As the coronavirus (COVID-19) situation develops, our industry is facing an unprecedented time of risk and uncertainty. Many organizations are postponing events. Many are cancelling. And many more are considering moving their events online.
But how are event planners making these critical decisions? What are some of the latest trends around virtual events? What other challenges are organizers facing as a result of the outbreak? And how are they spending their time working from home?
Related reading: What event planners need to know about Coronavirus
New Research Shows Majority of Events Cancelled or Postponed
A new research study has found that 72% of events have been cancelled or postponed – with many rescheduled to autumn/fall this year.
With feedback from more than 550+ event planners, the results also show 50% are moving their events online – with the majority opting for smaller-scale events with streamed sessions, virtual attendee engagement and networking.
The research study, titled ‘The Impact of Coronavirus on Meetings & Events’ was conducted by Eventsforce in April 2020 and is based on the views of 550+ event professionals based in the U.S. and the UK, representing corporates, associations, government and educational institutions, PCOs and event management agencies.
Other highlights include:
- Almost half of organizers (45%) have postponed their events – while another 27% have cancelled
- Only 5% of organizers postponing events have rescheduled to Summer 2020 – majority have rescheduled to the second half of the year
- Top 3 challenges organizers currently face: Planning things in a fluid environment, deciding whether to cancel, postpone or shift to virtual and changing contracts terms with suppliers/sponsors/exhibitors
- Nearly 1 in 3 (30%) are also having to deal with long-term financial loss and job cuts
- 20% are NOT moving their events online – difficulties in replicating events to virtual models is top concern
- Of those making the move to virtual, only 24% are moving the entire in-person event experience online.
- Organizers now have more time on their hands – main focus on personal development and improving planning and marketing activities
For a more comprehensive look at the results, check out the infographic below:
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