Commonly economy grows. On average people, get a little richer as the amount of money they earn increases. There are more jobs and companies can pay employees, shareholders and generate a profit. But sometimes the economy worth falls, and a recession occurs when this happens for two consecutive quarters in a row. At such times, the economy is said to be suffering. The last time Britain entered recession was in 2020 at its peak during the COVID-19 crisis.
The Bank of England believes that inflation will increase to more than 13% by the end of the year. That means prices will rise by more than 3% per month. The Bank expects inflation to continue to rise throughout 2023.
When the economy is struggling to grow and inflation is low, there is a condition called stagflation, which is very difficult to fix. Normally, the Bank of England would lower interest rates if the country were entering a recession, but, they have just increased them because prices are increasing so rapidly.
So, what has happened in the past with exhibitions during recessions? With the many recessions we have all experienced over the decades the exhibition industry has remained resistant. Trade shows, events, and exhibitions in any industry have provided the opportunity for people to network and showcase their businesses in a physical manner. But what if the virtual world can help? The virtual world has become an important part of our lives, whether we’re playing games online or watching movies on Netflix. That’s where the aspect of the virtual exhibition comes into play. Virtual exhibition platforms allow visitors to experience things that we’ve only ever dreamed about before as well as the many benefits for visitors and exhibitors.
The exhibition industry has historically shown a strong and fast return following economic downturns, but will exhibitors continue to exhibit during the recession to meet business objectives? With the current market challenges for exhibitors being financially difficult for many and potentially limiting the amount of exposure they receive; factors such as these play a role in exhibiting. The time taken to attend exhibitions can be an impact on companies.
If you can foresee a recession, you will be ahead in the game. You should act quickly to review your marketing strategies and continue to work towards your goals. Virtual exhibitions allow you to do this from the comfort of your own home, and this has proven invaluable during and after the coronavirus crisis. Are there ways you could make more money? Could you sell more products or services? Do you offer any kind of training courses or seminars? These are just some of the questions we ask ourselves when we think about how we can improve our business. We also consider whether we should invest in a new way of exhibiting for example the virtual exhibition world.
With it being too early to know whether this recession is going to happen and how long it will last, there are many possibilities for the exhibition industry, including exhibitors, to explore ways to create exposure, brand recognition and network for their businesses. Therefore, having an easy, versatile and cost-effective solution, along with being eco-friendly, can benefit and broaden the opportunity for networking for exhibitors and visitors, could a new virtual exhibition platform be the answer to your problems with you are exhibiting or hosting an event.
This article was written by Katie Bateman Head of community engagement at HealthcareShow247.