With Trade Shows on Hold, Virtual Events Have Their Moment

The COVID-19 pandemic has meant sudden disruption for trade show and conference organizers, and its impacts are likely to persist long after the country reopens for business. Based on a survey of 164 executives, new data from the Center for Exhibition Industry Research sheds some light on how B2B events organizers are responding to the crisis, and the extent to which they foresee it impacting their businesses in the second half of the year and beyond. Among U.S. trade shows originally planned to be held from March through June, CEIR found that only 42% have been rescheduled for later in 2020. Of those, nearly two-thirds of organizers predict they'll draw fewer attendees and fewer exhibitors at make-up events in the fall, leading to significant declines in revenue. August and September will be the most popular months for rescheduled events, the survey indicated, followed by October and November. Only 22% of respondents said they’re holding a rescheduled event in December. Of those who have had to cancel events, 69% said they're adding some sort of virtual offering to make up for it, with the most popular format being online educational sessions. Asked how they're responding in the interim, an overwhelming majority of respondents said they're cutting costs and lowering revenue projections. Sixteen percent said they've implemented pay cuts, impacting, on average, 10% of employees, while less than 10% said they've furloughed or laid off employees—although it's worth noting... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2020-04-30 04:58:00 UTC ]

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