Exhibition industry report shows double-digit Hong Kong growth
- MICEBTN Archive Stories Issue 29
- Thursday, 20 September 2007
Activities associated with the exhibition industry contributed US$3.38 billion to the local economy last year — that’s equivalent to 1.8 per cent of Hong Kong’s total GDP.
The ‘Economic Impact Study Report — 2006’ showed that international exhibition visitors typically stay longer and spend more than overnight tourists. International exhibitors are even more valuable, they stay on average 70 per cent longer than overnight tourists and spend 110 per cent more.
Spending by international exhibitors is spread fairly evenly, with shopping, hotels and F&B being the largest beneficiaries.
“This report shows substantial increases in the economic impact of the exhibition industry across the board,” said Stanley Chu, chairman of the Hong Kong Exhibition & Convention Industry Association (HKECIA). “To have double-digit compound annual growth rates over the past two years in expenditure, fiscal impact and employment generation is doubly impressive.”
Chu said that in addition, new business generated at exhibitions contributed strongly to the local economy.
“There are many more intangible yet important benefits generated by the exhibition industries." he said.
"These benefits are less measurable in pure figures but are very real. They include increased sales revenue for local exhibitors as well as a rise in trade through Hong Kong as a result of deals struck at exhibitions. You should also count the effect of the transfer of ideas and trends between visitors and exhibitors at the shows. Exhibitions are recognised as a highly effective marketing tool for networking and expanding business contacts."
Chu said the report also confirmed that the exhibition industry was a driving force in Hong Kong. “Exhibition activities are a key to the development of import and export and are essential marketing platforms for SMEs to reach international business contacts without the expense of travelling overseas.
“The future growth of the Hong Kong exhibition industry will be, as in the past few years, powered by the tremendous growth of China’s export. In this respect, Hong Kong exhibitions will continue to be an ideal platform for them to identify and reach regional and international buyers. While Hong Kong will continue to play a key role as the ideal gateway for access to the mainland market, it also serves as a two-way springboard for mainland enterprises to venture into the global marketplace,” he added.
