An Introspective Look At the Exhibition Industry in Singapore

Singapore is poised to become an international exhibition city in the next century. Despite its young age, the local exhibition industry is already a significant contributor to the economy, bringing in an enviable amount of revenue for the tourism sector. Throughout the years, the quality of exhibitions as well as the people and processes behind these events, have been constantly upgraded with the help of the government and the private sector. Regional competitors in the same industry have also been continuously monitored and their progress tracked in a bid by the industry here to stay ahead of the competition. In this article, we outlined the general development in this important sector of Singapore economy, provide a process map of the functions of the categories of players, and discussed some of the outstanding operational and logistical problems as faced by the industry. Long planning lead time, high commercial risks and uneven monthly demand on exhibition space are some pressing problems the industry has to deal with regularly. At a strategic level, we note the current trend and future prospect of this sector that is likely to see sweeping changes in the near future. Currently, it seems that big-scale and specialized exhibitions are the hype. Strategic alliances among industry players of different nationalities are also being encouraged. As exhibitors increasingly perceive the region as one economic zone, more international events are being customized to cater to local demands. In addition, information technology seems to be making headway in the industry, with the Internet becoming more popular as a tool for communication and marketing. Improvements in technology have also enabled an entire trade show to be transplanted onto the World Wide Web. Such trade shows are known as virtual trade shows, which can replace physical trade shows in many aspects. They not only provide savings in terms of time and money; they are also devoid of physical and time barriers. Nevertheless, virtual trade shows are not suitable for every category of product or service. Further technological advancements would have to be achieved before these virtual trade shows can realize their full potential.