The FTSE 100 plunged nearly 11% on March 12th - the worst fall since Black Monday in October 1987. The turmoil came as a result of President Trump’s decision to implement a travel ban for most of Europe to the States
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This week, we were able to use our AI Analyst, Ipiphany, to measure the impact of COVID-19 on the New Zealand events industry and gather valuable insights that the Government is using to assess additional income support.
Last week, the New Zealand Events Association (NZEA) ran a survey to gauge the size of the effect COVID-19 had on the events industry. The information gathered was prior to the banning of indoor events with over 100 guests, and the more recent announcement of New Zealand’s shift to essential services, so the results are in reality much more severe.
Ipiphany analyses raw text data like comments, social interaction, and feedback to quickly give you a complete view, uncovering insights that could take weeks or months to sift through manually. Ipiphany plays the role of AI analyst: uncovering granular, unbiased results at lighting speed and any scale.
We used Ipiphany to analyse the survey results and provide a comprehensive view of the key points that events professionals were most concerned about. Instead of analysing just a small sample of the results, NZEA was able to gather clear results from all their data and provide a quick and comprehensive view of the impact the virus has had so far. This information has been submitted to the Government for use in planning economic relief packages for events industry professionals.
- Over 3000 events have been cancelled so far, with a further 994 postponed indefinitely and an estimated 10,873 to be determined in the next six months. The survey closed before Thursday's banning of indoor events over 100pax and today's announcement of lifting the COVID-19 alert status to level 3, so this number will only increase.
- 1377 full-time equivalents are already lost or projected to be lost from the sector in the coming months.
- The sector is most concerned about retaining staff, meeting overhead costs, and the skills and supply gap post-COVID-19 that will impact not only on sector incomes, but on the ability of the sector to aid NZ's economic and social recovery.
- Event professionals are asking for additional targeted support from the Government in the form of tax relief, further wage assistance and help with overhead costs to be able to stay in business.
If you have COVID-19 data or other survey or feedback results to analyse, send us a message today to see how Ipiphany and the team at Touchpoint Group can help you get valuable insights from your data.
View the entire press release here.