Event industry on brink of collapse, says new research

Event businesses are under such immense pressure that they are now on the brink of collapse. That’s according to the Business Visits and Events Partnership (BVEP) following new research, co-ordinated by the Production Services Association.

With no sign of a roadmap to opening and with a lack of Government support, events professionals and event suppliers – having faced almost a year with no or little trading – are struggling.

In a major industry-wide survey, carried out at the end of last year, research found that 72 per cent of the 1,700 companies and freelancers surveyed, including those from BVEP partner organisations, reported that only approximately three to four months of liquidity was left.

The real damage in the industry is felt acutely by the freelance community, with more than 50 per cent now predicted to be receiving less than the minimum wage as they rely on work in the events sector for at least 80 per cent of their earnings.

To read the full article taken from the Stand Out magazine, please follow the link below.

Image: Unsplash

For more information visit https://standoutmagazine.co.uk/event-industry-on-brink-of-collapse-says-new-research/