Skip to content
Articles

Is ‘Virtual’ the New ‘Reality’ For the Events Industry??

Article by Amy O’Connor, Wendy Sealy. Published December 13, 2021.

Amy O’Connor1, Wendy Sealy1

1University of Chichester, UK

Open AccessPeer Reviewed

Is ‘Virtual’ the New ‘Reality’ For the Events Industry??

PDF

Abstract

The corona virus (covid-19) has had an unprecedented impact on the tourism, events, and hospitality industries. To date the direct and indirect cumulative economic impacts are still unknown and will be difficult to quantify. As of March 2020, the events industry had already lost £10 bn due to the restrictions imposed by the pandemic (UFI, 2020). Event industry revenues for 2020 represented only 28% of the revenues recorded in the previous year. 52% of companies faced reduced profits and 30% of businesses recorded a loss of more than 50% (UFI, 2021). Furthermore, 17% of event and exhibition businesses permanently ceased trading during 2020 and 126,000 jobs were lost during the same period (Conference-News, 2020). Covid-19 has irrupted the events industry resulting in businesses adapting and innovating to survive.

Keywords: Corona Virus, Impacts, Tourism, Events, Hospitality, Business Innovation

Article Details

Journal
Journal On Tourism & Sustainability
Issue
Volume 5, Issue 1, 2021
Section
Articles
Pages
Published
December 13, 2021
Canonical URL
https://otsjournal.org/article/is-virtual-the-new-reality-for-the-events-industry

References

    Articles are published under the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, sharing, adaptation, distribution, and reproduction in any medium or format, provided appropriate credit is given to the original author(s) and source, a link to the licence is provided, and changes are indicated.

    APCs: Scholardemia journals do not charge article processing charges (APCs).
    Copyright: © 2021 OTS Academy