5 Industries That Will Be Most Affected by COVID-19

The COVID-19 pandemic has affected millions of people worldwide. The virus is spreading across all corners of the world taking measures against it is a must. Unfortunately, this means people have to stay at home and some businesses are forced to close temporarily.

Industries That Will Be Most Affected by COVID-19

Image Courtesy: The Federal

As a result, some industries will suffer massive blows and it might take years for them to recover. Some, on the other hand, will perform well during and after the crisis is over. But what are the sectors that will be most affected by the coronavirus pandemic? Read on to find out.

Tourism

Let’s start with the most obvious one. There were some hopes that the situation will start to improve during summer but things don’t look too bright at the moment. As a result, people have to cancel their plans for the summer. For many, this means canceling hotel reservations they made before the pandemic started.

With so many people being forced to do this, it’s natural that the tourism industry is going to suffer. According to some reports, global airlines could lose as much as $113 billion in sales in the pandemic continues.

Most summer resorts went through lockdowns and even those that are open can’t expect many tourists to show up. The latest reports also show that the tourism economy is set to suffer a 60-80 percent decline in 2020.

Sports

Another industry that’s doing poorly due to the coronavirus pandemic industry is the sports industry. Most sports events have already been either postponed or canceled completely. For example, the 2020 Summer Olympics has been rescheduled for 2021 and the same has happened to the European Football Championship that was originally supposed to be held across twelve European countries.

Many popular athletes have been tested positive for coronavirus including NBA stars Rudy Gobert and Nikola Jokic. NBA hopes to resume their season within a bubble in Orlando with no fans attending games. This means no ticket sales and less revenue for the league. Many organizations and teams worldwide have also asked athletes to take wage cuts until the pandemic is over.

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Entertainment

Similarly to the sports industry, the entertainment industry is performing poorly during the pandemic. Massive gatherings have been forbidden in most countries and this will continue for quite some time. Even once governments allow massive gatherings, many people will still avoid crowded places such as theaters and concert halls.

Many major music festivals have been canceled, leaving cities that were supposed to host them with less revenue. In addition, movies and TV show shootings have been delayed and fans will have to wait more before they can see them. For example, Friends fans have been waiting for the cast reunion for years and would finally get it on HBO Max sometime in May.

However, the special has been postponed indefinitely due to the virus. Still, with people spending more time at home, streaming services such as Netflix and Hulu seem to be doing great at the moment.

Digital Currencies

If you’ve been paying attention, you probably heard a lot about digital currencies over the past few years. When the pandemic started, many were skeptical about how cryptocurrency will perform during the pandemic. While the initial reports weren’t good, it didn’t take digital currencies a lot to recover.

When investors realized that gold is no longer the best diversification option due to logistics, they turned to digital currencies. Just take a look at this way – when the pandemic started, many didn’t see Bitcoin staying at highs above $10,000. While the currency first fell under $10,000, it didn’t take it long to get at $10,500.

If takes another leap and eventually reaches $14,000, it could make some serious noise. Some other digital currencies have also been doing well and some of them are definitely worth investing in. For example, look at Litecoin predictions and think about putting money into it.

Retail and restaurants

The easiest way for the coronavirus to spread is for people to spend a lot of time in concealed spaces. This is exactly why the retail industry isn’t doing well at the moment. Many shopping centers still aren’t open and even once they are, people won’t be keen on visiting them.

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Instead, most people are ordering stuff online and have delivery service bring them everything to their doorstep. Delivery services had to change some of their policies but they’ve seen an increase in income. For example, most of them now offer contactless services.

They ask customers to pay online and leave their groceries on the doorstep. Similarly, many restaurants now started offering delivery service. A recent study revealed that 41.7 percent of people relied on restaurant deliveries during the pandemic. The biggest question mark remain small local restaurants. The longer the pandemic lasts, the less likely they are to keep operating.

The bottom line

It goes without saying that the coronavirus will leave a huge stamp on the way we live for years to come. While some industries are suffering, some are doing well at the moment. Keep a close eye on what’s going on as most markets are moving up and down all the time.

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