UK venues have already lost £117m of business due to Omicron

New research from the mia (Meetings Industry Association) has revealed the extent of event cancellations and postponements as a result of the Omicron Covid-19 variant.

In its latest survey of 222 organisations serving the events industry, including venues, hotels, suppliers and event agents, the association estimates that UK venues have already lost over £117m of business since the government announcement on December 8th.

With 9 in 10 organisations having suffered from event cancellations as an implication of the Omicron variant, averaging a value of £57,851 per organisation, business confidence across the supply chain has been severely depleted, stalling the industry’s recovery once more.

During a period in which many organisations are reliant on vital revenue, large-scale postponements have also hindered the industry’s recovery, with the total value of postponed venue business estimated to value £86.8m to date. Of these postponements, more than a third of organisations spanning the events supply chain are yet to understand when these events will now take place, challenging 2022 plans, resources and already strict budgets. 

While events from Q2 2022 onwards remain largely unimpacted as of yet, many organisations will be entering the new year with caution as they await decisions on further delays and cancellations directed by media reports, government announcements and their ongoing influence on business confidence and bookings. 

The latest challenges facing the industry comes at a time when almost two-thirds are reportedly understaffed, with the average organisation operating at 84% of its required resource. 

Kerrin MacPhie, chief executive of the mia, said: “During the government’s announcement on Wednesday 8 December and the introduction of Plan B we were immediately aware of the impact this would have upon the events industry. We recognise that these challenges don’t just impact venues and suppliers, but a magnitude of complimentary organisations that serve the successful delivery of events, almost all of whom will now urgently be reevaluating their recovery plans. 

“It is our ongoing duty to ensure that we maintain close communication with the Department for Digital, Media, Culture and Sport (DCMS) to find solutions, drive interventions and gain support. We will be sharing our latest findings with government and will continue to address the needs of the industry, and we hope that in doing so we can enter 2022 with a clearer vision to get the industry back on its road to recovery.”

To view the full research report, visit https://www.mia-uk.org/COVID-19-Recent-Industry-Findings