News this week: Exhibition and convention venue, AsiaWorld-Expo (AWE), released its latest report on economic benefits of MICE activities at the venue. According to KPMG’s Transaction Advisory Services who compiled the report, exhibitions and conference events held at AWE contributed around US$1.7 billion to Hong Kong’s economy last year – a 25% increase from 2009.
A steady growth in total expenditure effects from exhibitions and conferences at AWE since 2006 was reported, while more than 26,000 full-time jobs were created by AWE last year. During the five years between 2006 and 2010, exhibitions and conferences contributed a total expenditure of around US$6.9 billion, or 6.5% in Compound Annual Growth Rate (CAGR). The total expenditure comprised of direct expenditure, indirect expenditure and induced expenditure, where each segment represented 50%, 30% and 20% respectively.
Furthermore, direct employment from AWE and event organisers accounted for around 3% of total full-time equivalent employment, while the remaining 97% fell across various supporting sectors – a majority 65% of these were generated in the retail, hotel and food and beverage sectors.
The report also shows an increase of international exhibitors from mainland China since 2006, as figures from the Hong Kong Tourism Board (HKTB) confirms an increase in overnight MICE arrivals from mainland China in the first six months of 2011. AWE reports that 34% of its international visitors were from mainland China last year versus 20% in 2006.
This post is excerpted from BSG's weekly e-newsletter which is part of our subscription research service, BSG Tracker. Visit our website to find out more about this service. You can also follow us on Twitter for all the latest updates.
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