UFI has released an updated Covid-19 damage assessment for the global exhibition and tradeshow industry, where figures revealed that global industry revenues for 2020 dropped by 68% compared to 2019.
This result is based on regional data provided in the UFI Global Exhibition Barometer, which indicates that 2020 revenues represented only 23% of those from 2019 in Central and South America, rising to 24% in the Middle East and Africa, 27% in the Asia-Pacific region, 32% in Europe and 36% in North America.
Exhibitions have a direct impact on numerous sectors in the regions where they take place ‚Äď not just the exhibition industry (venues, organisers and service providers), but all related sectors, such as accommodation, restaurants and transport.
Taking all of these sectors into account, it is estimated that a minimum of ‚ā¨200 billion (US$224 billion) of total exhibition-related output was not generated in 2020, including ‚ā¨80 billion in North America, ‚ā¨65 billion in Europe and ‚ā¨46 billion in the Asia-Pacific region.
This equates to 2.4 million full-time jobs affected globally.
Exhibiting companies use face-to-face events to generate contacts that lead to business, either at or soon after the event, and the non-tenure of most exhibitions in 2020 has led to an estimated ‚ā¨330 billion of business volume affected. While a small fraction of that loss may have been compensated for specific sectors, with the development of purely digital solutions, the net impact remains very high.
‚ÄúCovid-19 has had a significant impact on the exhibition industry, as well as those sectors who benefit from face-to-face events. The impact has not just been felt by exhibitors, who showcase their products and develop their sales, but also by those involved in tourism-related activities. We all look forward to the lifting of current restrictions and the rebound of our economies, where exhibitions will play an important role,‚ÄĚ said Kai Hattendorf, UFI managing director and CEO.
The full report can be found here.