Reed Exhibitions Ltd, the market leader in the exhibitions industry, provides the most succinct summary of the exhibitions industry: "Exhibitions are a major contributor to local and national economies and play a key role in industrial and commercial development, particularly in emerging markets. They provide a shop window for regional and national industry, stimulate foreign investment in industry and infrastructure, and facilitate technology transfer. They also create employment and generate direct spending on hotels, restaurants, transport and local business."
The two main industry associations - the Association of Exhibition Organisers (AEO) and the Exhibition Venues Association (EVA) - both told Key Note, ahead of the publication of their official market size figures, that the market performed surprisingly well on the whole in 2003, given the global events that threatened to disrupt it. Some markets mushroomed while others, such as IT, slowed. Although visitor numbers were not dramatically up on 2002, they held up and the industry has moved into 2004 with more optimism than it did at the start of 2003.
Not surprisingly, exhibitions and conferences within the security sectors showed growth, while consumer exhibitions remained a popular day out. With organisers including ever larger and more spectacular features within their shows, made possible by sponsors that are keen to align their brands with show values, the consumer exhibitions sector is expected to grow.
Key to the market's future is the importance of measuring the return on investment and the industry authorities will be increasing their endeavours to find a workable method to measure it in a consistent way over the coming years. This type of knowledge will provide support for the industry as it competes against other forms of marketing - particularly when budgets are cut at times of economic downturn.
However, there are strong indications that 2004 will see the long-awaited economic upswing, although owing to the generally long lead times - shows are booked 1 or even 2 years in advance - this might not be reflected in this market immediately. Nevertheless, there is always scope to sell more space as last-minute exhibitors come on board.
The industry is also likely to become more diversified. Shows are becoming more specialised and more targeted, but where they complement each other and aim for the same target audience, they are increasingly running alongside each other, with as many as six or seven different shows running concurrently, either in parallel or as shows within shows. This gives scope to trial new shows and form partnerships.
The trend towards globalisation continues apace and the larger exhibition and conference organisers are increasing their footings within the new markets, especially in Eastern Europe, the Far East and even the Middle East: a convention organised in London to look at opportunities within Iraq was not without controversy.
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