forecasted by our economist in the 2019 CEIR Index Report,” said CEIR CEO Cathy Breden, CMP, CAE.
In addition to compiling the quarterly exhibition index, CEIR also offers analytical tools, an annual in-depth report and an outlook conference.
The CEIR Event Performance Analyzer provides exhibition organizers with a tool to measure how an event is performing in its sector, as well as in the overall industry.
The CEIR Index Report provides an economic overview of the exhibition industry, including key indicators for growth. Together, these resources provide insights for developing business strategies and goals. The 2019 CEIR Index Report includes a three-year forecast for the business-to-business exhibitions and events industry.
CEIR’s annual conference, Predict, taking place Sept. 16-17 at the MGM National Harbor September will address the most current forecast and how it is affecting the 14 industry sectors through a highly anticipated session.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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