Convention and Trade Show Organizers (U.S.) — Industry Primer

NAICS 2022 code 561920. NAICS = North American Industry Classification System, the federal system for grouping businesses.

1. Overview

Convention and trade show organizers own and run the recurring gatherings that industries build their calendars around — CES for consumer technology, big seafood and foodservice expos, home-and-garden shows, medical, retail, and manufacturing conventions. The organizer rents a hall, sells floor space to exhibitors, fills the room with the right buyers, and keeps the margin in between. A well-run show behaves less like a party planner and more like a media franchise: the organizer owns a brand that a whole industry feels it has to attend every year, and that ownership brings real pricing power.

The economics are unusually attractive. Exhibitors and attendees pay months in advance, most costs of putting on an edition are fixed, and the leading ("must-attend") show in any niche tends to be a near-monopoly — so the top events generate cash and defend high margins. That is why private equity (PE — investment firms that buy companies outright) and serial acquirers have spent a decade rolling the industry up.

Ways in differ sharply by investor type. For public-market investors, the U.S.-listed pure play has disappeared: the one domestic listed operator, Emerald Holding, was taken private by funds managed by Apollo Global Management in July 2026 [11][12]. What remains on public markets are diversified foreign-listed groups — Informa and RELX in London, plus smaller European names — for whom U.S. trade shows are one segment among many [13][15]. For private-market investors, this is where the action is: the largest owners are PE portfolios, family firms, government-linked companies, and nonprofit trade associations, and the dominant strategy is buying individual shows and compounding them.

2. What it is and how it's structured

NAICS 561920 covers establishments that organize, promote, and manage conventions, trade shows, conferences, and meetings — whether or not they also operate the venue [4]. The organizer is the promoter/owner of the event, not the building and not the booth-builder. The real product is a marketplace: the organizer assembles exhibitors, buyers, speakers, sponsors, and attendees around a specialized industry or community.

Common models:

• Business-to-business (B2B) exhibitions — technology, healthcare, construction, foodservice, industrial shows.
• Business-to-consumer (B2C) shows — home, garden, lifestyle, hobby events.
• Association conventions and professional conferences.
• Corporate meetings and hosted-buyer events.
• Year-round digital media, marketplaces, data, and lead-generation layered on the event.

What the code excludes (and where those businesses sit instead):

• Convention and visitors bureaus / destination marketing organizations — NAICS 561591. They sell a city, not a show.
• Convention centers and exhibit halls themselves — the real estate is lessors of nonresidential buildings (NAICS 531120) or government-owned; running an event is not the same as owning the hall.
• General service contractors and exhibit builders — the firms that lay carpet, build booths, and move freight (e.g., Freeman) are event-services businesses, not organizers, and are not clean proxies for organizer economics [29].
• Promoters of performing-arts and sports events — NAICS 711310 / 711320.
• Nonprofit trade associations that run their own shows — a business or professional association is NAICS 813910 even when its flagship convention is one of the largest in the country. This exclusion matters a great deal (see Section 3).

Ownership mix, in four buckets: (1) global commercial organizers, mostly foreign-listed or PE-owned (Informa; RX, part of RELX; Clarion under Blackstone; Emerald-Questex under Apollo); (2) independent and family firms (e.g., Diversified) [21]; (3) nonprofit trade associations that self-produce marquee events — the Consumer Technology Association (CTA), which owns CES; the National Retail Federation (NRF); the Healthcare Information and Management Systems Society (HIMSS); RSA (cybersecurity) [22]; and (4) many hundreds of small local and regional organizers, plus government-owned exhibition companies that matter internationally.

3. How big it is

Federal statistics for NAICS 561920 (U.S.):

Receipts, firm count, and concentration come from the 2022 Economic Census; employment and payroll come from 2023 County Business Patterns (CBP). These are different federal programs and reference years, so they should not be stacked into a single-period income statement [1][2].

The industry is extraordinarily fragmented. The four largest firms take just 13.3% of receipts, the top eight 20.0%, the top twenty 30.5%, and the top fifty only 42.6%; the Herfindahl-Hirschman Index (HHI — a standard concentration gauge that runs to 10,000) sits at 78.8, near the floor [2]. Read literally, no one controls this industry.

But that fragmentation is misleading, and the federal count undercounts the real footprint two ways.

