The Center for Exhibition Industry Research (CEIR) has released its Q3 2024 Index results, indicating a continued recovery in the U.S. B2B exhibition industry following a minor slowdown in Q2 2024. The Index value rose to 88.8, up from 87.7 in Q2, although it remains 11.2% below pre-pandemic levels, an improvement from a 14.6% shortfall in Q3 2023. Notably, 33.8% of sampled events in Q3 2024 surpassed their pre-pandemic performance, a significant increase from 25.9% in the same quarter last year. The cancellation rate for in-person events also saw a decline, dropping to 0.3% from 1.6% in Q3 2023 [bc2f8a6d].
Industry experts Adam Sacks and Marsha Flanagan commented on the resilience of the B2B exhibition sector, highlighting that while the Net Square Feet (NSF) metric is currently 2.7% behind 2019 levels, overall attendance is lagging at 17.8%. Real revenues are reported to be down 16.3% compared to 2019, indicating ongoing challenges despite the positive trends [bc2f8a6d].
The recovery aligns with broader economic indicators, including a reported 2.8% growth in U.S. GDP in Q3 2024. Federal Reserve Chair Jerome Powell has indicated a cautious approach to further rate cuts, reflecting ongoing concerns about inflation and the labor market. CEIR projects a potential 25 basis point cut in interest rates in December 2024, which could further support the industry [bc2f8a6d].
As the industry looks ahead to 2025, there remains an optimistic outlook despite potential economic risks, suggesting that the B2B exhibition sector may continue on its path to recovery in the coming years [bc2f8a6d].