According to the Professional Convention Management Association, associations commit an average 35% of their yearly budgets to events, such as conferences, business meetings and trade shows. These major events help provide associations with the means to pay staff, promote stakeholders, lead communities, administer technical education and invest in essential tools and resources.
Association-sponsored events also fuel the hospitality sector, which employs roughly 15.7 million professionals. During the COVID-19 pandemic, 7 out of 10 jobs lost were in the hospitality sector. Furthermore, a survey conducted among associations by The ASAE Research Foundation in 2020, a year hit hard by the pandemic, found: fewer than 25% had event cancellation coverage, 52% laid off/furloughed staff and 64% reported budget loss of 25%-100% due to event cancellations.
Associations, event venues, hospitality providers and the millions of companies and employees they support need pandemic coverage for future event cancellation to protect jobs and our association community’s far-reaching economic impact.