Hold tight and ride out downturn in economy

It seems all too recently we all went through the Asian economic crisis; the two years following the mid-1997 collapse in the region seem like only yesterday. Just when Asia started to get things together last year and the beginning of this year, the storm clouds started to gather. "The US market has been on a 'ten-year bull run'...it must run out some time" was a theme of many reports. Well it certainly did and what happened in the Asian market? Hi-tech manufacturing fell through the floor and export prices of finished goods for retail sale were, and still are, pressed lower as inventory remains high in retail markets. Singapore and Taiwan are in recession while Indonesia, Malaysia, the Philippines and Thailand all seem to be heading that way. Japan is a sloth that seems to be falling off the branch slowly and South Korea and Hong Kong have "warnings" out. China is the only one with some hope to ride out the crisis again. What does this mean for the exhibition business? Firms need to fight for each square metre sold, to convince exhibitors there is the need to continue to be present in the market, particularly for branded consumer items. Companies need to be even sharper and clearer and more open in marketing material and also to exhibitors. It needs the industry in each country to lobby their governments hard for help in marketing their country or region to help boost the confidence in visitors during the difficult times ie spend that money which was put "aside" for a rainy day. As we enter this "slowdown" , I wish all in the industry the best of luck and I hope to see you when we come out of it. Mr Michael Duck is chairman of the UFI Asia/Australia chapter and vice-president of CMP Asia