The organisers of Marton's Market Day have given up having a 2021 event, citing Covid-induced uncertainty.
The event, which typically sees thousands turn up in the Rangitīkei town, is one of the most significant days of the year for the local economy.
Last year's event saw over 200 stallholders, making it one of the country's largest markets, organisers said.
But questions were raised about the viability of this year's event, set to take place on November 27, after the community group tasked with organising local events folded in July, citing a lack of funding and volunteers.
Rangitīkei Mayor Andy Watson said a new group would eventually be established to replace Project Marton, but the council would pick up the responsibility of organising events such as the market day for the time being.
But those plans were scuppered last week, with the council announcing the event would not go ahead, just over a month out from taking place.
"The current regulations set by the Government for events such as this means level 1 is the only one that we would be able to continue safely," the council said in a statement.
"While the Government has signalled that new regulations are being developed, which may allow events to continue at various alert levels, they are not yet in place to give us and stallholders sufficient confidence and time to invest in Marton Market Day 2021."
The cancellation of this year's event marks yet another in the district affected by the pandemic, including the Hunterville Shemozzle and Marton Country Music Festival which were cancelled after the severity of the Delta outbreak became clear.
"It's one in a series of losses for the Rangitīkei," Mayor Andy Watson said. "Our district is known for hosting amazing events, and these put money through local tills."
Watson said Marton Market Day typically brings "into the hundreds of thousands of dollars" worth of revenue into the town.
"Market Day attracts vendors from all over the country, and it's previously been run incredibly well."