The global economic impact of coronavirus on exhibitions hits $40bn

The orders that exhibiting companies are currently not securing has already added up to 23 billion euros ($40 billion) globally, according to the latest UFI data.

Of this, UFI has estimated lost orders of around 13 billion euros ($22 billion) in Asia/Pacific, and 9.7 billion euros ($17 billion) in Europe.

“Globally, the fact that more than 500 trade shows have not taken place in recent weeks is creating an escalating ripple effect for whole industries,” said Kai Hattendorf, UFI’s CEO.

“As additional events continue to be postponed, these numbers will rise further in the weeks to come. Many of the events that are not taking place this quarter are being postponed – and rescheduled to take place later in the year. This may help to reduce the mid-to-long-term impact.

“We rely on the joint efforts from policymakers and global leaders to ensure that the companies that organise these events, creating those necessary market and meeting places, will be able to continue to fulfil that role in the future. All of these companies are already suffering massively under the current wave of postponements and cancellations.”

UFI research manager Christian Druart said that short-term postponements have an immediate impact because they delay scheduled business and revenues.

“This poses an existential risk, in particular for small and medium-sized companies,” he said.