Living With Covid-19 and the Impact on the Events Industry – How Do We Adapt?
We are currently living in lockdown and through unprecedented times brought about by the Coronavirus pandemic. As this spread rapidly accelerated from March, the events industry experienced the unprecedented cancellation of ALL exhibitions and events scheduled up June. One by one like a ripple effect, venues and companies cancelled their events – suppliers were unpaid and people were forced out of work.
This situation has hit all industries and areas of the economy, but as a sector that depends on large gatherings of peoples how will the events industry change and survive? Here are some points to consider:
As events are tentatively planned for 2021, organisers will now have to seriously discuss and prepare for the likelihood of another pandemic or second wave of Covid-19. Safeguarding will become a priority and cancellation terms will need to be reconsidered to accommodate these damaging global events.
A Rise in Insurance Costs
Historically, our sector has always had appropriate levels of insurance cover, however only a small percentage have had sufficient insurance to cover twelve months of severe disruption. Companies will demand adequate cover for future events leading to a rise in insurance premiums and costs.
Track and Trace Technology
With all the discussion of contact tracing apps in the news lately, there is a strong chance that until a vaccine can be widely administered some kind of track and trace technology will be required to ensure the safety of event participants. How and when this will happen is still yet to be seen, but it will be hugely important to reassure both event/exhibition organisers and individuals attending a mass gathering.
Spike in Demand
It is difficult to predict how the industry will act once all the lockdown restrictions have eased, though it is positive to note that most venues are already booked up after summer. We all want life to return to normal quickly, but everyone’s health and safety will be paramount.
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