The coronavirus (or COVID-19) pandemic which first emerged in the Chinese city of Wuhan in late 2019 has gone on to affect millions of people, businesses, and entire industries across the world.
With many countries introducing lockdown measures that prohibit citizens from leaving their homes for many reasons, and preventing many businesses from operating, many industries have suffered huge financial losses. In this article, we look at some of the industries that have been worst affected by the coronavirus pandemic.
Retail and Hospitality
Due to social distancing measures that are recommended by the World Health Organization and implemented and enforced by governments in many countries, many stores, shopping malls, bars, and restaurants are legally prohibited from opening their doors to customers. Those that are permitted to open are suffering reduced income due to social distancing measures, meaning that a smaller number of patrons can be hosted at the same time.
However, many businesses have found somewhat of a solution to this issue — with focus and energy being redirected to online delivery, some businesses are managing to thrive.
Entertainment and the Arts
Although streaming services and movie sales have increased due to people’s increased amount of time spent in their homes, new productions have all but halted, and live theatre, music, dance, and comedy have been legally prohibited for the time being in many countries in an attempt to reduce crowds and slow the spread of the virus.
While some concert venues, art galleries, movie theatres, etc., have managed to stay afloat by streaming performances and content online, entertainment and the arts has received one of the most devastating blows of any industry.
Gambling and Amusements
With casinos and amusement arcades closed, and many places subject to strict regulations even before the pandemic, the gaming industry is in huge danger. However, this industry has been able to adapt more than many others to the “new normal”, with the already-huge online gambling industry growing rapidly. There are many sites offering games such as online pokies that have seen an uptick in users, and many land-based casinos are also seeing their business move to their online sites.
One of the first industries to halt operations after the start of the pandemic was the sports industry. Although many sporting competitions such as soccer leagues have now restarted operations worldwide (although some without crowds), many colossal sporting events, such as the 2020 Summer Olympics and the 2020 UEFA European Championship, have been postponed until 2021! The reduction in sporting events has also affected the gambling industry.
With all of the above industries dramatically declining, it is no surprise that tourism has been seriously affected by the pandemic. Even in places where borders have been closed and travel expressly forbidden, not many people are willing to risk catching or spreading the virus by traveling. Many airlines around the world are in real danger of going bankrupt and some are requesting financial assistance from their respective governments.