First, the measured universe is an employer-business view. CBP excludes the self-employed, businesses without employees, firms without an Employer Identification Number (EIN), and most government workers; the Economic Census generally excludes nonemployers and government-owned establishments [1][2][3]. Small operators, associations, universities, and public convention authorities that organize events fall largely outside these counts, and the federal file provides no estimate of the missing activity.

Second — and larger — competition is within verticals, not across them, and many of the biggest U.S. conventions never appear in 561920 at all. There is one dominant seafood expo, one dominant broadcast show, one dominant convenience-store show; fragmentation across a thousand unrelated niches coexists with local monopolies inside each. And because the nonprofit associations that own many marquee shows are classified as business associations (813910), those shows sit outside this code. Informa's management estimates trade associations control roughly half the market [13]. So the $17.4 billion receipts figure captures commercial organizers but omits the association half and the surrounding ecosystem (venues, contractors, hotels).

For ecosystem scale: CEIR (the Center for Exhibition Industry Research) tracks a U.S. exhibition sector that returned to a nominal record in 2025 after the pandemic, with industry estimates of roughly $16 billion in annual direct spending on the exhibition channel [6][9]. Globally, the Events Industry Council (EIC) puts all business events at about $1.3 trillion in direct spending — a reminder that "organizer revenue" is a thin slice of a much larger travel-and-marketing economy [8]. The $20 million SBA (U.S. Small Business Administration) size standard is a federal eligibility threshold, not a market-size estimate [5].

4. The investable universe

There is effectively no U.S.-listed pure play left. Emerald — the largest U.S.-owned commercial organizer and the sector's lone domestic stock — was taken private in July 2026 [11][12]. The remaining listed exposure is foreign and diluted.

Public companies (tickers):

Major private and non-listed owners (they define the field even though you can't buy them directly):

• Emerald + Questex — Apollo-managed funds after the 2026 take-private [11].
• Clarion Events — owned by Blackstone; 180+ events across 50+ countries with a sizable North American arm [19].
• Marketplace Events — the largest B2C (home & garden) show organizer in North America; bought by Clarion Capital Partners in January 2025 [20].
• Hyve Group — backed by Providence Equity and Searchlight [23].
• CloserStill Media — Providence-backed, with Searchlight investing alongside in 2026 [24].
• Comexposium — jointly owned by the Paris Île-de-France Chamber of Commerce and Industry and Crédit Agricole Assurances [25].
• Diversified — third-generation, family-owned U.S. organizer (Portland, Maine); 60+ shows worldwide anchored by its global Seafood Expo franchise; roughly $100M revenue [21].
• Messe Frankfurt — government-owned (60% City of Frankfurt, 40% State of Hesse), an example of the state-linked international operators [26].
• Nonprofit associations — the CTA (CES: 4,100+ exhibitors across 2.6 million net square feet, well over 100,000 attendees), the NRF, HIMSS, and dozens more self-produce shows that rival any commercial event [22].

Bottom line for a public-market investor: to own this business through the stock market you buy Informa or RELX and accept heavy dilution from other segments, take smaller international names (Fiera Milano, MCH Group), or buy Apollo for a sliver. There is no clean listed way to own U.S. trade shows today.

5. How the money works

The unit of value is a single recurring show. It earns from three main lines plus a growing fourth:

1. Exhibitor / booth revenue — the biggest line. Organizers sell floor space, priced as net square feet (NSF) sold × rate per square foot, and the leader in a category can raise rates because exhibitors can't afford to be absent. Exhibitor spend is the economic center of a B2B show — about three-quarters of RX's revenue, a company-specific illustration rather than an industry benchmark [15]. The health-of-the-franchise metric is rebook / exhibitor retention — the share who resign for next year, often on the spot; a strong show retains ~80% or more.
2. Sponsorship — title sponsorships and category exclusivity; high-margin and largely incremental.
3. Attendee registration — in B2B shows often deliberately cheap or free, because the product sold to exhibitors is the right buyers in the room; consumer shows invert this and charge admission.
4. 365-day media and data — year-round digital communities, lead-generation data, and marketplaces layered on the event. This is the growth edge Informa and the new Emerald-Questex are pushing [11][13].

