The exhibition industry will achieve record revenues globally in 2024, moving beyond the post-pandemic recovery that was achieved at the end of 2023 on average. Moreover, 2023 and 2024 revenues are expected to grow by 20% and 17% year-on-year respectively.

This is according to UFI’s 33^rd edition of its flagship Global Exhibition Barometer report.

“This edition of UFI’s flagship Barometer research confirms our early data from January that 2024 will be a record year for industry revenues globally. This edition shows how this growth translates into new jobs in our sector, as well as in expansion plans from the majority of businesses – aiming both at new business activities, as well as new geographies. Against a complex global backdrop, the global exhibition industry is bullish about its short and mid-term prospects”, commented Kai Hattendorf, managing director and CEO at UFI.

“The barometer also shows how 19 key exhibition markets and regions match up both against their respective regions and the global averages. We have expanded this reporting further to make this data more easily accessible. There is no other research in this industry that allows for such level of comparison.”

Operations
Globally, the level of operations in 1H2024 has picked up for half of the companies (four out of 10 in Asia-Pacific, Central & South America and the Middle East & Africa; and 6 out of 10 in Europe and North America) while it was qualified as “normal” for one in three.

This trend will continue in the coming year with, on average, a percentage of companies reporting an increased activity ranging from 59% in North America to 50% in Asia-Pacific, 49% in the Middle East and Africa, and 48% in Central & South America and Europe, respectively.

Turnover and operating profits
Revenues increased by 20% on average in 2023, and this trend is expected to continue. In 2024, revenues are expected to grow again by an average of 17% year-on-year.

These general trends vary from one country to another. Revenues from 2023 compared to 2022 vary from 143% in Malaysia, 139% in Thailand, 132% in Argentina and the USA, to 105% in Spain, 103% in Brazil and 101% in Australia.

Revenues from 2024 compared to 2023 vary from 148% in Colombia, 138% in Brazil, 123% in the UAE, 106% in Germany, 105% in China and 98% in France.

In terms of operating profits for 2023, 61% of the companies declare an annual increase of more than 10%, and 27% declare a stable one. The same total of 88% applies to the 2024 operating profits, with 47% planning an annual increase of more than 10% and 39% a stable one.

The highest proportion of companies expecting an annual profit increase of more than 10% are in Malaysia (100%), Spain (83%) and Thailand (75%) for 2023, and Brazil (82%), the UK (69%) and Malaysia (58%) for 2024.

Workforce development
Globally, 48% of companies declare that they plan to increase their staff numbers, while another 48% declare that they will keep current staff numbers stable.

The highest proportion of companies planning to add staff are identified in Malaysia (91%), Brazil (75%) and the UAE (73%).

Most important business issues
This edition does not show significant changes when compared to the previous edition of the Barometer released six months ago.

The most pressing business issue is “State of the economy in home market” (22% of answers globally – same as six months ago – and the main issue in all regions, except the Middle East and Africa, where it ranks second).

Overall, “Global economic developments” come in as the second most important issue globally (15% of answers, compared to 17% six months ago), followed by “Geopolitical challenges” (14%, and the top issue for the Middle East and Africa) and “Competition from within the exhibition industry” (14%).

“Internal management challenges” (11%), “Sustainability / Climate” (9%) and “Impact of digitalisation” (6%) follow.

An analysis by industry segment (organiser, venue only and service provider) shows no differences regarding the most pressing issue (“State of the economy in home market”), but the second and third ones vary: “Global economic developments” (17%) and “Geopolitical challenges” (16%) for organisers; “Competition from within the exhibition industry” (18%) and “Sustainability / Climate” (13%) for venues; “Competition from within the exhibition industry” (19%) and “Global economic developments” (15%) for service providers.

Current strategic priorities
In all regions, a large majority of companies intend to develop new activities, either in the classic range of exhibition industry activities (venue/organiser/services), outside of the current product portfolios, or in both areas: 69% in Asia-Pacific, 74% in North America, 75% in Central & South America, 83% in Europe and 84% in the Middle East & Africa.

In terms of geographic expansion, 43% of companies declare an intention to develop operations in new countries and regions.

Generative AI applications
Globally, there is an overwhelming consensus that AI will affect the industry, with 90% of companies stating this.

The areas expected to be most affected by the development of AI are the same in all regions: “Sales, Marketing and Customer Relations” (83% globally), “Research & Development” (82%) and “Event Production” (69%). These are precisely the areas where generative AI applications are already mostly used, and in all regions (39%, 38%, and 28% globally, respectively).

This latest edition of UFI’s bi-annual industry report concluded in July 2024 and includes data from 453 companies in 68 countries and regions.

The study also includes outlooks and analysis for 19 focus countries and regions – Argentina, Australia, Brazil, China, Colombia, France, Germany, Greece, India, Italy, Malaysia, Mexico, Saudi Arabia, South Africa, Spain, Thailand, UAE, UK, and the US – as well as five additional aggregated regional zones.