It was no coincidence that Prime Minister Rishi Sunak called the General Election hours after the Office for National Statistics reported that inflation fell to 2.3%, its lowest rate in 3 years. Alleviating the pressures of an ongoing cost of living crisis is at the forefront of voter concerns.
Campaign strategists are now preoccupied with proving only their plans will set the stage for a much-needed economic recovery. The presence and extent of the UK’s economic recovery is being argued in political and economic spheres. Looking for clues is on the agenda.
Nearly seven million people attended a UK exhibition in 2023 and with the majority being trade shows; big business is being done under the roofs of venues like Birmingham’s NEC and London’s Excel. The Events Industry Alliance Economic Impact Study reports over £9.4 billion in trade is generated by the exhibition sector which itself contributes £4 billion to GDP and supports roughly 100,000 jobs.
Trade shows are the catalyst for deals and the setting for strategic partnerships. As a result of this they have proved to be an early indicator of faith in the UK economy and its position as a European trading partner. Bullish companies make for fully booked exhibition spaces, expensive displays and a packed calendar of events.
For over 20 years Quadrant2Design, a leading exhibition stand design and build contractor have recognized the exhibition landscape as a bellwether of UK economic output and performance. Analysis of first quarter demand and sales makes for positive 2024 projections.
In the first three months of the year Quadrant2Design have recorded that enquiries are up 25% on the same period in 2023. An appetite for business growth and faith in trade opportunities very much exists.
Confidence in the UK economy extends beyond its shores. In the same period, Quadrant2Design have experienced a 60% increase in foreign companies looking to exhibit in the UK. Not to be outdone; there has been an 80% increase in UK companies looking to exhibit in the EU. Based on current orders the exhibition stand contractor are anticipating building three times more exhibition stands on the continent this year.
Anecdotally the team have been witnessing this trend coming since the tail end of 2023 and it is now translating into pitches and business.
“Since Covid we have witnessed a steady recovery but it now feels like, as an industry, this is more than getting back to where we once were. We specialise in sustainable, modular exhibition stands that can be reconfigured for re-use. Our business is built on repeat custom and we’re seeing our clients expand their exhibition calendars and take chances on new shows. They are reconfiguring their stands to larger spaces and investing in them to ensure they stay fresh in a more competitive exhibition hall.” – Andrew Carney, Director, Quadrant2Design
The Size and Scale Index for Exhibitions (SASIE) reports that exhibition and visitor numbers were up in 2023. In 2024 large, historic trade shows like Toy Fair London expanded while smaller, niche exhibitions like Exclusively, London have already sold out of stand space. The Institute of Practitioners in Advertising (IPA) Bellwether report for Q1 2024 shows UK companies are continuing to raise their marketing budgets, a sign of commercial confidence and economic optimism. The report notes a record-breaking increase in event marketing spend with businesses keen to engage face-to-face with customers.
The exhibition industry is undoubtably growing in part due to the rate of technological advancement and the ever-growing globalization of industries. But, what should excite economic forecasters and some politicians is that despite a gloomy outlook; businesses are leaning in to opportunity.
