The 4 Industries Most Affected by Coronavirus
How has the coronavirus changed your life? There are now over 2,700,000 confirmed cases of COVID-19 across the globe and, still no certainty around how the cases will increase in future months.
As a consequence of this our economy has received a sudden and drastic blow. Even more severe than the goal financial crisis of 2008. Luckily, not every industry has suffered the same fate. certain industries have escaped with very little economical damage, while on the other hand, many have been brought to their knees by this unforgiving virus.
After analysing the statics available to us at this time we have been able to collate the most affected industries. With more than half of the jobs in the UK at risk, it’s crucial that we understand what industries are at most risk to we can work to protect them.
A holiday from hell. The only way to describe the experiences British tourists faced when their flights home got cancelled. As the coronavirus pandemic unfolded, the restrictions on travel became tighter, leaving thousands of tourists stranded on holiday.
As the UK government is calling on people to avoid travelling at all unless essential, we saw the tourism industry almost crash overnight. It is estimated that global airlines could lose no less than $113 billion in sales if the virus continues to spread, leaving jobs and the survival of our largest airline brands at great risk.
It was not just the UK’s decisions that have lead to this catastrophic impact on the tourism industry. Countries such as Australia, Bulgaria, Croatia and Cyprus have outright banned the entry of UK travellers, crippling the destinations that heavily rely on tourism a source of income.
Hospitality and leisure
Our beloved hospitality and leisure facilities such as cafes, pubs and gyms have been brought to a standstill, at the mercy of the coronavirus pandemic. A part of our daily routine, the hospitality and leisure industry provided us with a place to relax and enjoy our spare time. Without it we have seen the nation’s mental health reach an all-time low.
With air travel market losing nearly 40 per cent of its travellers worldwide, we have witnessed a full shutdown of the hospitality industry. The combined effect of the travel restrictions and government guidance on social distancing has resulted in the postponement or cancellation of many high profile events such as the 2020 Summer Olympics and the Eurovision Song Contest 2020.
Television audiences are up but we’re running out of new shows! The entertainment industry isn’t all about an audience. There is actually a huge dependency on advertisement, and when TV advertising is down 40%, speculation begins to arise on how the industry will cope during these uncertain times.
Popular soaps such as EastEnders and Coronation Street are already cutting the number of episodes they screen, with the goal of ensuring pre-filmed material doesn’t run out. ITV has even delayed the filming of the popular show Love Island, eliminating potential advertisement opportunities, disappointing both fans of the show and brands looking to increase their exposure through TV advertisement.
We arrange over 3,000 Professional Indemnity policies for our clients
We are team of 10 experts
Specialists in helping New Start Up Practices
Professional Indemnity Insurance
The high street
The high street has been brought to its knees. Stores are forced to close their shutters as the government advises that travel should only be for exercise or essential purposes. With falling high street sales and increased online competition, some retailers were struggling before the coronavirus pandemic began.
Earlier this month, Debenhams appointed administrators, a shock to many high street dependent stores. To survive, the retail industry must adapt rapidly and take to the internet as their new source of income.
Although our high streets seem to be derelict, the retail industry still continues to operate behind close doors. As e-commerce websites become the norm, we have seen the UK online retail sales rise by 22% which is exactly what the industry needs to survive. Times are still very uncertain but with the support of the internet, there may just be light at the end of the tunnel.