59% of int'l businesses prefer sourcing via hybrid fairs: survey

Mainland China expressed the most enthusiasm for hybrid fairs.

More than half of international businesses (59%) prefer to source via hybrid fairs, a survey commissioned by Hong Kong Trade Development Council (HKTDC) Research showed.

From the countries surveyed, Mainland China and ASEAN countries expressed the most enthusiasm for hybrid fairs.

Those who prefer hybrid fairs were also likely to register a higher average spend per order, ranging from HK$392,175.50 to HK$784,351.00 and up (US$50,000-US$100,000+), the study added.

When attending hybrid fairs, businesses want to be able to easily search and acquire exhibitor information; schedule meetings with exhibitors before, during, and after the physical tradeshow; and have access to useful communication tools such as instant messaging, file sharing, and business card sharing. 

Businesses said they also wanted to gain access to seminar live streaming and recordings, virtual meetings, and artificial intelligence-enabled exhibitor as well as product recommendations.

HKTDC Director of Research Irina Fan said the study findings show that hybrid fairs are the future since more buyers have been choosing to purchase online, and it also allows for product examination and evaluation as well as supplier authentication.

From May to October last year, HKTDC found that 93% of businesses said they had used online sourcing platforms during the past 12 months. International buyers said they use online platforms to search for new suppliers and make inquiries (70%), compare products and prices (66%), and identify the latest product trends (57%).

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