Malaysia secures 155 business events over next six years

Kuala Lumpur, 13th March: A bit of good news from Malaysia: the Malaysia Convention and Exhibition Bureau (MyCEB) announced the country has succeeded securing 155 business events from 2020 to 2026. It is expected the secured events will attract at least 368,000 delegates to Malaysia and generate RM2.39 billion (US$549 million) in estimated economic impact.

Some of the key events include: Congress of the Asia Pacific Academy of Ophthalmology (APAO) 2021, Conference of the International Society of Travel Medicine (CISTM) 2021 and the Congress of the International Board on Books for Young People (IBBY) 2022.

Australia announces economic stimulus

Australia, 16th March: In response to the COVID-19 outbreak, the Australian federal government has announced an AUD$17.5 billion (US$10.5 billion) stimulus package to support the ailing economy.

The package includes household stimulus payments for lower income Australians, tax free-cash flow boosts for small- and medium-sized businesses, an increase in the “instant assets write-off threshold” and various incentives aimed at driving new investment in the country.

Events halted worldwide

Hong Kong/Malaysia/Bangkok, March: Now that Europe and the U.S. are in the midst of a full-blown COVID-19 outbreak, event activity worldwide has essentially stopped. Early last week, various markets in Asia were looking to June and even late May for events to restart. Now, however, postponements through to and including July are being announced. Some recent announcements include:

The Hong Kong Trade Development Council (HKTDC) has rescheduled some of its exhibitions and conferences. The Malaysia Convention & Exhibition Bureau (MyCEB) has also released a list of events which are cancelled or postponed. Most of the events are postponed and rescheduled until after June. In Thailand, THAIFEX 2020 (held in Bangkok) also announced plans to push its dates from 23rd to 30th May until 22nd to 26th September.

Share price movement in B2B media companies involved in Asia

Figure 1: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement over past 12 months)

Figure 2: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement since January 2020)

Quick takes

Largest expo in U.S. opens as planned

CONEXPO-CON/AGG opened on 10th March. The organiser reported that exhibitors representing just 1.7% of total space cancelled and that they have already resold some of that floor space.

CONEXPO-CON/AGG press release

E-commerce in China proves resilient

Ele.me, Alibaba’s food delivery subsidiary, reports order levels are back to pre-virus levels. Cainiao, Alibaba’s logistics arm, is operating at full strength and JD.com, Alibaba’s competitor, is forecasting a 10% growth in revenues this quarter.

CX Tech article

UFI releases guide for venues during COVID-19

Together with APIC (International Association of Congress Centres), UFI has released a “good practices guide” for venues dealing with the COVID-19 outbreak.

UFI link to guide

UFI’s COVID-19 webpage is updated regularly

This is a useful site with a focus on facts and updates on the latest actions by governments around the world in response to the virus outbreak.

UFI resources page

UFI estimates the economic impact of COVID-19

Paris, 10th March: Earlier this week, UFI, The Global Association of the Exhibition Industry, released its own initial estimate of the economic cost of the trade show postponements and cancellations due to the COVID-19 outbreak.

According to UFI’s analysis, globally the orders that exhibiting companies will not secure due to cancelled and postponed events is valued at €23 billion (US$26.3 billion). That number is expected to rise as more events are cancelled and postponed. More than €14 billion (US$16.5 billion) of economic output has already been lost due to events not taking place.

Hong Kong government unveils huge event subsidies

Hong Kong, 24th February: The COVID-19 outbreak resulted in the cancellation or postponement of essentially all exhibitions and conferences in Hong Kong in February. That trend is expected to continue throughout March and likely most or all of April.

In response to this crisis situation, the Hong Kong government has released more than HK$1 billion (US$130 million) in subsidies designed to support the business events sector. The package is part of a much larger (US$3.9 billion) relief package that will provide support to a wide range of business sectors in the territory.

Art Basel Hong Kong goes online

Basel, 20th February: Last week, Art Basel announced a new digital initiative offering exhibitors an platform to showcase their art to Art Basel’s global network of buyers and collectors.

The “first edition” of the Online Viewing Rooms will launch next month serving exhibitors which planned to present their work at the now cancelled Art Basel Hong Kong. The Online Viewing Rooms will be live from 20th to 25th March, while VIP preview days will run from 18th to 20th March.