Why the margins are good and the cash is real:

• High operating leverage. Most costs of an edition — venue, marketing, core staff — are fixed. Once covered, incremental booth and sponsorship sales fall almost straight to profit, which is how scaled organizers run 20–40%+ EBITDA (earnings before interest, taxes, depreciation, and amortization — a proxy for operating cash generation) margins [13][15].
• Negative working capital. Exhibitors and attendees pay in advance (booked as deferred revenue); the organizer pays the venue later. A growing show is self-funding.
• Franchise moat. The #1 show in a niche is a local monopoly with pricing power and repeat demand — an annuity-like asset.

The flip side: revenue is collected before the show while many costs hit during final preparation, so a cancelled or poorly attended edition can erase months of work. And each show's fortunes track its end market — a show serving a booming vertical compounds; one tied to a shrinking industry fades. Portfolio breadth is the main defense, which is another reason ownership concentrates in large, diversified operators.

Useful metrics for judging a show or portfolio: net exhibit space sold vs available; exhibitor rebooking rate; qualified-buyer attendance and registration conversion; revenue per exhibitor and sponsorship yield; event-level contribution margin; advance bookings / deferred revenue; cancellation rates and insurance recoveries; cash conversion; and customer / show-brand concentration. Sold exhibit space is closer to capacity utilization than to factory output — a smaller audience of high-value buyers can be worth more than a big general crowd.

6. What drives demand

• B2B marketing budgets. Face-to-face exhibiting is the single largest line in exhibitor marketing budgets — about 40.8% — and consistently ranks as the #1 channel for lead generation, brand awareness, and relationship-building [7]. Demand rises and falls with corporate marketing and sales spend.
• The economy and each vertical's cycle. Shows are pro-cyclical: capital-goods, tech, and retail conventions swell in expansions and thin in downturns; product-launch and sourcing cycles drive attendance.
• Business travel and international attendance. Recovery in travel lifts attendance; visa friction and trade tension cut it.
• Face-to-face resilience. The pandemic's forced experiment showed virtual events did not replace in-person deal-making; attendance has recovered to roughly pre-2019 levels, the strongest-recovering metric in the CEIR Index [6].
• The "must-attend" effect. For the category leader, participation is closer to a fixed cost of doing business than a discretionary spend — dampening (but not eliminating) cyclicality.
• Digital extension. Large organizers increasingly pair live events with media, data, and year-round demand generation, improving retention but adding technology, privacy, and cybersecurity demands.

Recent company results show the recovery: Informa Markets grew ~10.8% underlying and RELX's Exhibitions ~8% underlying in 2025 — global segment results, not U.S.-market measurements [14][16].

7. Regulation

There is no sector-specific federal regulator; compliance is set by venue, city, state, event type, audience, and data collected.

• Local and venue rules. Permits, occupancy limits, fire/building codes, health rules, alcohol permits, and local tax collection.
• Labor and union jurisdiction. The sharpest operational rule at major convention centers: roughly 23 states commonly require union labor for specified tasks (rigging, electrical, freight), and even right-to-work states like Nevada and Georgia have exclusive union agreements at flagship halls — doing a task reserved for a union can get an exhibitor shut down and still billed [34].
• Accessibility. Events and venues must meet the Americans with Disabilities Act (ADA); convention centers are places of public accommodation under Title III [30].
• Marketing and data. The Federal Trade Commission's (FTC) CAN-SPAM rules apply to B2B as well as consumer email [31]; attendee data collection is subject to state privacy laws (e.g., California's CCPA — California Consumer Privacy Act) and, for international shows, the EU's GDPR (General Data Protection Regulation), governing personally identifiable information (PII).
• Antitrust. Because associations own about half of major U.S. shows and competing exhibitors gather in one place, antitrust risk is real: the DOJ (Department of Justice) warns against exchanging competitively sensitive information such as prices, output, or future plans [32], and the FTC and DOJ sharpened their focus in 2025 on trade and professional associations as potential vehicles for restraining competition [33].
• Tax status. Association-run shows generally enjoy tax-exempt treatment; qualifying trade-show income is specifically shielded from unrelated-business-income tax (UBIT) — an advantage association organizers hold over commercial ones.
• Trade and immigration policy act as de facto regulation: tariffs raise exhibitor costs and visa friction suppresses international attendance (see Risks). International events also carry export-control, sanctions, and foreign-investment considerations.

The SBA size standard affects eligibility for federal small-business programs and contracting; it does not define the commercial market [5].

