Hong Kong, 29th November: This week, the Hong Kong Exhibition & Convention Industry Association (HKECIA) released its biennial Economic Impact Study. According to the study, the local exhibition industry contributed HK$52.9 billion (US$6.8 billion) to Hong Kong’s economy in 2016.
According to the study, international exhibitors and exhibition visitors spent more than general overnight tourists – on average spending 75% and 66% more respectively. Of the US$6.8 billion expenditure, more than half (US$3.4 billion) was generated from direct expenditures by visitors, exhibitors and event organisers. In addition, the exhibition industry generated the equivalent of 77,000 full-time jobs in Hong Kong in 2016.
In the period of 2014 to 2016, the average spend of overnight tourists in Hong Kong dropped by 17%. The average spend of international exhibitors and exhibition visitors also posted declines, but fell by less declining by 10% and 14%, respectively.
Stuart Bailey, Chairman of the HKECIA, commented, “This latest data comes as a timely reminder of the importance of the exhibition industry to Hong Kong, at a time when decisions need to be made about the support it is given going ahead. We did expect to see a drop in some areas, as the global economy has not yet fully rebounded. The findings clearly show the massive benefits delivered at the levels of cash spending, employment opportunities, and spin-off effects for related businesses and supporting industries, and for government income. We must do our best to secure international exhibitors and exhibition visitors who are proven high spenders, and to ensure that Hong Kong continues to have the capabilities to attract and host large and significant exhibitions in the years to come.”
Source: HKECIA press release