72% of UK venues are forecasting a greater than 60% reduction in revenue
The Meetings Industry Association’s latest research has revealed that nearly three-quarters (72%) of UK venues are forecasting a greater than 60% reduction in revenue if social distancing restrictions remain at two metres.
The gathered business intelligence, which will feed directly into the Department for Digital, Culture, Media & Sport’s (DCMS) Visitor Economy Working Group, highlighted that 38% would break-even if restrictions were reduced to one metre, while 23% do not forecast to break-even in any scenario where restrictions are altered. By comparison, 35% of respondents stressed they would only break-even if social distancing restrictions were lifted in their entirety.
Jane Longhurst, chief executive of the mia, said: “This was a short-notice request, which meant responses had to be collected and collated at speed. As usual, our mia members and the wider industry responded brilliantly. Every response helps support our role in informing the government of our industry’s needs and any barriers to its continuity. It could make all the difference to our sector, so we really are grateful to all those who kindly contributed.”
The majority (95%) believe their productivity will be improved if the social distancing guidelines were reduced. To enable this to take effect, the majority (75%) highlighted a reduction to one metre would be required, while 21% said the restriction would need to be lifted in its entirety.
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