High Point market, by the numbers
The High Point Market Authority issued 84,976 registration badges for the October business event.
The number provides "an accurate benchmark for next Fall Market," Authority President Brian Casey said in a news release.
That's in contrast to the registration number of 100,128 for the Spring Market, which Casey told me today he no longer has confidence in.
The 100,000 figure was widely celebrated when it was announced in May. Much higher than previous market estimates, it was cited in a press release as an indication that "the latest edition of the High Point furniture market was extremely successful. ... The counts are from our new central registration system, which delivers accurate results very quickly. We believe the numbers demonstrate that the High Point Market is the vital center of our industry -- the place to be for everyone who is serious about the furniture business."
Casey reminded me in a phone conversation today that he was only a few weeks on the job back in May and hadn't had time to investigate the reliability of those registration numbers. But as recently as Aug. 24, when I interviewed him in his High Point office, he was still standing firmly behind their accuracy.
What happened? Actually, I am willing to credit the Market Authority with improving its numbers. I think they probably double-counted a lot of registrants in April -- for example, people who registered both as buyers and exhibitors. That was eliminated this time, Casey said.
But, let's face it. It's also a problem to acknowledge that registration might have declined by 15 percent from April to October.
By the way, keep in mind that these numbers are registrations. No one knows what actual attendance might be, although it's surely less than the registration number.
There's always been spin when it comes to market numbers. Vegas does it. They released only a vague number for their July show -- probably because their attendance really slipped, according to many observers. For years, High Point market officials stuck to their 70,000 to 80,000 estimate, reporting each market that attendance was either "a little up," "a little down" or "steady" -- pretty meaningless.
Lately High Point officials have been pitching the line that market attendance doesn't really matter; the key issue is how much business is done. Casey asserts that fewer people represent more buying power, thanks to industry consolidation. I'm sure that's true. But it ignores two points: First, no one knows how much business is really transacted at any market, so no one can say with authority or precision by that standard whether a market was good or not. Second, attendance does matter -- a lot -- to High Point and the Triad. More market people spend more money here. That's a huge part of the economic impact.
Why does it matter to have numbers? Accountability. The market is being supported with millions of dollars a year in public funds, with more sought. In return, organizers have an obligation to demonstrate how well market is doing by all measurable indicators they have at hand. Registration is an important, measurable indicator.
Registration is useful for other reasons. You want to know where people are coming from and where they're not. What are the trends? Is Vegas cutting into traffic from the Western U.S. and Pacific rim? How many first-time registrants is High Point getting? Who comes in the spring but not in the fall, or the other way around? This information should help marketing efforts.
Speaking of marketing, High Point has a better and better story to tell. More entertainment, more free food, more free transportation, a task force of hotel operators pledging to lower room rates, with a similar effort coming for restaurants. These are initiatives that just might help boost attendance, once word circulates through the industry that High Point is putting on a much more customer-friendly furniture show.
It's helpful if High Point finally has an accurate registration system because the bottom line is to keep its numbers up.