ASIA – A new Economic Impact Study has claimed exhibitions are contributing more than ever before to Hong Kong’s economy, with fiscal benefits amounting to around HK$1.4bn (US$0.8bn) for 2012.
The biennial study stated that in 2012, the exhibition industry was responsible for HK$40.8 billion of expenditure in Hong Kong, a rise of 14 per cent from the figures for 2010, and a 6.7 per cent compound annual growth rate (CAGR) from 2010.
This figure represents two per cent of Hong Kong’s overall GDP. The study also reports that in 2012, the exhibition industry provided an estimated 69,600 Full Time Equivalent (FTE) employments — a CAGR from 2010 of 0.3 per cent.
The Economic Impact Study was released today (8 November) and commissioned by the Hong Kong Exhibition and Convention Industry Association (HKECIA) and carried out by KPMG Transaction Advisory Services.
“The period from 2010 to 2012 was a difficult one economically, so it is good news to find from this independently verified study that the exhibition industry in Hong Kong has remained so robust,” said HKECIA chairman Daniel Cheung.
“Exhibitions bring in large amounts of business opportunities and attract hundreds of thousands of high spending visitors. The expenditure and employment opportunities benefit not just exhibition industry players such as venue operators, exhibition organisers and stand contractors, but also hotels, retail, advertising and other sectors.
“More generally, they play a vital part in reinforcing Hong Kong’s image as a vibrant, business-friendly international city, and maintaining our status as a global centre for exhibition activity,” he said.
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