US cancel rates under 10% for first time since 2019
US B2B exhibition cancel rates have fallen below 10% for the first time in more than two years, according to new figures.
Cancellations were found to be at 9.2% in the first three months of this year, compared with 91.3% during the same period in 2021 and 21.9% in 2020.
The Center for Exhibition Industry Research (CEIR) released the findings in its 2022 First Quarter Index.
Allen Shaw, CEIR economist, said: “B2B exhibitions offer opportunities for buyers to find alternative reasonable-price supplies under the current elevated inflation environment and persistence of global supply chain challenges.
“The B2B exhibition cancellation rate should decline further and the performance of completed events will continue to improve.”
What’s behind the figures?
The indications are that the industry’s recovery will accelerate alongside a strong intent to return to trade shows in 2022, particularly on the exhibitor side.
As coronavirus-related troubles lessen there is more motivation to return to participating in the B2B exhibition channel.
Unsurprisingly, there continues to be pent-up demand for face-to-face engagement. Other survey results indicate that an overwhelming percentage of show organisers have plans to run their 2022 events, despite Covid-19 being a factor when the survey was fielded.
What does it mean for event organisers?
It looks like this is a trend that is only going to get better. But if there’s one thing we’ve learnt over the last two years is that flexibility is always a good thing.
Event participants have now come to expect high-tech solutions in our industry. The benefits gained from the last two years of digital disruption should not be forgotten.
Bringing in Smart Event technology offers organisers more options for engagement, reach and revenue – what is there to lose?
Here’s a list of resources to help you plan ahead:
The Hybrid Blueprint: mixing physical and digital experiences effortlessly is easier said than done. This guide provides detailed advice from experts on how to prepare a hybrid framework for your events. Download the ebook now.
The Community Blueprint: learn how to create an 365 engagement platform to help your audience stay connected throughout the year. A must-have option that insures a business against any kind of lockdown! Download it for free here.
The Monetisation Blueprint: events have become more reliant on digital technologies more than ever. Download this ebook to understand how you can monetise this medium and increase business revenue.
We hope you enjoyed reading this article and found it useful. At ExpoPlatform, we want to help you build better events and communities. Please get in touch and ask for a demo here. Thank you.
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