The survey was given to 500+ SMEs in events, from caterers to suppliers. Of the 503 businesses surveyed 61% said they will have ceased trading before March 2021 without any further Government support. The average lost revenue from bookings due to Covid-19 stands at £83,000.
The UK’s events industry is reported to be worth in excess of £70Bn, which is larger than the domestic tourism industry and hotel industry.
Digby Vollrath, co-founder and chief executive of Feast It, said: “The UK is globally renowned for events. From royal weddings to village fêtes, and from the world’s greatest music festivals to Europe’s largest Carnivals, throwing parties is in our blood.
“But without fast support we risk dismantling an industry that’s part of the beating heart of our national identity and all of the creativity, connections, and lifelong memories that go with it.
“While we appreciate there is an immediate need for our industry to play a part in saving lives, there is a very real danger there won’t be the businesses available to create future events and new memories when the world goes back to normal.”
The survey also tried to discover what businesses thought could solve the crisis. Over a third (35%) cited ‘a clear roadmap for how events will return’, 32% wanted to see the furlough scheme extended and 18% wanted the easing of lockdown restrictions for certain demographics.
The survey also revealed that 56% of supplies stated they were seeing lower than usual demands for events in 2021.
Adrian Luckie, founder of Mama’s Jerk- an events business that provides Jamaican-style catering, added: “Our incredible industry has effectively been banned. We've been given no clear direction on how we can make it through this crisis and all that we're looking for at this stage is clarity on how we can survive.”