AAXO NEWS

Events and exhibitions are vital

Events and exhibitions serve as dynamic engines for local economic growth, crucial in generating employment, attracting tourists, and supporting various businesses.

By drawing significant crowds, these events create a vibrant marketplace that benefits a wide range of sectors including hospitality, retail, transportation, and entertainment. The economic impact is substantial, with increased spending by visitors on accommodation, dining, shopping, and local attractions, which in turn fuels job creation and stimulates the local economy.

The 32nd UFI (The Global Association of the Exhibition Industry) Barometer sheds light on the impressive growth potential of the events and exhibitions industry in South Africa. According to the report, the sector is expected to see a 94 per cent revenue increase in 2024, compared to 2023. This optimistic forecast is accompanied by a significant commitment to workforce expansion, with 43 per cent of South African respondents indicating plans to enhance their workforce this year. This focus on development highlights the sector’s role, not just in economic terms, but also in fostering skills and employment opportunities within the community. Local businesses stand to gain considerably from the influx of visitors that events and exhibitions bring. These events offer an invaluable platform for companies to showcase their products and services to a broad audience, potentially leading to increased sales, new customer bases, and enhanced brand recognition. Additionally, the networking opportunities provided by these gatherings can lead to new partnerships and collaborations, further driving business growth.

Moreover, the tourism boost generated by events and exhibitions contributes to the local economy beyond the immediate duration of the event. Visitors who come for a specific event often explore other attractions and activities in the area, leading to extended stays and further economic benefits.

Events and exhibitions are vital to stimulating local economies. They drive significant economic activity through job creation, increased tourism, and business support, creating a multiplier effect that benefits the entire community. The promising growth forecast for South Africa’s event industry underscores the substantial potential of this sector to contribute to sustained economic development.