Trevor Foley anticipates some New Year trends.
Last year, the exhibition world, as much of the rest of the world, needed two things to happen to improve the industry picture for 2023. As I write this piece, one of those two things has already come to pass: the opening of travel to, and do business in, China!
This will, of course, be of huge relief to our industry friends in China and to those around the world with portfolios in the country. Let us hope we, and the whole world, does not have to wait too long for the other news we all want, the end of the war in Ukraine.
The news from China will, on its own, be a big boost to the industry in the region and beyond. This comes on top of a large number of conversations I have had with senior industry players, before and since the Christmas/New Year break. None of those conversations have hinted at any kind of pull back or slowing down of business activity. Indeed, it is very much the opposite. tfconnect has more senior roles on its books than ever and all sides of the industry remain bullish. Crucially, these roles are coming from organisers, venues and contractors.
There is, of course, the spectre of a ‘lag’ effect on our industry. Shows in 2022 experienced high re-book levels which will benefit 2023 shows. There is the possibility that the current economic situation will have a negative effect on 2023 re-book levels. However, from a business perspective, the situation in China will counter this to some extent. Another positive sign for the industry is that M&A activity remains at high levels. This reflects continued confidence in our industry and the Private Equity world remains as interested as ever in our sector.
All of this bodes well for the talent agenda in our industry. I was asked an interesting question recently… “Are there more roles or more good candidates at the mid/senior levels of our business at the moment”? The answer is that, right now, there are more talented individuals than positions available at the mid/senior levels. This, needless to say, is a good thing and is another positive health indicator for our industry.
It would be easy to spend time talking about the ‘R’ Word (recession!) and the tough economic conditions for both businesses and households globally. However, what does that achieve? It merely leads to negativity which can just make things worse. If only the media would take notice of this!
I read a fabulous quote over Christmas which I won’t claim credit for. It read “I hear that there is talk of a recession coming. Just to let you know that I won’t be participating”.
Have a great year.
