Survey Highlights Economic Effect of COVID and Strategies for Future Events
Conferences, trade shows, seminars, and in-person training programs represent a significant portion of any association’s annual revenue. Of the 1,020 association executives responding to a mid-March Association Laboratory Inc. survey, 56% reported cancellation or postponement of a face-to-face meeting.
Other findings from respondents who canceled an event include:
- 65% lacked insurance that covered all incurred costs
- 30% carried no event insurance
- 65% fully refunded registration fees
- 25% fully refunded sponsorship funds
- 28% fully refunded exhibitor fees
The economic impact of COVID will mean budgetary and programmatic changes at their associations according to 73% of respondents. The changes include:
- 77% will reduce discretionary spending
- 72% will use reserves to cover lost revenue
- 91% will use virtual platforms for Board and other small face-to-face meetings
- 57% will increase investment in online education
- 53% will increase investment in virtual conferences
- 50% will increase hybrid events that allow attendees to participate in person or virtually
To see a copy of the full report that includes other event and marketing strategies associations anticipate for the future, go to the Association Laboratory website.