How Associations Can Weather the Pandemic-induced Storm
Few industries have been hit as hard as live events and travel
While the COVID-19 crisis continues to disrupt the realities of doing all types of business, from both economic and procedural standpoints, few industries have been hit as hard as live events and travel.
A $400 billion decline in travel spending around the country this year will translate into a total economic loss of $910 billion in economic output, the U.S. Travel Association estimates. The group’s recent study also revealed 40 percent of excess nationwide unemployment is in the sector, although it accounted for 11 percent of total employment prior to the pandemic.
Further, the American Society of Association Executives (ASAE) revealed grave survey data that showed many associations don’t have sufficient reserves to weather the pandemic without congressional action; 72 percent of respondents projected a loss up to half of their reserves.
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