Business-to-business events saw a rebound during the third quarter of 2021, with the number of in-person event cancellations sharply dropping as the COVID-19 pandemic began to loosen its hold on society, the Center for Exhibition Industry Research reported in its most recent quarterly analysis.

The cancellation rate for in-person trade shows and other B2B events was 19% during July, August and September, according to CEIR. The rate was 66.5% in the second quarter of the year and 90.4% in the first quarter. During the third quarter of 2020, 98% of events were canceled.

CEIR noted the events industry is still in recovery mode, and that recovery has been dampened a bit by the rise of the delta variant and its effects on the nation's overall economy. But the group pointed to rising vaccination rates among adults and to children's access to vaccines as signs of hope.

"With more vaccine mandates and safety measures implemented at large gatherings, and with a majority of the population vaccinated, the recovery of B2B exhibitions should continue in 2022, unless the omicron variant causes a severe fifth wave of COVID-19 infections," CEIR CEO Cathy Breden said in a statement.

Not surprisingly, the events held during the third quarter of 2021 are not drawing the same number of attendees and exhibitors as before the pandemic, nor generating as much revenue.  Total square footage was down nearly 44% compared to the same pre-pandemic time period in 2019. The number of overall exhibitors was down 51.2% while overall attendance was down 37.1%. Real revenues were down 49.7%.

CEIR also found there was less appetite among events organizers to shift online. Among the events canceled in the third quarter of 2021, 69.4% of organizers pivoted to produce digital events compared to 80.6% in the second quarter. If the trade show did not already feature accompanying conferences, most organizers opted to cancel their events entirely rather than to produce digital events.