How Is Covid-19 Affecting the Exhibition Industry?
While Covid 19 is taking its toll on industries of all levels around the globe, there are some that are being hit harder than others; one of these is trade shows.
Just recently, the UFI, the Global Association of the Exhibition Industry, has released figures that show the impact that the current pandemic has had on trade shows and exhibition companies.
What The Figures Show
The released figures went on to show that only in the first few weeks, 500 trade shows failed to take place, and this caused a ripple effect that sent a wave through the entire industry. The UFI went on to calculate just how much the effect had on square footage footfall, and the numbers were tragic.
The total figures presented by the UFI show that 4.4 million net square feet of trade show footfall had been affected, which impacted the trade show economy by $1.2 billion and put over 11,000 people out of a job.
On the whole, the exhibition industry generates around $26 billion for the economy and holds around 270,000 employees, but with what is estimated to be coming up to $15 billion in lost orders, the impacts are going to be incredibly difficult to recover from.
While the postponement may only be a short term thing, it is clear to see from the UFI data that the long term effects could be catastrophic. It is the hope of everybody in the trade show and exhibition industry that global leaders and policymakers can come together and ensure that their future is safe when these uncertain times are behind us.