Nearly three-quarters (74.3%) of events and hospitality companies have lost more than half their event-based turnover during the coronavirus pandemic.
As part of C&IT's Impact of Coronavirus Report, we asked our audience 'What percentage of your event-based turnover do you think your company has lost due to coronavirus?'
The results show the terrible financial blow being dealt to the events and hospitality industries by the outbreak of COVID-19.
The most-selected answer, chosen by 26.5% of respondents, was that their company has lost 51-70% of event-based turnover during this time. A further 25.5% said their company had lost between 71-90%, with 22.2% saying they had lost 91-100% of turnover.
Those who have managed to lose less than half their event-based turnover are very much in the minority, with 16.8% saying their company had lost 21-50%. And just 8.9% of respondents said their company had lost 0-20% of its event-based turnover.
More than half (54%) of the respondents to the C&IT survey work for events companies, with the rest of respondents a fairly even split between hotels, venues, industry suppliers and corporates.
The events industry was one of the first to be hit hard by coronavirus, with event cancellations gathering pace in February, long before countries started implementing lockdowns and social distancing measures.
By mid-March, very few live events were taking place at all, with the UK entering national lockdown on 23 March, joining European neighbours Italy whose lockdown had begun on 9 March and Spain, which went into national lockdown on 14 March.
A recent poll (at Global Meeting Industry Day) found that Just over a quarter of event professionals believe live events could return by September and 92% think they will happen again before 2021. So while it may be some time before live events are back on the agenda, the pervading feeling is that there is light at the end of the tunnel.
You can find the Impact of Coronavirus Report hub here.
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