Latest research from the Meetings Industry Association (mia) 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.
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.
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 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.”
A copy of the report can be found here.