Industries That Have Been Hurt the Most by COVID-19

The COVID-19 pandemic outbreak has been ravaging and devastating. Since the start of the pandemic, millions of jobs and billions of dollars in revenue has been lost across various industries. These seem to be increasing as quickly as the number of infected persons across the globe. Here is a list of industries that have been hit hardest by the coronavirus. 

Sports

According to the World Economic Forum, nearly every sport has suffered from the coronavirus. For example, in the U.K., the ban of fans from attending games has seen clubs lose revenues usually generated from selling match tickets, food, drinks, and merchandise. Such has been the case in other sports. 

Tourism

The travel ban and restrictions on how people can move from one place to another or when gathering in groups have meant that the tourism industry isn’t invulnerable. A lot of tourism hasn’t been going on since the coronavirus outbreak. 

Restaurants and Bars

This section of the food industry has been hit hard, with up to 48.1% of this industry’s jobs being cut between February and April. This is despite some restaurants trying to stay afloat with takeout options. It remains to be seen if the industry will get back in its feet while now running on a limited capacity. 

Amusement Parks

Amusement parks are among the worst-hit industries globally by the coronavirus pandemic. Between February to April 2020, up to 59.9% of jobs were lost due to COVID-19. