Events and Festivals in Times of Uncertainty

Abstract

Purpose: This study reflects on the impact of COVID-19 on the event industry. It aims to deepen our understating about the importance of event industry from social and economic perspective and its fragile resilience to crisis such as global pandemic. Design/methodology/approach: The paper builds upon a literature review and analysis of potential exogenous variables of various event activities constituting the basis for building a classic econometric model. Findings: Based on the conducted research it is possible to indicate a need for further research in terms of more nuanced, perhaps case-study, country-specific elaboration, and implication of the model. Furthermore, the paper clearly shows that the event sector needs a significant a reconfiguration to achieve better sustainability in terms of unpredictable events. Practical implications: The study contributes to the literature by offering first of its kind analysis of potential losses due to coronavirus outbreak associated with events. The presented considerations go beyond the time and place of the event, putting a problem into a wider socioeconomic perspective. Originality value: The paper concludes by presentation of the resilience model for the event industry as well as a series of academic recommendations.