Three weeks ago, we took a survey of meeting professionals (planners and suppliers) to gauge the concern related to the novel coronavirus that causes COVID-19 and its impact on the meeting and event industry. (You can see those complete results here.)
This week, we wrapped a subsequent survey specific to the experiences and opinions of industry suppliers re: the impact of this virus. In the field between March 3-5, the survey had 217 respondents. Here’s what we found.
Have you experienced any cancellations due to the novel coronavirus?
Notably, in mid-February, 80% of respondents said their meetings/events had not been affected by the virus. This time around, we specifically asked about cancellations and 73% of suppliers said they have encountered these as a result of the virus.
How do you think the novel coronavirus will affect your business this year?
Here, we see that 65% of suppliers expect less business in 2020 thanks for the novel coronavirus; 26% believe they’ll have more business as a result.
How concerned are you about the impact of the novel coronavirus on your business?
A total 95% of suppliers are concerned about the business impact of the novel coronavirus. Last month, 90% of meeting professionals were concerned.
How long do you anticipate the novel coronavirus will impact the meeting/event industry?
Understanding that most industry suppliers aren’t virology futurists, we still sought to hear opinions on the anticipated duration of the virus’ impact on meetings and events.
Most notably, 70% of respondents believe our industry will be affected for 1-6 months; 3% think it’ll be wrapped up in April; 15% believe its impact will stick around at least through the end of 2020.
How has your sales strategy adapted due to the novel coronavirus?
Yes, 49% of suppliers indicate their sales strategies have not changed as a result of the novel coronavirus. However, that means more than half of all respondents are changing their sales strategies.
