(STL.News) Everyone has had their lives impacted in some way by coronavirus. Some people have lost business or been made redundant; others are learning how to remotely run a company from
their dining room table; meanwhile, frontline workers are filling in more hours than they ever have done before. But what industries have been most affected by the global pandemic? Who is losing business and who is gaining business from the outbreak? We’re going to be exploring that question within this article.
The Travel Industry
The global pandemic has resulted in many countries across the world closing their borders to hinder the progress of the virus. As a result, travel companies have been massively impacted, because their operations have been forced to a standstill. Tourists have been stranded in foreign countries; flights have been cancelled so need refunding; airlines like Flybe have collapsed. Following on from this, people have become more fearful of travelling. This means it could take years for the airline industry to recover from coronavirus. However, it has been projected that once country borders reopen and the world steadies itself, there could be a spike in travelling, as people are desperate for their freedom after lockdown – not to mention all those cancelled holidays!
The Technology Industry
Moving on from the doom and gloom of the travel sector, the technology and engineering industries have been booming since lockdown. There has been an increase in demand for computers and the like because people are having to shift to remote working, relying on software and electronics to keep their business running. Moreover, equipment like ventilators is in higher demand as they’re needed for saving those afflicted with the virus, making their manufacture essential. As such, these industries have started to attract funding, as people are wanting to invest whilst also partaking in an act of philanthropy. For instance, UK-based investor Tej Kohli launched a science centre in April 2020 to develop a genetic vaccine for COVID-19, while Ben Rogoff has invested in automated manufacturing to help factories struggling to operate because of the social distancing regulations in place.
Lockdown resulted in all restaurants and retail stores closing their doors back in March. Resultantly, these businesses haven’t been making any profit for several months, but they’ve still been paying extortionate amounts in overheads i.e. rent for their business premises. Furthermore, production and distribution of stock have been massively impacted by travel restrictions and social distancing regulations. Therefore, hundreds of shops and restaurants are having to close because they can no longer feasibly run a business without any income, nor stock and supplies.
Online Shopping and Shipping
All is not lost for retail. While currently, people do have less disposable income, online shopping is still popular. Resultantly, retail has formed a symbiotic relationship with the postal industry, leaning both are being bolstered by the pandemic. Those are some of the industries that have most impacted by coronavirus. Whilst there are negatives, there are positives, too. New industries are bound to arise with the beginning of the post-COVID-19 age.