The paper "Benefits of the Conference and Exhibition Industry to the Society" is a great example of a Macro and Microeconomics Assignment. Conference and exhibition industry is an industry that involves organizing business events where training, displaying and marketing of goods and services are done. It is a young industry that has taken its momentum in the twentieth century and has proved to have many benefits to the economy of many countries. The main purpose of this industry is to provide an opportunity for potential consumers to interact with their service providers i. e.
Manufacturers, sellers, and experts and learn more about the available products on the market. Sometimes this industry is referred to like the meetings, incentives, convention and exhibition (MICE) industry. It combines trade transportation travel and financial services. The conference and exhibition industry has been in existence in America and Europe for more than a century now. However, currently many nations all over the world have taken the initiative of developing this industry as a way of elevating their social and economic development. Statistics from the international congress and convention association (ICCA) reveal that OVER 400,000 exhibition conferences are held worldwide with a total outlay of $280 billion (nat. gov. tw, 2007: 1).
On the other hand, the global association of the exhibition industry (UFI) shows that the annual MICE industry output value has reached $1.16 trillion where $400 billion are for the conferences and about $760 billion is for the exhibitions (nat. gov. tw, 2007: 1). This implies that the conference and exhibition industry bring big reputations to the nations and cities that host them. UFI points out that by the year 2006, there were a total of 1,062 exhibition halls all over the world with an indoor space that exceeds 5,000 square meters (Center for exhibition industry research 2005:11).
The construction of the exhibition halls and space is also growing fast where Europeans nations such as France, Germany, and Italy hold 58% of the world’ s total exhibition space. This paper focuses on the social, economic and political benefits the conference and exhibition industry brings to society. Nations that are investing heavily in the conference and exhibition industry are really reaping the fruits. In fact, in most of the developed nations, there are associations that involve in organizing these business events, incentives, meetings, and invitation of delegates from around the world (Ufi. org ).
The first social benefit a community gets from the conference and exhibition event is that since people from different corners of the world converge and interact at one point; it facilitates the enhancement of the social skills of the attendance. As people, interact with strangers, their interpersonal skills improve greatly. As the exhibitors try to socialize closely with the attendance consumers, they are compelled to be creative to develop their interpersonal skills in order to socialize with consumers from different backgrounds.
Therefore, the development of interpersonal skills is very much crucial in marketing the product this is transferred back home to the normal business operation. Another important social benefit an attendant of the conference and exhibition gets is that it allows them to make as many business associates and friends as many as possible. The fact that the conference creates a friendly environment where people interact freely, share information, jokes, and show their creativity, gives them the opportunity to make choices on a variety of available products (nat. gov. tw, 2007: 1).
The businesspersons create links and network with foreign businesspersons and they continue associating in making business deals even after the conferences. This boosts their sales because their market and source of the raw materials of products have widened.