With the advent of a new decade, the trade show industry continues to expand. In fact, the meeting and events industry is predicted to grow at a rate of about 8% per year, according to the most recent CWT Future Trends report.
With this industry currently valued at around $840 billion, this projected growth is set to make trade shows, conventions, and industry events a trillion-dollar market well before 2030. Learn more about what’s behind this trade show growth and how your business can capitalize on this trend.
Why are Trade Shows Continuing to Grow?
In an era of increasing digitalization, having face-to-face events has gained new importance. These meetings can help you establish authentic connections with customers, vendors, and potential business partners, literally bringing your brand to life. And although the employment market is still strong, many investors are beginning to prepare for an inevitable downturn—having strong business contacts that were forged through a personal connection can help you maintain profitability during uncertain economic times.
Trade shows are also one of the most effective ways to expand your brand’s reach to those who might not know your product or service exist. And with technology, this has never been easier. Something as simple as giving away merchandise emblazoned with some customized hashtags or hosting a contest for the most social media shares can provide you with thousands of dollars worth of advertising for far less than the cost of a few ads.
Going forward, the Future Trends report predicts a continuous increase in what it calls “socially and environmentally responsible incentives.” This can include post-event restorative measures like planting trees and cleaning up trash, as well as in-event measures like encouraging public transportation or using reusable water bottles. With the mega-sized crowds in attendance for these events, taking steps to minimize the environmental impact of these shows can cut cleanup costs and generate goodwill.
How Can Your Business Benefit From This Expansion?
Because trade shows aren’t going anywhere, there’s never been a better time to attend one. Not only can you expand your presence to new potential customers, clients, or vendors, but you can also learn about some of the most innovative products in your industry and service areas. Ideally, you’ll come back from a trade show with a list of new contacts and some ideas to implement over the coming year.
If you need some help designing your next trade show booth, look no further than Nimlok NYC. Our experienced team can handle every aspect of preparing for a trade show, from booth concept and design to construction, assembly, and in-event setup. Learn more about what we offer or fill out our customer contact form to get in touch.