Trade Fairs and Their Role In Promoting the Economy
In contrast to consumer fairs,trade fairs and expositions are professionally organized to help companies demonstrate their latest products and services. Trade expositions are primarily attended by company representatives. Meetings with suppliers and customers spur more comprehensive competition among rivals and they are a handy tool for determining the latest market trends.
Trade expos have a long history. Along with the rise of merchant capitalism,European countries began holding trade fairs and these spread across the continent. Initially,craft goods and agricultural produce were the mainstay of trade fairs. From the late eighteenth century,driven by the rapid development of the Industrial Revolution,expositions in Western Europe and later in North America became even more common. Some goods made in China were also shown,but few of them included anything with known brands.
As the use of electricity became more common and spurred industrialization,manufactured goods were classified into sub-categories,and trade expos were upgraded into a professional activity. In the beginning of the 20th century,specialized exposition organizers emerged to host trade shows. Convention centers were built as venues that provided a rotating calendar of trade shows.
Since the 1990s,globalization has developed and international trade has become more closely integrated with foreign direct investment. So-called vertical FDI,a popular academic definition,has been growing rapidly during the past 30 years. Meanwhile,there was a rapid expansion of global trade,particularly in East Asia,including China. In 2001,China officially joined the World Trade Organization,spurring the Chinese economy. China ultimately dominated the exhibitions industry in Asia,accounting for more than 55% of all trade space sold in the Asian region in after the global financial crisis.