Image above show B2B Exhibition Industry Cancellation Rate, %
The Center for Exhibition Industry Research (CEIR) announced during its annual Predict Conference 2022, 15-16 September, at MGM National Harbor, Washington DC, that the US B2B exhibition industry improved significantly in Q2 2022 from the previous nine quarters. Cancellation rates for physical in-person events continue to drop, improving from 66.2% in Q2 2021, and rates sank to just 2% in Q2 2022.
The CEIR Total Index – a measure of overall exhibition performance – is in recovery, albeit still below 2019 levels, with a result 25.5% lower than 2019.
Of all shows originally scheduled to be held in the second quarter of 2022, 0.6% were postponed, 1.9% were cancelled and 97.5% were completed as scheduled.
CEIR says its Q2 2022 survey results speak to a continuing but choppy and uneven recovery that is underway. Still, the direction is positive, with the overall Index and specific metrics improving for the past five quarters.
For the first time, Attendees is one of the strongest performing metrics. Among completed events, 10.5% have surpassed their pre-pandemic levels of the CEIR Total Index.
New shows have been launched and existing shows expanded in new locations, too.
Excluding cancelled events, the CEIR Total Index for completed events in Q2 2022 dropped by 24% from 2019, compared to a decline of 54.9% from 2019 in Q1 2021 and 31.6% from 2019 in Q1 2022.
Real Revenues suffered the largest fall of 26.3%, followed by Net Square Feet (NSF) with a decline of 23.8%. Exhibitors tumbled 23.5%. Attendees in Q2 was the metric that contracted the least.
“Easing inflation and moderate economic growth ahead should lay a firm foundation of support to the B2B exhibition industry,” said CEIR economist Dr Allen Shaw. “The B2B exhibition cancellation rate should remain extremely low, and the performance of completed events will continue to improve.”
CEIR survey research and Index results indicate recovery of the industry will accelerate. CEIR Omnichannel Study results indicate strong intent to return in 2022, particularly on the exhibitor side but with slightly softer intent to return among attendees. The core values of the B2B exhibition channel motivate a return to participating, as Covid-19 ebbs.
“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,” said 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.”
Click here for information on how to purchase the complete 2022 CEIR Index Report as well as individual sector reports.
