The Center for Exhibition Industry Research (CEIR) has released the results of its 2022 First Quarter Index, which indicates continued positive momentum for the recovery of the US B2B exhibition industry after two immensely challenging years.
Several metrics tracked by the CEIR improved in the first quarter compared to the previous eight quarters, including cancellation rates for in-person events, which were only 9.2 percent, down from 12.5 percent in the previous quarter and from 91.3 percent in the first quarter of 2021.
Overall exhibition performance, as measured by the CEIR Total Index, was still down 37.9 percent from 2019 levels, echoing other industry research indicating that the industry will not be back to pre-pandemic business levels until later this year or next year. However, this still reflects a significant rebound in exhibition performance and is the closest to 2019 levels that have been seen since the first quarter of 2020.
The data also reflects the lower exhibitor and attendance numbers that many trade shows have been struggling with this year — even though it is a huge milestone for them to be back to in-person. CEIR’s report found that exhibitors decreased 30.1 percent compared to 2019 levels on average, while attendees dropped 32.9 percent. Real revenues are also still down: exhibitions reported, on average, a 34.2 percent drop in revenues compared with 2019 levels.
Recovery remains uneven across the industry, with some organizations reporting results exceeding their 2019 levels, but this is clearly still not the norm. While we still can’t rule out more major setbacks as we come out the pandemic, all signs point to continued recovery.
“Despite Omicron at the outset of 2022, our industry pressed on; many have held their events and have done so successfully and safely,” said CEIR CEO Cathy Breden in a statement. “While it will take time to get back to 2019 performance levels, we are on our way. With vaccine mandates and safety measures implemented at large gatherings, and with a majority of the population vaccinated, the recovery of B2B exhibitions should continue in 2022, unless a new variant causes a severe fifth wave of COVID-19 infections.”