the industry lost £ 57bn of value , a mammoth decline from its pre-pandemic value of £ 70bn .

But it isn ’ t just about the money . In the same period , we lost an incredible number of talented colleagues and businesses . To date , 17 % of event and exhibition businesses have permanently ceased and 126,000 people lost their jobs , resulting in a shortage of skilled staff , which is being felt across the entire sector .

Rebuilding events

As the entire industry began to navigate the great unknown , several initiatives and campaigns to support the industry and provide it with a united voice were born .

In July 2020 , One Industry One Voice , a coalition of events industry campaigns , associations and businesses , was launched . One Industry One Voice ensured strong alignment and more effective communication , championing awareness and financial support for

“ From March 2020 , overall event activity was down 95 % across the UK and we estimate that the industry lost £ 57bn of value , a mammoth decline from its pre-pandemic value of £ 70bn ”

the whole industry . Its objectives included co-ordination of campaign timings , consistency of data and statistics , alignment on communication to government and amplification of key messaging and mutual support to promote campaigns ’ activities .

While the industry campaigned for government support , organisations across the entire sector had to review their business models and look at ways to adapt in order to survive .

In the BVEP survey ( May 2021 ), 42 % of operators revealed they had changed their business model , diversified their offering or markets to a significant degree , with a further 52 % doing this to some extent . Only 7 % of respondents had not looked to diversify their business .

The biggest change for operators ( 32 %) was expanding their offering to virtual and hybrid events , which were a trend emerging before the pandemic .

Due to various lockdowns and restrictions , there was a pivot to virtual events . We believe that , based on the responses from the industr , hybrid events will continue to be a popular option post-pandemic , which will be reinforced by sustainability . Hybrid

will be part of the solution for the industry in its move to carbon neutrality .

Building back better

Whilst we are unsure what the industry will look like in two to three years ’ time , we do know that it will be different .

The pandemic has placed a renewed focus on sustainability . Survey respondents rated climate change as the primary longer-term challenge for the industry ( with 85 % identifying it as a challenge ).

Achieving carbon neutrality will be a considerable challenge . Less global events and localism may become a trend in the future . From a supply side , the industry will need to move to having a net zero carbon target – a process that has already started with initiatives like the Green Meeting accreditation , Tourism Declares , COP26 Event Sector Transformation , and the SME Climate Hub .

Looking forward , the events industry needs to work together to embrace change and the wider adoption of developing an overall carbon target . Collectively we navigated the pandemic and supported each other , let ’ s continue to work together and build back a better industry . CN