How Pandemic brought Disruptions in the Industry: What's the future of Event Industry?

COVID-19 has impacted the world order like nothing ever did; the world which was pacing fast has come to a screeching halt. Sudden brakes were crucial to curb the increasing pandemic cases. 

And here we all are confined in our home, trying to cling onto whatever work we all can execute from home.

The global economy has also been severely affected, with millions of people threatened by the future leading to the massive job cuts and closing of businesses.

“According to the reports, the global economy will contract at least 4 percent this year - one of the deepest global recession in decades. All thanks to the economic shutdowns to contain this outbreak, which impacted various businesses and industries.” 

One of the worst affected industries from this catastrophe is the Event Industry. The business has come down by quite a percent and there seems to be no respite in the near future. The corporate sector is severely hurt, and we may witness massive cost-cutting exercises. Even when things return to normalcy, people might be scared to congregate in large numbers.

So, how does the future of Event Industry pan out from here?

We believe that it might seem catastrophic for now, but things will improve eventually, economies will accelerate again, jobs will flourish, and the world will be back to its feet. The only worrying part is how much time this revamping will take, a few months, a year?

NOBODY KNOWS.

Stagnancy means death! Growth is the only thing that keeps humanity going, this period might create an impression of a long halt, but this shall pass.

What is crucial now for all of us is to bestow faith in the industry and government; now is the time to push the hardest.

Because, how hard we push now, will determine the time it would take to return to normalcy.

Meanwhile, economists have long-predicted massive growths in the 21st century; but Coronavirus has definitely put everything to a standstill for the time being.

Take China as a reference, which received the first jolt from COVID-19, and within four months China is back on its feet. The industries are producing, markets are blooming, and normalcy has returned.

Economists and researchers believe that the global economy will follow the same pattern and will begin accelerating probably in a couple of months.

We at AVS India are equally impacted by the current scenario; however, we have embraced ourselves with Future-Ready Solutions with services like Digital Marketing, Creative Campaign, and other web-based services. We are already catering to 10 Brands digitally by creating experiential digital campaigns for them. AVS India has always believed in creating meaningful experiences, and now one can observe a massive spurt in the number of brands realizing the importance of Digitalization. AVS India is enabling brands to continue with the same ferocity albeit in a digital medium. We are closely monitoring the situation and are in contact with Brands and associates to determine the future of the Event Industry.

With opening the doors to opportunities like Virtual Events, we are assisting those in need and trying our bit to infuse confidence in the industry. Momentarily, the new normal may be the Phygital events, but we believe that in the long run, physical events will thrive again when normalcy returns.

Check out Future-Ready Solutions by AVS to lead businesses through this crisis.