The latest Hong Kong’s Economic Impact Study—conducted by KPMG Advisory (Hong Kong) Limited—reveals that the exhibition industry contributed HK$52.9 billion (US$6.8 billion) directly and indirectly to the city’s economy in terms of expenditure in 2014. That’s equivalent to 2.3 percent of Hong Kong’s total gross domestic product for the calendar year. In fact, the industry’s expenditure effects increased 29 percent from 2012.
“We welcome this study and the results because, once again, it highlights just how important our industry is for Hong Kong,” said Stuart Bailey, chairman of the Hong Kong Exhibition & Convention Industry Association, in a statement. “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.”
According to the study, international exhibitors and exhibition visitors spend 61 percent more per visit in direct spending than an average overnight tourist visitor. The study also showed that the exhibition industry provided approximately 83,500 full-time industry jobs, a growth rate of 6.5 percent from 2012.
“To continue providing Hong Kong with benefits at this level, our exhibition industry needs to remain attractive, efficient, and competitive,” Bailey said. “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.”
(Image: Khush N/Creative Commons)