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Fifty-four percent of planners responding to the most recent survey said they are planning to redesign an entire existing face-to-face event for a digital platform in the next three months. (Gabriel Benois on Unsplash)
A few things stood out in the fourth COVID-19 Recovery Dashboard survey in which 515 business event professionals and 240 suppliers shared how they’re 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, 5 percent more planners than in the May 4-7 survey (32 percent) anticipated that revenues would drop in the 51-75 percent range; 11 percent more suppliers (73 percent) said declines would be greater than 75 percent. For the remainder of 2020, 7 percent more planners expected that revenues would fall by more than half to three- quarters; 11 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. Which we’ll take as a positive: Perhaps it’s getting easier to picture what shape the industry’s recovery will take.
See what respondents had to say by clicking the button below for your own copy of the results. Going forward, surveys will be conducted once a month.