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Study reaffirms economic benefits of Hong Kong’s exhibition industry
A newly released study into the value of Hong Kong’s exhibition industry shows it contributed an impressive HK$52.9 billion (US$6.8 billion) to Hong Kong’s economy in terms of expenditure, equivalent to 2.3% of the city’s total GDP in 2014.
The findings from the latest Economic Impact Study on the contribution of the exhibition industry to the economy in 2014, contained encouraging news for the industry and for Hong Kong with strong positive growth by comparison with the figures from the previous Economic Impact Study, covering 2012.
The expenditure effects of the exhibition industry in 2014 were up by 29% from 2012, at a compound annual growth rate (CAGR) of 13.9%. A significant part of this was contributed by the direct spending of international exhibitors and exhibition visitors, who according to the study tend to spend 61% more per visit than the average overnight tourist visitor to Hong Kong, with their spending focused in the retail, hotel and F&B sectors.
The Study, commissioned by the Hong Kong Exhibition & Convention Industry Association (HKECIA), also shows that apart from direct economic benefits in terms of expenditure, the exhibition industry also provided equivalent of around 83,500 full-time jobs in the exhibition industry and other service and supporting sectors including hotel, F&B, retail, stand design and construction, and logistics and freight forwarding.
In 2014, the financial benefits (benefits arising from various government taxes associated with exhibition activities and participants) contributed by the exhibition industry amounted to HK$2.1 billion (US$269.9 million).
Commenting on the findings, HKECIA Chairman Stuart Bailey stated “we welcome this Study and the results because, once again, it highlights just how important our industry is for Hong Kong.
“The study shows in great detail the many ways in which exhibitions fuel Hong Kong’s wider economy - for example by spinning off economic benefits and extensive workforce to supporting industries, and attracting high-spending international business visitors to the city.
“The Study also reveals that overseas exhibition exhibitors and visitors continue to spend more than international overnight tourists. We should put efforts in making them visit the exhibitions in Hong Kong regularly.
“To continue providing Hong Kong with benefits at this level, our exhibition industry needs to remain attractive, efficient and competitive. We must continually be looking for ways of differentiating ourselves from regional competitors, in terms of things like providing premium exhibition space, ample capacity, and exceptional value-added services.
“I hope our policymakers will take the findings of this Study into account as they plan for the infrastructure and facilities that Hong Kong needs in the years to come.”
This is the sixth in a series of Economic Impact Studies, which have been carried out biennially since 2004. It was once again conducted by KPMG Advisory (Hong Kong) Limited, a respected independent research consultancy.
The Hong Kong Exhibition and Convention Industry Association (HKECIA) was established in 1990 to promote Hong Kong as a world-class exhibition and conference destination and the trade fair capital of Asia Pacific. It works to represent the interests of all members involved in the exhibition and convention industries, and provides a unified voice in dealing with the government, legislative and statutory bodies, the media and public organisations, on all matters associate with the role of the exhibition and convention industry in Hong Kong’s economy.
HKECIA is a member of UFI - The Global Association of the Exhibition Industry, and AFECA - The Asian Federation of Exhibition and Convention Associations.
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