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Exhibitions & Conferences Market Report 2009
Key Note Publications Ltd, July 2009, Pages: 127
The exhibitions and conferences industry has previously been able to resist economic fluctuations, because of the role it plays across all industry sectors. As one sector has declined, another has grown in importance, with services and technology, for example, taking the space left by manufacturing.
The economic recession of 2008 and 2009, however, has affected the exhibitions and conferences industry itself. Marketing budgets have been cut across the board, and travel and accommodation costs have been curtailed. With sales in drastic decline, and no hope of recovery in the foreseeable future, some industry sectors see little point in continuing to exhibit. This has led to reductions in exhibitor and visitor numbers and the replacement of conferences with other, less costly forms of communication.
The authors estimate the value of the conference sector at £6.46bn in 2008. It is difficult to provide an exact value for the total UK exhibitions and conferences market, but there are sufficient data to show that, although the industry grew in 2007, its value was reduced by the economic crisis in 2008. Like many other industries, it faces further challenges in 2009.
Exhibition and conference organisers, and venue owners, are taking a hard look at their businesses. Some are reorganising themselves, with job losses being an inevitable consequence. However, despite lower visitor numbers and fewer exhibitors, organisers are working hard to make their shows more efficient and better value for their clients. The extravagances that have been seen in recent years have been curtailed somewhat, but trade shows, in particular, remain an essential platform for many companies.
The vigour of the exhibitions and conferences industry is also seen in its ability to serve new markets, whether they be in the UK or overseas. The experience of the UK industry is valued by emerging economies in the Middle East and the Far East, in particular.
The industry has frequently proved its ability to meet new challenges. One of the most important recent trends has been the move towards more sustainable events and the introduction of a new British Standard expressly designed to address environmental issues within the exhibitions and conferences industry. Organisers and venues have enthusiastically embraced the new measures, looking at ways in which they can recycle and reuse the materials they use, and increase their energy efficiency.
Exhibitions and conferences occupy a middle ground between sales and marketing, and live events — whether they be exhibitions, conferences, product launches or awards ceremonies — will always be in demand, because they satisfy the need for face-to-face contact. This, coupled with a robust underlying infrastructure, which includes effective representation through a number of industry associations, will enable the industry to emerge from the current recession as strong as it has always been.
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