Income from the top 25 mass participation fundraising events in the UK fell in 2017 to £135.5m, new figures from the event management firm Massive show.
The figures show that the there was a £4m fall in total income for the top 25 fundraising events, with eight events seeing falls in income in 2017.
It is only the second time the overall total has fallen since Massive began collating the figures in 2013.
The reduced total income was partly due to Cancer Research UK's Race for Life suffering a 20 per cent fall in income to £38m, as well as a £2m reduction for Macmillan Cancer Support's World’s Biggest Coffee Morning to £27.5m.
Income from Walk the Walk's Moonwalk event fell by £500,000 to £7.5m, according to the latest figures from Massive.
But the remaining 22 events saw an overall increase in income of 6 per cent, which Massive said could show an issue around long-standing fundraising events rather than a general loss of appetite for mass participation events.
Events that saw big increases in income included Kiltwalk, which grew by 200 per cent in 2017, and Cancer Research UK’s Walk All Over Cancer, which grew by 150 per cent.
The number of virtual events in the top 25 also declined from three in 2016 to just one – Walk All Over Cancer – which Massive said showed that virtual events might be struggling to maintain long-term audiences.
John Tasker, director of Massive, said: "The message we take from this is that above all else it is the quality of delivery that matters.
"Whether launching a new product or turning around a declining campaign, focusing on the core offer and clearly identifying and targeting the most relevant and valuable audiences are the key to delivering success."