New Data Suggests that ticket buyers are supporting the event industry through the COVID-19 crisis by declining refunds, fresh data reveals.
Amid the COVID-19 lockdown event payment platform TicketCo developed new functionality to enable event organisers to offer vouchers and waiver options as alternatives to refunds. And the first full week of data has revealed a third of event goers accepted vouchers or waived the money in support of organisers.
Carl-Erik Michalsen Moberg, TicketCo co-founder said: “We sincerely hoped our waiver and voucher features would be chosen by some in support of event organisers and the response from the market so far has been positive. One week of data is not much to build solid statistics on, but encouragingly it demonstrates the strength of goodwill that exists in the event industry that we had to share. It’s a truly uplifting show of support.”
TicketCo invested R&D resource into creating new functions for event organisers to manage postponements and cancellations. It created an automated system to manage high volumes of cancellations and to offer ticket buyers three options – to forgo the fee in favour of the organisers, accept a voucher to the value of the original spend, or take a refund.
In the UK 32% chose a voucher, 2.5% chose to forgo their money and 66% took refunds. In Norway 20% of ticket buyers chose to forgo their money, 15% selected a voucher and 65% requested refunds.
“The impact will make a real difference to event organisers,” said Mr Moberg. “This proves organisers and ticket buyers are close and the connections are strong. It’s clear ticket buyers where they can want to help their favoured organisers through this crisis. To accept a voucher, or simply forgo the money is a truly generous gesture.”