During its recent annual Predict Conference, the Center for Exhibition Industry Research (CEIR) shared the results of its 2022 second quarter index, providing an optimistic outlook for the B2B exhibition industry as the sector continues to recover.
Most notably, the data shows that the cancellation rate for in-person events was the lowest it has been for the past nine quarters, down to only 2 percent, compared with 9.1 percent in the first quarter (and compared with 100 percent in the second quarter of 2020).
As expected, the exhibition industry still remains below 2019 levels, with the latest CEIR Index coming in 25.5 percent lower than in 2019, but that deficit has also continued to shrink despite the lingering challenges facing events and exhibitions this year. This is a very positive sign for the continued recovery of the industry for the next few months and into next year.
“Despite Omicron at the outset of 2022 and variants that have followed, our industry presses on; many have held their events and have done so successfully and safely,” added CEIR CEO Cathy Breden. “CEIR research has documented an intent to return to face-to-face engagement at B2B exhibitions, and CEIR Index quarterly results show recovery is happening. With the safety measures implemented at large gatherings that have been held, and with a majority of the population vaccinated and boosted, the recovery of B2B exhibitions should continue in 2022.”
Total CEIR Index levels were down 24 percent compared to the same quarter in 2019, which represents the fourth straight quarter of improvement. As a metric for the overall health of the exhibition industry, attendees were in the strongest position, down only 22.4 percent from 2019, compared to net square feet, exhibitors, and real revenues, which were down 23.8 percent, 23.5 percent, and 26.3 percent, respectively.
In addition, although there have been talks about a looming recession and how it might impact the meetings and events industry, CEIR’s analysis concludes that the US is not currently in a recession and that the economy should remain relatively stable through the end of the year.
“Easing inflation and moderate economic growth ahead should lay a firm foundation of support to the B2B exhibition industry,” explained CEIR Economist Dr. Allen Shaw, Chief Economist for Global Economic Consulting Associates, Inc. “The B2B exhibition cancellation rate should remain extremely low, and the performance of completed events will continue to improve.”