Sharp drop in net space sold expected

Gwen Kaufmann - Monday, September 7, 2020    


Photo: marianne bos on Unsplash

Asia will record an unprecedented 75% drop in net space sold in 2020 compared to 2019 as a result of the COVID-19 pandemic. This is the forecast predicted based on the analysis BSG has conducted for the 16th edition of the annual report on the trade fair industry in Asia, jointly released with UFI. Net space sold in Asia is expected to fall from the 24.5 million sqm recorded in 2019 down to just 6.8 million sqm in 2020. This diminished result depends heavily on the trade fair market in China, which now accounts for nearly 60% of net space sold in Asia. If China avoids a large second or third wave of infections, 6.8 million sqm sold across Asia in 2020 is achievable. If China experiences another outbreak and returns to lockdown, the actual results in 2020 will be significantly lower. For 2021, BSG's forecast for the Asia Pacific region is net space sold in the range of 50% to 60% of 2019 levels – with China expected to outperform all other markets. In 2021, China is expected to achieve 70% to 75% of net space sold in 2019 – barring a significant new outbreak of COVID-19. Kai Hattendorf, UFI CEO and Managing Director, commented, “Our industry is currently navigating the most challenging crisis in its history. In 2020, net space sold will fall by more than 90% in some markets, and a full recovery will not be realised until 2022 or 2023. With that in mind, the data and analysis in this report are more valuable than ever for UFI’s members as they advocate for government support and plan their recovery strategy.” The report researched and compiled by BSG covers actual performance of the industry in 2019, as well as forecasts for the years 2020 and 2021. (kf)     bsgasia.com

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Markets | Corona Virus | Asia | UFI | net space sold | COVID-19 | pandemic | China | Kai Hattendorf | Asia Pacific | report | Trade Fair Industry in Asia