Are you planning your next trade fair experience?
International exhibitions hold a significant authority as a tool for businesses. They help to promote sales growth and reach new geographic markets. Business trips are among the businessperson's most valuable tools. Business travels form the foundation of the professional accommodation industry. Yet, one might wonder in a world as connected by the Internet as ours, why trade fairs are still important.
Why Do People Still Feel the Need to Attend Live Events?
Live events are the Internet of your industry condensed to a single location. They grant immediate access to the latest industry news. They also provide opportunities to meet with partners and customers face to face. Building relationships in such settings is the foundation for business longevity.
The Classification of Exhibitions and Trade Fairs
There is a great variety of live events within the various industries. Yet, there is also a common thread that allows grouping said events into two categories. The categories are business-to-business events and business-to-consumer events.
B2B events or business-to-business events are open to only industry professionals. The goal of such events is quite straightforward. They help in managing the supply and demand within a specific industry. This especially applies to the upper sections of the production process. Products and services are often a focal point of B2B events. Yet, visitors often attend to expand their professional networks. This is because long-lasting partnerships carry great value to a business or industry. B2B events tend to be more specialized. This allows you to have more opportunities to find last minute hotel deals at good prices.
Business-to-consumer or B2C are the type of fairs many imagine when hearing “trade fair”. B2C event is where exhibitors showcase finished products meant for end consumers. An example of this type of event is the home appliances and personal technology expos. Such events provide access to both industry insiders and the public. Exhibitors attend such events to generate new sales. Often, product launches are the B2C event's leading feature. Such events tend to have high attendance numbers because of their popularity. Thus, for such events, it is prudent to buy travel packages as early as possible to achieve savings.
What Are the Vital Issues Before the Global Exhibition Industry?
Air travel and modern communications make reaching live events easy. Yet, certain challenges can affect the growing global exhibition industry. For example, the economic state of the home market is a serious challenge. This is according to the recent poll responses of 25% of the companies that take part in trade fairs. Another vital challenge according to 16% of respondents is the global economic developments. 21% of participants also consider competition within the industry to be a challenge.
How Does This Affect Changes in Spending on Corporate Events?
On a global scale, the situation appears positive. This is due to the global growth forecast on corporate event spending experiencing an increase for the 2015-2020 period. This means that beginning with a strong 6.5% increase, spending budgets follow a stable trend. One that results in a strong 7% prognosis increase in prognosis for 2019 and 2020.
Yet, the situation is not positive upon noting the individual spending among companies. A survey for 2018 in the USA shows only a slight but positive inclination to increase spending. For example, 13% are willing to increase their spending for hospitality events. Most companies opt instead to keep a level of savings. This results in many opting to maintain travel spending within 36% for roadshows and 44% for hospitality events.
A Word to the Wise
Undertaking a trip to a live event in another country is a big decision. Costs can be prohibitive to most middle-sized and small businesses. Yet, a good online travel agent can make all the difference. A travel package from Trade Fair Trips optimizes your spending in every aspect.