In accordance with stats that were seen in the Scottish Association Survey’s report, the Scottish economy gains roughly £217 million+ per year in revenue from business events alone. It was estimated that in 2020, the amount would grow to an unprecedented number, but things changed since the pandemic broke out. Now that the economy has reopened to a degree again, all associated sectors, as well as the local government, have high hopes. Most agree that the popularity of Scotland as a place for conducting business events will still play a big role in rebuilding the Scottish economy.
The Popularity of Scotland as an International Venue for Business Events
It must be noted that Scotland is considered to be one of the most popular locations for business and associated events, both nationally and internationally. Considering the fact that international events cover nearly half (47%) the number, it was a huge loss for Scotland when international travel ceased completely and globally during lockdown.
Now that international travel is being allowed to some extent, everyone connected to the sector would be hoping to see better days very soon. In fact, event production company KTS is already reporting improvements in business around Scotland, as well as the UK in general. With diversification and comprehensive service in focus, the event production company has now opened for clients looking to conduct business events in Scotland, or in any other prospective international location.
How Will the Loss in Revenue Impact Scotland?
As far as the forecasts are concerned, it is probable that Scotland is over the worst in terms of pandemic and quarantine induced financial losses. Although there is no telling how the disease itself will continue to affect business on a global and national basis, the United Kingdom is now better prepared to face Covid-19, without having to cease the economy completely like before. This is not to state that revenues already lost on account of the pandemic are not huge, because they will put a significant dent in the Scottish economy all the same.
In comparison to how the sector went completely silent a few months ago though, the popularity of business events in Scotland is most definitely resurging once again. With proper precautions in place to limit and prevent the spreading of the disease, it is hoped that corporate, political and private events will contribute quite heavily towards rebuilding the Scottish economy, throughout the remaining months of 2020.
Looking at 2021
Speculations point towards the fact that post-vaccination, 2021 is going to be big for the events business in general. Not only will there be an obvious surge in national and international business events, but that surge will likely eclipse any impressive revenue figures from before. This is expected to be true for Scottish tourism in general, which most certainly holds the theoretical potential to rebuild the national economy. However, such predictions hinge on a lot of assumptions, at the centre of which is the assumption that most people will be vaccinated in 2021.
It is true that the economy in general can only improve from this point onwards, but it is still too early to consider 2021 as the year that will to wipe off all losses incurred in 2020. Rather, it should be treated more as a middling year, where financial rebuilding will gain more stability. Experts are of the opinion that 2022 is likely to be the better year, as almost everyone in the UK and perhaps the greater world will be vaccinated by then. At that point, economic recovery and compensating profits can indeed be expected.