COVID-19 Impact Survey – UK Markets and Events
The NMTF has undertaken a major survey to understand the impact of COVID-19 (Coronavirus) on the businesses of market, street, and events traders in the UK.
Market and Street Traders
- Essential goods traders mainly work from outdoor markets (60%), followed by indoor markets (41%) and events (35%). Non-essential goods traders prefer indoor markets to outdoor markets.
- 33% of all market and street traders expect to receive no financial support from the government. 31% expect to make a successful claim through SEISS and 16% through Universal Credit.
- 80% of all market and street traders – selling both essential and non-essential goods – are not individually liable for any business rates on the market stall or unit that they trade from.
- 65% of market and street traders have been forced to close by the market or licensing authority – even traders selling essential goods. 35% reported their markets were open for business.
- 57% of market and street traders have received a waiver on their rent. 13% have been given a ‘payment holiday’ and continue to accrue charges. 30% of market traders are being charged as normal.
- 70% of market and street traders report turnover is down – most around £20k or less. Forecasts for this financial year are depressed. Between 8 to 16% expect to close their businesses permanently.
- Most events traders sell non-essential goods, such as: Speciality wares (21%); arts, crafts, and gifts (16%); clothing (10%); jewellery and watches (8%); and vintage goods (5%).
- 45% of events traders expect to receive no financial support from the government. 32% expect to make a successful claim through SEISS and 12% through Universal Credit.
- Unsurprisingly, the main sales channel for events traders is events (97%). 74% of events traders are not registered for VAT and 89% are not liable for businesses rates on any non-domestic property.
- 96% of events traders have had events cancelled and 82% have had events postponed. 48% have not had any booking fees returned due to events being cancelled.
- 68% of events traders did not have event cancellation insurance in place. Of those that did, not one respondent made a successful claim on any insurance policy for event cancellation.
- 78% of events traders report turnover is down – most over £20k. Forecasts for this financial year are depressed. 16% expect to close their businesses permanently.