9 Worst Hit Industries in the COVID-19 Outbreak
The outbreak has hit everyone on the planet in some way or another, bringing jobs, markets and entire countries to a standstill across the globe. Everyone is being forced to adapt and rethink strategies and projects to remain financially and physically relevant during the outbreak and once lockdowns have been resolved.
Of course, certain industries have survived better than others given how they operate normally and how they are able to reinvent themselves to work more digitally and efficiently in the new world of remote working and minimal physical contact. Therefore, here are the 9 worst hit industries in the COVID-19 outbreak.
Those in full time employment will already have questions about how they will work from home or, if that is not possible, if they will have jobs to return to once the outbreak has passed. Businesses will obviously be focused on retaining the staff they have, meaning that contractors, freelancers and the self-employed will have seen their job opportunities stall in recent weeks, leading some to seek out government schemes and grants to survive the next few months.
As the number of cases across the globe increases, much conversation began around the cancellation of mass gatherings, leading to almost all of the world’s sporting organisations suspending operations until further notice. Weekends became empty and major events such as the Grand National, Euro 2020, Wimbledon and the Summer Olympics & Paralympics in Tokyo announced that they would be cancelled or rearranged for 2021.
From mid to late March the majority of schools, colleges and universities have closed their physical doors leading to the need for home-schooling and digital learning. While these techniques we sustain most, for those coming up to important examinations, the pressure is on to find ways to invigilate official tests in a way that is fair for all. And if the crisis should continue into the summer, many universities may struggle with recruitment of new students.
Several countries are currently experiencing the largest numbers of unemployment in their history with a lock on the majority of organisations job searching at all. So for those in long term unemployment, plus those who will have lost their jobs through business closures, these truly are troubling times and governments strive to provide everyone with resources and financial security in these hard times.
If there was any doubt whether your business needs to become more digitally minded, COVID-19 has truly hit the point home for many. With lockdowns meaning less people are visiting town and city centres or using public transportation, physical advertising is becoming more and more redundant by the day, meaning that organisations will need to refocus their efforts into more virtual mediums to remain in the public eye.
International restrictions on travel and crossing borders have meant that many cruise lines, airlines and travel agents have been forced to cancel trips and suspend thousands of employees with people’s plans being put on hold or rearranged and monitored on a weekly basis, leading to floods of people taking to call centres and helplines for information as senior executives scramble for answers.
While mobility giants Uber were regarded as revolutionary some years ago for their business model and practices, they have seen a massive drop in share price performance in 2020 as a result of COVID-19 outbreak halting most of their popular operations across the world. Much like all industries, the need to reinvent once again is therefore high priority for the sector.
2) Real estate/car sales
With people being laid off, put on furlough to survive on the bare minimum or working from home and saving money commuting and travelling, there is little interest in major purchases with people content to hold on to what savings they have and ride out the storm. This has led to a major slow down in the real estate market, with lenders suspending new applications, as well as the car industry, which has seen many factories stop production indefinitely.
As of Friday 20th March in the UK, all sit down pubs and restaurants have been forced to close their doors for the foreseeable future their staff with no means of earning besides what their company can afford. Many fast food restaurants followed suit soon after and while takeaway delivery places remain open, the majority of people in the food industry have been left sitting idle with many closing permanently already and more potentially to come.
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