Handshakes, Hugs, exchange of smiles, these are the soul of face-to-face meetings and events! But COVID 19 has challenged these very aspects! It has literally put a stop to in-person events since it emerged! While it has impacted several industries, one of the worst-hit is the event industry!
Social distancing and avoiding physical contact have become the norm since February 2020. This has not only impacted the event planning industry but related industries such as event venues, decorators, caterers, etc.
The losses suffered by all these industries have led to many event venues, caterers, etc. having to close down their businesses leading to unemployment of their staff.
Many event planning companies have also shut down during the past year due to the losses they faced as events came to a halt.
Let us dig a little deeper into why the event industry literally “collapsed” during the pandemic.
Ever since the pandemic started and lockdowns and other restrictions were imposed several major events have been postponed or even canceled. Some major events like the Olympics had to be indefinitely postponed. This has not only resulted in monetary losses but also affected the morale of participants who had been preparing for years for such events.
Although many event organizers have started hosting virtual events, unfortunately, events like marathons, etc. cannot be held virtually. Even those sporting events that have been hosted in stadiums could not attract too many people to the venue. This has adversely affected the income generated from them. The venues of several events have been shifted which has also impacted the number of attendees for the events.
Besides events that warrant international travel have been canceled. Events that have international guests require the guests to quarantine or get tested, etc. complicating the entire show.
Since physical events are not being hosted, there has been a massive retrenchment of staff across the globe in the event industry.
Virtual events are now being adopted as a fallback. However, they pose a different set of challenges. Conversion rates from online events are very low. Besides video conferencing tools have certain shortcomings that mar the overall event experience. But, as technology advances, we can expect these to be addressed.