A few things stood out in the latest COVID-19 Recovery Dashboard survey in which 515 business event professionals and 240 suppliers shared how they are envisioning and planning for the future. As the pandemic wears on and no clear plan for reopening the economy materializes, the business events community seems to be bracing for a more severe and lasting hit.
Looking ahead over the next three months, five percent more planners than in the May 4th – 7th survey (32 percent) anticipated that revenues would drop in the 51 – 75 percent range. Eleven percent more suppliers (73 percent) said declines would be greater than 75 percent. For the remainder of 2020, seven percent more planners expected that revenues would fall by more than half to three-quarters. Eleven percent more suppliers said revenues would be off by more than 75 percent. Five percent more suppliers were also anticipating earnings decreases into 2021 of 51 – 75 percent.
At the same time, more planners and suppliers are visualizing a scenario in which small, regional events will lead the way first compared to responses in previous weeks.
How is COVID-19 Changing the Business Events Industry? (PCMA survey)