8. Competitive dynamics and consolidation

The defining pattern is consolidation on top of fragmentation. Competition is strongest around audience ownership and brand quality — an empty hall is worth little without a trusted community of exhibitors and buyers. Durable advantages: a recurring specialized show brand; proprietary attendee/exhibitor data; strong rebooking; deep industry relationships; multi-geography sales reach; centralized registration, marketing, and procurement; and the ability to add digital products without weakening the live event.

Because no single organizer can dominate across unrelated verticals, the winning strategy is to acquire category-leading shows one at a time and apply a common playbook — pricing discipline, data, digital add-ons, shared sales infrastructure. The math (cash-generative assets + cheap to integrate + pricing power) makes the roll-up nearly self-financing, and the federal data confirm the largest firms still hold only a minority of reported receipts, leaving room to consolidate [2][18].

Recent deals: Informa's serial acquisitions (Tarsus, then Ascential/Money20/20) took it to #1 [13][17]; Blackstone owns Clarion [19]; Clarion Capital bought Marketplace Events [20]; and Apollo combined Emerald with Questex into a ~160-event North American platform [10][11]. Each roll-up also raises integration, leverage, and brand-cannibalization questions [12]. The structural competitor to all of them is the nonprofit trade association, which owns ~50% of major shows and is usually a partner or a walled-off rival rather than an acquisition target [13].

9. Risks

• Single-point event risk. 2020 proved the tail risk is existential: a travel halt (pandemic, disaster, strike, security incident, geopolitical conflict, venue failure) can zero out revenue for a full cycle while fixed costs — and, for leveraged owners, debt — continue. No other risk is as large.
• End-market cyclicality. Each show is hostage to its vertical; a downturn hits rebook and rates directly. Recessionary cuts to exhibitor marketing and travel budgets flow straight through.
• Tariffs and trade policy. 2025's steep tariffs (reported at 35% on Canadian, 30% on Chinese, and 15% on EU goods) squeeze exhibitor budgets and raise build costs; over half of international respondents to a 2025 industry survey expected tariffs to affect their participation [35].
• Cost inflation. Union labor, venue, hotel, insurance, and travel costs are rising faster than booth and gate pricing in some markets [34].
• Loss of a key asset. Losing a flagship show, major sponsor, venue relationship, or association contract can impair a portfolio.
• Leverage and disclosure. Roll-ups and PE ownership carry debt, refinancing risk, and limited public disclosure; Emerald's history and the newly leveraged Apollo platform illustrate the balance-sheet risk that rides alongside the cash generation [12].
• Digital substitution — modest but real. Face-to-face has held up, but buyers continually reassess return on investment (ROI); some exhibitors are watching costs more closely in 2026 [7].
• Travel friction. Visa delays and geopolitical tension quietly erode the international attendance that premium shows depend on.
• Data, accessibility, and antitrust exposure. Breaches, privacy violations, ADA claims, and information-sharing among competitors are live legal risks.
• Event-timing distortion. Biennial or irregular schedules make a single year look stronger or weaker than normalized performance.

10. How to invest and the outlook

Public-market routes (limited and impure). Treat these as diversified information/events companies, not pure convention stocks:

• Informa PLC (LSE: INF) — the closest thing to a trade-show bet on any exchange, but you also buy data, academic publishing, and festivals [13].
• RELX PLC (LSE: REL / NYSE: RELX) — owns RX (#2 organizer), but trade shows are ~13% of a data-and-analytics company; buy it for RELX's quality, not for exhibitions [15].
• Fiera Milano (Borsa Italiana: FM) and MCH Group (SIX: MCHN) — international comparables with venue and cultural-event exposure, not U.S. plays [27][28].
• Apollo Global (NYSE: APO) — now owns Emerald-Questex, but the exposure is negligible inside a giant asset manager [11].
• Indirect plays exist in convention hotels and hospitality REITs (real estate investment trusts — listed property owners) and in event-services contractors, though most of the latter are private (e.g., Freeman) or embedded in larger firms [29].
• Note the one clean U.S. listing, Emerald (EEX), left the market in July 2026 [12].

