Conducted for IMC by Stax, a survey of 180,000-plus buyers who have attended markets in the past three years revealed the above stats as of April 30.
ATLANTA/LAS VEGAS -- Following a comprehensive survey of its universe of gift and home furnishings buyers and suppliers, International Market Centers (IMC) will hold its Atlanta and Las Vegas summer 2020 markets in August.
IMC has postponed Atlanta Market to August 13-18 and Las Vegas Market will run August 30-September 3.
Respondents to the Stax survey for IMC broken out by channel included 69 percent single door retailers, 21 percent multi-door, and 11 percent e-tailers. 67 percent were owners/CEOs.
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IMC surveyed its entire buyer and supplier universe: 180,000-plus retailers and designers and nearly 6,000 manufacturers and sales agencies across the gift, home furnishings and apparel industries with results which were statistically significant.
Retailers respondents expressed immediate need for inventory, preference for buying new product from existing vendors and intent to source both at physical markets and on digital platforms. Survey results also indicated that COVID 19-related concerns about travel sentiment and market attendance will decrease over time and with key health and safety mitigants. Additionally, the utility of digital tools for sourcing and preparing for in-person markets was cited by many.
"We believe that with modifications to Atlanta Market and Las Vegas Market's timing and format and implementation of rigorous health and safety protocols, IMC can deliver the markets our buyers need and are willing to attend," said Bob Maricich, IMC CEO. "While we cannot currently gather in person, we look to meeting again at our markets this August."
ATLANTA AND LAS VEGAS MARKET DATES SHIFT TO AUGUST
Atlanta Market and Las Vegas Market are moving their dates from July to August:
Atlanta Market: August 13-18. Temporaries will run for four days from August 14-17.
Las Vegas Market: August 30-September 3. Temporaries, which will be staged for the first time in the Expo at World Market Center Las Vegas, are open August 30-September 2.
With these changes, Atlanta Market will be the first show of the gift and home industry's summer market season and Las Vegas Market will offer the added benefit of running concurrently with the National Hardware Show, which runs September 1-3 at the Las Vegas Convention Center. Both markets will feature new tradeshow layouts designed to enable social distancing and traffic control. In line with buyer sentiment, neither market will host at-market social gatherings for the summer editions. All programming and trend features will be presented through digital market channels before and after market.
IMC EXPANDS HEALTH AND SAFETY PROTOCOLS
IMC's Covid-19 response and remediation task force is developing thorough and detailed protocols for market production designed to ensure the health and safety of all those attending market. All back-to-business operating plans are being vetted to verify efficacy and identify best practices by Dr. Carlos del Rio, the chair of the Department of Global Health and Professor of Epidemiology at the Rollins School of Public Health; and Professor of Medicine in the Division of Infectious Diseases at Emory University School of Medicine.
Safety procedures are expected to include: the required use of personal protective equipment (PPE), temporal monitoring, social distancing, occupancy control, and hand sanitizing/ cleansing and significantly enhanced housekeeping protocols for cleaning and disinfecting our facilities. IMC is also collaborating with hotels and food and beverage partners to confirm and communicate special protocols; planning new pre-registration requirements to enable contactless market entry; and preparing for arrival and departure strategies to facilitate social distancing. Comprehensive details around onsite health and safety protocols will be promoted in advance of each market and will be updated regularly at www.togethersafely.com.
SURVEY RESPONSES REVEAL STATE OF THE INDUSTRY, NEED FOR DIGITAL RESOURCES
In planning for summer markets, IMC commissioned Stax, an independent global strategy consulting firm, to administer a survey to provide a real-time representation of buyer and vendor perspectives during COVID-19. The survey sought to understand the conditions of their businesses, recovery expectations, market sentiments and use of digital tools. The respondents were a statistically significant cross-section of IMC's customer base, with appropriate representations of both demographics and industry sector.
"We recognize that our decisions do not impact just our business, but the business of the hundreds of thousands of manufacturers, sales organizations, retailers, designers, logistic managers, hotels, restaurants and more who are a part of our markets," added Maricich. "We approached our decision through sound research and will give our partners the same opportunity by releasing the results of our survey through a detailed white paper next week. We hope this survey can bring some clarity to the current state of the industry and allow for better planning as we all move towards recovery."
In addition to sharing their need for new product and preferred timing for trade shows, survey respondents also indicated a desire for increased use of digital tools to support product sourcing and enrichment of their market experience. While they do not see digital markets as a viable replacement for physical markets, buyers are interested in tools that will allow for additional brand discovery and more efficient at-market purchasing.
LOOKING BEYOND SUMMER TO FALL MARKETS
Over the next several weeks, open daily resources are expected to reopen to the retail and design communities with enhanced health and safety protocols in Atlanta (ADAC and AmericasMart), Las Vegas and High Point. Additional information regarding open daily protocols can be found on facility websites. Additional IMC gift and home markets through the end of the year include:
Fall Design Week; September 21-23, 2020 at AmericasMart Atlanta
October High Point Market; October 17-21, 2020
Fall Cash & Carry: November 3-5, 2020 at AmericasMart Atlanta
About International Market Centers
International Market Centers (IMC) is the world's largest operator of premier showroom space for furniture, gift, home décor, rug, and apparel industries. International Market Centers owns and operates nearly 20 million square feet of world-class exhibition space in High Point, N.C., Las Vegas and Atlanta. IMC's mission is to build and operate an innovative, sustainable, profitable and scalable platform for the furniture, gift, home décor, rug, and apparel industries. For more information on IMC, visit www.IMCenters.com.