May 6, 2024

HD Vegas Recap 2024

SMP Vegas Recap.png

The Stump team enjoyed several days in Las Vegas for the annual hospitality show - HD Vegas - held At Mandalay Bay convention center.  We also attended ACG’s annual DealMax conference, conveniently hosted nearby at the Aria, where we met over 50 Private Equity & Family Office investors with an interest in the broader furnishings industry. 

The HD show was larger this year with expanded spaces for wall coverings, flooring, and lots of new outdoor/casual offerings. Traffic was steady both days, although by 4pm most attendees were heading out for parties and to enjoy the Strip. 

We also bumped into several prominent residential and commercial furniture executives walking the halls as they are considering exhibiting at the show next year to gain more visibility in the hospitality channel.

Key Takeaways


Business Outlook

Most exhibitors seemed to think 2024 would be another good year, following a very strong 2023. There was talk of significant quoting activity and outstanding model rooms, although also some mention of owners’ hesitation to pull the trigger due to financing issues and higher interest rates. The high-end and luxury markets are performing ahead of the promotional and mid-priced vendors.

Sourcing

Lots of discussion around onshoring to Mexico and further diversifying outside of China. We heard a lot of mentions around new suppliers in India, as well as Turkey.

Fontainebleau

The massive new hotel on the north end of the strip opened in December - and the numbers are huge. There were a lot of proud suppliers to this 3,644-room, 67-floor behemoth that took nearly 20 years to complete! We toured the hotel and it is, albeit relatively empty. It will take time to generate velocity – we’re excited to stay there next time.

Choice Show

Upstairs from HD was the Choice Show, which had more people going back and forth. This combination of exhibitions makes a lot of sense and seemed to help drive traffic.

HD vs. BDNY

There remain two schools of thought on hospitality shows. HD appears to be a marketing and branding exercise with not much real written business. BDNY attracts active specifiers working to advance specific projects. We like both. And Vegas in May and NYC in November are both pleasant destinations. Increasingly, we see more and more exhibitors opting to show at both venues instead of only picking one.

M&A

We are busy in this sector, with several active hospitality / commercial projects currently in market. They should close this summer.

Quote of the Market:

“Attendance may be flat, but the quality of the crowd is awesome”


Let us know your thoughts. Give us a call!

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