Las Vegas Market Releases Study

Las Vegas, NV, September 25, 2007--World Market Center Las Vegas announced the results of an in-depth, landmark study conducted with home furnishings industry’s retailers and manufacturers, designed to document industry beliefs about the present and future of markets – particularly the Las Vegas Market, which takes place semi-annually at World Market Center’s burgeoning complex.

The independent study concluded that World Market Center Las Vegas will become the dominant U.S. market within a few short years, as well as revealed other significant findings regarding the important role and ranking of Las Vegas Market in the rapidly evolving global economy.

The comprehensive research study, a cost of $250,000, was commissioned by World Market Center and designed by THMG, a marketing consulting and customer analytics firm based in Cleveland, Ohio. BlueSky Research, also of Cleveland, independently conducted the research which included qualitative and quantitative phases along with exit surveys that ran from January to July 2007. The research polled qualified home furnishings manufacturers and buyers who represented a broad cross section of companies from all geographic regions, sales volume and product specialties. The study was executed as a double-blind survey, in which neither the research sponsor nor the respondent was revealed. 

“The home furnishings industry is quickly changing, and the new and future paradigm is very different than it was twenty, and even ten, years ago in terms of how manufacturers and buyers conduct their business and utilize markets,” said Shawn Samson, Co-managing Partner of World Market Center. “It is our objective to ensure that World Market Center exceeds expectations and redefines the market experience for the 21st century. We are committed to creating new opportunities, and an enhanced return on investment for market participants, while responding to the long term needs and wants of the global furnishings industry.”

In an unprecedented validation of its future growth plan, 65 percent of buyers believe that World Market Center will be the most important home furnishings market in the next 5 years, and 31 percent believe it is the most important market now. Among the manufacturer set, 58 percent state that Las Vegas will be the most important market by 2012, and 29 percent say it is the most important market now.

For manufacturers, among the factors that are highly important to their decision to show at markets, World Market Center ranked significantly higher than other markets in reaching new buyers; offering great amenities to attract buyers; having strong effective marketing; and offering a growing market with a clear, long term vision.

Buyers scored Las Vegas Market significantly higher than other markets for offering an efficient experience; the ability to travel there affordably and easily; food and accommodations offered are at a good value; the registration process is easy; the market is held in a good location; the ability to get around market easily; products are organized logically by category and showrooms are near each other; and overall say that the market communicates well with retailers. Retailers also ranked Las Vegas Market higher than other markets for seeing vendors’ new products; finding unique products to buy and good deals; a source for learning new trends and new design ideas; and say they can get their major buying done at one time.

The study quantified productivity for market-goers, and Las Vegas Market was ranked more efficient than other markets. Buyers who had attended Las Vegas and major other markets reported that they saw virtually the same number of vendors in one day less time.

This is in part attributed to the accessible building and floor plan design at World Market Center and the fact that the market is located on one campus. When fully built, World Market Center will span 12 million square feet in one integrated campus with eight separate buildings connected by sky bridges.

The survey also verified that large retailers are attracted to and consistently attend Las Vegas Market. This result is further corroborated by the fact that the Summer 2007 Las Vegas saw its highest influx of leading retailers with 75 percent of the Top 100 in attendance.

Complementing the on-line research was an on-site exit survey, conducted independently by BlueSky Research and Survey America of Nevada at the recent July 2007 Las Vegas Market. Results among visiting buyers indicate:

•               Buyers prefer the Las Vegas Market – 75 percent of those attending the Las Vegas Market say that it is better than others attended in the last 12 months.

•               Buyers buy more at the Las Vegas Market – 86 percent said they are buying as much as, or more, than they do at other markets.

•               High overall satisfaction among buyers – 96 percent of those attending say they are satisfied with their Las Vegas Market experience.

•               Buyers believe Las Vegas is highly worthwhile use of their time – 94 percent say they would recommend Las Vegas Market to colleagues and others within their company.

With $3 billion to be invested into its buildings and infrastructure, World Market Center is designed to serve as an entirely new platform for the industry.

“Research has always played a critical role to our organization, and after five successful shows, the timing was right to take an in-depth look at the home furnishings industry and the various markets,” said Co-managing partner of World Market Center Jack Kashani.  “These results speak volumes about the significant role of Las Vegas Market and our mission to deliver a highly efficient, global marketplace for the home furnishings community that drives new opportunities and growth for the entire industry.”