High Point Market will soon benefit from a hefty boost in marketing funds. North Carolina’s state budget for 2016 to 2017, approved by the Senate and House last week, includes an extra $400,000 in recurring marketing funds, as well as $200,000 in non-recurring marketing funds. It awaits Governor Pat McCrory’s signature before it is finalized, which is expected.
State Senator Trudy Wade was responsible for adding the additional funds. She was also a key figure in securing $500,000 from the North Carolina Department of Commerce budget; she had visited High Point Market last October and also joined the Home Furnishings Association’s (HFA) Retailers Panel, learning how the funds were used in developing the new Market app.
“We are very grateful for the dedicated work and longtime support of Senator Trudy Wade and Representative John Faircloth,” says Doug Bassett, HPMA board chairman and president of Vaughan-Bassett Furniture. “As the largest economic event in the state, High Point Market is committed to positively influencing North Carolina’s economy. This additional funding will be a great resource to help us maintain our status as the largest home furnishings trade show in the world.”
The increased funds would bring the state’s total contribution to the Market up to $2,955,472. The state’s Department of Commerce will contribute $1,755,472 for marketing and the Department of Transportation will dedicate $1,200,000 for transportation.
“We are grateful for the committed work of Senator Wade to secure this additional funding. We look forward to using the funds to expand our marketing efforts, enhance some features in our app, and develop some targeted outreach to particular segments, all with the ultimate goal of attracting more international and national attendees to Market,” noted Tom Conley, president of the High Point Market Authority. “It is a very competitive environment out there. These funds will allow us to remain the premier destination for the home furnishings industry twice a year.”
A Duke University study from 2013 found that High Point Market generates about $5.4 billion in economic impact to the overall regional economy.