In mid-March, we conducted a survey to understand the extent of the impact COVID-19 has had on the hospitality industry. We also asked how the industry is responding to these changes.
We gathered over 850 responses, mostly those in catering and also those working in events, country clubs, restaurants, and hotels. Here's a summary of their responses.
With nearly all gatherings canceled, most respondents had to react quickly to the sudden cash-flow crunch.
Oh, what we would give to have a crystal ball! Overall, businesses are cautious about the turnaround time, with 40% of respondents believe it'll take longer than six months to get business 'back as usual.'
Understandably, much of this hinges on external environmental factors. Currently, about 20% of respondents don't know how long it'll take to be business as usual again.
Given uncertain expectations, businesses are planning for significant declines in revenue this year. 70% of respondents report expecting losses > 75%. On average, businesses are losing $500K in revenue, with a maximum report of $15M in revenue losses.
Luckily, businesses aren't seeing all of their upcoming events gone. 79% of respondents report postponing events, with 20% seeing mostly postponements. A survey conducted by WeddingPro also found that 96% of people are postponing weddings with the vendor.
We asked how people plan to use their time while waiting for events to pick up again and received a range of responses. We've grouped the feedback into 3 main categories:
People shared they're spending time on their or their team's professional development. Respondents shared getting their CPCE or CMP certification, completing their MBA, or dedicating more time to reading and online learning.
Free training through April 30, 2020
With that in mind, many cited local associations are actively offering new educational content. Join an adjacent industry -- you may get some fresh ideas from them.
Check these out:
Respondents also cited these sites for vital COVID-19 related information
Several respondents included plans to diversify revenue streams, both for their business and for themselves personally.
The majority of respondents included some meal plan or delivery service. Respondents are also exploring selling:
Need a bit of inspiration? Check out what others are doing
Lastly, many are taking the time to care for their business and themselves. This includes
Have more ideas on where to invest your time? Please add your comment below.