Private-market routes (where the real ownership is). Direct equity, PE funds, co-investments, secondaries, or private credit. Diligence belongs at the show-brand level: historical and forward exhibitor rebooking; contracted and collected revenue; revenue concentration by show, customer, and industry; venue and labor commitments; event-level contribution margin; database ownership and data-consent quality; cancellation insurance; and debt service under a weak-attendance case. Value with normalized enterprise value to EBITDA and free cash flow, adjusted for event timing, acquisitions, one-time insurance proceeds, and biennial cycles — a single strong year can overstate sustainable earnings. Founding or buying the #1 show in a fragmented vertical, then professionalizing pricing and data and bolting on adjacencies, remains the core private-market game, and the low concentration and $20M SBA threshold leave room for small entrants [2][5].

Outlook (forward-looking judgment, not reported fact). The reported picture is constructive: the U.S. exhibition sector hit a nominal record in 2025, finally clearing its pre-2019 baseline, with attendance essentially fully recovered [6][9]. But momentum is decelerating — CEIR forecasts only about 2.1% index growth for 2026, and exhibitor sentiment has shifted from adding events to holding steady [6][7]. The reasonable base case is a mature, low-single-digit-growth industry whose structural demand for face-to-face B2B contact looks intact, whose growth edge is year-round digital and data, and whose ownership will keep concentrating through PE-led consolidation. The swing factors are macro — trade policy, business travel, and the health of the specific verticals each portfolio serves. Underwrite individual brands, cash flow, and ownership structure rather than a single industry growth estimate.

