by Freedonia Industry Studies
March 9, 2020
A growing number of major conferences, conventions, and other events are being canceled as the coronavirus outbreak spreads. A few major tech conferences – such as Google’s I/O developer event – are moving to digital-only formats and canceling the in-person side.
Conference and other event organizers will lose out both on the planned income and – most likely – any money already spent on developing and promoting the event, since most are refunding tickets and admissions. Those who had planned to attend these conferences and conventions will suffer from reduced chances to network, collaborate, make sales, and learn about new products and processes.
Such cancellations have a broader economic impact in host cities, as businesses from hotels and restaurants to local event planners and transportation providers lose revenue opportunities. Cities will also lose out on the bump in tourist activity and the resulting exposure of business people traveling to their city. Organizers of South by Southwest say Austin area businesses took in $335.9 million in business associated with the 2019 edition of the event.
Even when events do take place, attendance will be down given how many major companies are barring or sharply curtailing business travel. Meeting Professionals International, and industry association, is providing additional guidance for planners and suppliers in this changing business environment.
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