The global exhibition industry has weathered numerous storms in recent years, from the 2008 financial crisis to the unprecedented disruption caused by the COVID-19 pandemic. Yet, like a ship navigating choppy waters, the industry has not only stayed afloat but emerged stronger, demonstrating its resilience and adaptability. The 32nd UFI Global Exhibition Barometer, a bi-annual survey capturing the pulse of the industry, reveals a remarkable comeback in 2023, with revenues reaching pre-pandemic levels and optimism soaring for continued growth in 2024.
This report delves into the key findings of the Barometer, offering a comprehensive overview of the industry’s operational landscape, financial performance, workforce dynamics, and the most pressing challenges faced by companies worldwide. We explore the regional variations in recovery, analyze the shifting priorities of industry stakeholders, and examine the burgeoning influence of generative AI, offering insights into the forces shaping the future of exhibitions.
⚠️ Top 10 Business Challenges Facing the Global Exhibition Industry:
- 💰 Economic Concerns: “Global economic developments” and “State of the economy in the home market” are the most pressing issues, reflecting global uncertainty.
- 🌎 Geopolitical Instability: “Geopolitical challenges” are a rising concern, impacting business confidence and international participation.
- 🌳 Sustainability Imperative: “Sustainability/Climate” is the fastest-growing concern, highlighting the need for industry-wide sustainable practices.
- 🏆 Internal Competition: “Competition from within the exhibition industry” has increased slightly, requiring companies to differentiate themselves.
- 🏢 Management Focus: “Internal management challenges” have decreased in importance but remain a key area for operational efficiency.
- 💻 Digitalization’s Diminishing Impact: Concerns about “Impact of digitalisation” and “Competition with other media” have significantly reduced.
- 😷 Pandemic’s Waning Influence: The “Impact of the COVID-19 pandemic on the business” is less of a concern as the industry recovers.
- 🏛️ Regulatory & Stakeholder Scrutiny: “Regulatory / Stakeholders issues” remain on the radar, requiring companies to navigate evolving regulations and stakeholder expectations.
- 📊 Shifting Priorities: Economic and geopolitical concerns have overtaken internal management and digitalization as the top challenges.
- 🔮 Long-Term Trends: While immediate concerns center around economic and geopolitical stability, sustainability is emerging as a defining long-term challenge for the industry.
The Barometer paints a picture of an industry brimming with confidence, poised to capitalize on pent-up demand and a renewed appetite for face-to-face business interactions. However, the journey ahead is not without its obstacles. Economic uncertainties, geopolitical instability, and the growing urgency of sustainability remain significant challenges that require proactive strategies and collaborative efforts. Source: UFI