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Sources

1. U.S. Census Bureau, County Business Patterns: 2023 — establishments, employment, annual and first-quarter payroll. https://www.census.gov/data/datasets/2023/econ/cbp/2023-cbp.html
2. U.S. Census Bureau, 2022 Economic Census — receipts, firm count, concentration ratios (CR4/CR8/CR20/CR50), HHI. https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Census Bureau, County Business Patterns Methodology — coverage exclusions. https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
4. U.S. Census Bureau, 2022 NAICS 561920, Convention and Trade Show Organizers (industry definition and exclusions). https://www.census.gov/naics/?details=561920&input=561920&year=2022
5. U.S. Small Business Administration, Table of Size Standards (effective 2023). https://www.sba.gov/document/support-table-size-standards
6. IAEE / CEIR, "CEIR Index" reporting (Q2 2025 update; 2026 Index release) — recovery, attendance, ~2.1% 2026 forecast. https://www.iaee.com/news/iaee-releases-2026-ceir-index-report/
7. Trade Show Executive, "CEIR's 2026 Marketing Spend Decision Report Affirms the Power of B2B Exhibitions" (2026) — ~40.8% budget share, #1 channel, exhibitor sentiment. https://tradeshowexecutive.com/ceirs-2026-marketing-spend-decision-report-affirms-the-power-of-b2b-exhibitions/
8. Events Industry Council, Global Economic Significance of Business Events (2025) — ~$1.3T direct spending. https://eventscouncil.org/Leadership/Economic-Significance-Study
9. ShowHero Insights, "State of Trade Shows 2026: Industry Benchmarks, Exhibitor Trends" (2026) — U.S. channel direct-spend estimate and pre-2019 baseline. https://goshowhero.com/insights/state-of-trade-shows-2026
10. Apollo Global Management, "Apollo Funds to Acquire Emerald and Questex to Create Leading North American B2B Events Platform" (May 11, 2026). https://www.globenewswire.com/news-release/2026/05/11/3291706/0/en/apollo-funds-to-acquire-emerald-and-questex-to-create-leading-north-american-b2b-events-platform.html
11. Apollo Global Management, "Apollo Funds Complete Acquisitions of Emerald and Questex" (July 14, 2026). https://ir.apollo.com/news-events/press-releases/detail/635/apollo-funds-complete-acquisitions-of-emerald-and-questex
12. StockTitan / SEC 8-K, "Apollo Funds Take Emerald Holding (NYSE: EEX) Private at $5.03 per Share" (2026) — price, premium, delisting, FY2025 figures. https://www.stocktitan.net/sec-filings/EEX/8-k-emerald-holding-inc-reports-material-event-aa01db80d7f6.html
13. Informa PLC, 2025 Full Year Results (2026) — group revenue, live-events mix, association-share estimate. https://www.informa.com/globalassets/documents/investor-relations/2026/informa-2025-full-year-results-statement.pdf
14. TSNN, "Informa Reports Record Earnings in 2025; Projects Growth in 2026" (2026) — Informa Markets underlying growth. https://www.tsnn.com/trade-shows-conferences/informa-reports-record-earnings-in-2025-projects-growth-in-2026
15. RELX, Annual Report 2025 (2026) — RX revenue £1.186B, North America ~20%, exhibitor revenue share, RX share of group. https://www.relx.com/~/media/Files/R/RELX-Group/documents/reports/annual-reports/relx-2025-annual-report.pdf
16. TSNN, "Earnings: RELX's Exhibition Division Delivers 8% Growth as Emerald Leans on Acquisitions" (2025). https://www.tsnn.com/trade-shows-conferences/earnings-relx-s-exhibition-division-delivers-8-growth-as-emerald-leans-on-acquisitions
17. Flashes & Flames, "Emerald $1.5bn US Trade Show Merger with Questex" (May 2026) — U.S. revenue comparison of Informa, RX, Emerald-Questex. https://flashesandflames.com/2026/05/11/emerald-merges-with-questex-us-trade-shows/
18. TSNN, "TSNN Exclusive: Breaking Down the Top 20 Exhibition Organizers List" (2025). https://www.tsnn.com/trade-shows-conferences/tsnn-exclusive-breaking-down-the-top-20-exhibition-organizers-list
19. Blackstone, "Blackstone Acquires Clarion" (press release). https://www.blackstone.com/news/press/blackstone-acquires-clarion/
20. Marketplace Events / Clarion Capital Partners, "Clarion Capital Partners Acquires Marketplace Events" (Jan 2025). https://www.marketplaceevents.com/news/press-releases/2025/01/11/clarion-capital-partners-acquires-marketplace-events
21. Diversified, "Our Story" (company; family ownership, Seafood Expo franchise). https://www.divcom.com/about/our-story/
22. Consumer Technology Association, "CES 2026" (exhibitors, net square feet, attendance). https://www.ces.tech/press-releases/ces-2026-the-future-is-here
23. Hyve Group, "2024: A Pivotal Year of Value Creation" (2025) — Providence/Searchlight ownership. https://hyve.group/news/2025/2024-a-pivotal-year-of-value-creation-with-extraordinary-growth-of-60/
24. Providence Equity Partners, "CloserStill" (portfolio; Searchlight co-investment). https://www.provequity.com/portfolio/closerstill
25. Comexposium, "Our Organisation" — Paris Île-de-France CCI and Crédit Agricole Assurances ownership. https://www.comexposium.com/en/the-group/our-organisation/
26. Messe Frankfurt, "Key Figures" — City of Frankfurt (60%) and State of Hesse (40%) ownership. https://www.messefrankfurt.com/frankfurt/en/company/figures.html
27. Borsa Italiana, "Fiera Milano: Company Profile" (2026). https://www.borsaitaliana.it/borsa/azioni/profilo-societa-dettaglio.html?isin=IT0003365613&lang=it
28. MCH Group, "Investors" (2026). https://www.mch-group.com/en/investors
29. Freeman, "About Us" — event-production and brand-experience services (contractor, not organizer). https://www.freeman.com/about-us/
30. ADA.gov, "Americans with Disabilities Act" — Title III public-accommodation requirements. https://www.ada.gov/law-and-regs/ada/
31. Federal Trade Commission, "CAN-SPAM Act: A Compliance Guide for Business" (2023). https://www.ftc.gov/business-guidance/resources/can-spam-act-compliance-guide-business
32. U.S. Department of Justice, Antitrust Division — competition policy and guidance on information exchange among competitors. https://www.justice.gov/atr/competition-policy-and-advocacy-section
33. Arnold & Porter, "Antitrust Agency Insights — Fourth Quarter 2025" (Jan 2026) — FTC/DOJ focus on trade and professional associations. https://www.arnoldporter.com/en/perspectives/publications/2026/01/antitrust-agency-insights-fourth-quarter-2025
34. Art & Display, "Trade Show Union Rules: 2026 Exhibitor Guide" (2026) — union-jurisdiction states and venue labor rules. https://www.artanddisplay.com/trade-show-union-rules/
35. Trade Show Executive, "The Tariff Effect: Three Questions Trade Show Execs Need to Answer Now" (2025), citing the Society of Independent Show Organizers (SISO) 2025 CEO Summit. https://tradeshowexecutive.com/the-tariff-effect-three-questions-trade-show-execs-need-to-answer-now/