The second of three rounds of surveys have been released by the UK DCMS, run simultaneously through its own stakeholder engagement channels (leading to 2,579 responses) and via a YouGov panel (a further 1,288 responses), to guage the impact of Coronavirus on businesses within its sector.
All businesses were assigned equal weight, regardless of turnover, size or industry.
The Events and Exhibitions and Tourism and Hospitality sectors headed almost every list in terms of numbers of respondents;
- almost half of both had accessed government support packages outside furloughing employees;
- they were two of the top three that had furloughed staff (58% and 57% respectively); and
- they were also the top two sectors reporting redundancies (29% and 28% respectively), and reducing staff hours (36% and 45%).
Other top line findings across all sectors were:
- 55% of all respondents reported that they only expected to be able to continue trading for six months or less;
- 75% of respondents reported revenue being less than half of normal expectations for this time of year;
- This was mostly a result of restrictions on opening (23%), cancellation of contracts (23%), and reduced spending from customers (18%);
- 65% of respondents have paused trading at some stage since March 2020;
- 10% of respondents reported permanently ceasing trading during the coronavirus outbreak.