A survey that was released to over 200 sample business within the UK night time events sector has revealed ‘significant findings’ on the outcome of the Covid-19 pandemic.
Survey respondents believed that following the night time economy and events (NTEE) sectors release from lockdown, 63.8% of businesses feel they will not be financially viable at for the first three months of re-engagement and will only be operating at approx. 40-43 % of capacity.
The average cost reported of re-engaging the marketplace following lockdown was over £31,000 to just restart businesses within the first three months, with nightclubs and suppliers costing over £50,000 to restart.
Over 70% of those within the night time industry have been furloughed, and it is predicted that 44.9% of the sector staff will not return to their roles. The Night Time Industry Association (NTIA) also received feedback from the Private Security Sector, which reported that over 60% of the workforce will not return to their NTEE roles following the pandemic, due to uncertainty within the sector. This will leave a huge hole in licensed security resource, with many concerned that skilled workers will have been lost amidst the lockdown, due to personal financial pressure and security. subsequently leaving the NTEE sector exposed.
93.8% of business owners and operators are concerned that the social distancing measures put in place to reduce the spread of the virus will ‘significantly reduce’ business capacity, where it will become financially unviable. Many realise that the social engagement business model and the spaces with which they operate will not work with proposed restrictions by the Government.
70.8% feel the battle with public perception and believe that ‘the current narrative that has been bestowed on the night time economy and events sector will have a lasting effect, until it is reversed by senior figures in government’.
The full results of the survey can be viewed here.