"The business meeting and events sector has been completely knocked off of its feet and decimated by the impacts of COVID-19." This is the latest conclusion from the Meetings Industry Association, according to the UK Venue Survey, presented on August 18, 2020.
Huge financial losses, largely not covered by insurance, have been borne by the industry, and although events are now allowed for up to 30 people at COVID-Secure venues, the first signs of recovery continue to be rather tenuous. The message of this survey in light of the findings is quite clear: government intervention in the UK is urgently needed, due to various evidenes such as the termination of many venues' furlough schemes and the difficulty of resuming business to pre-COVID levels.
MIA estimates there has been 126,000 total job losses to date, with catering, front-of-house and events/account managers being the roles most severely affected. Over a third of venues (34%) are reporting values between €1,000,000 and €5,600,000 for lost business as a result of COVID-19, with the average venue reporting this figure at €2,690,000. And the impact has gone much further than just the venues. Almost half (47%) have had to reduce, or request more flexible terms with their suppliers, while 7% are having to already source new ones because their regular pre-COVID-19 suppliers are no longer in operation.
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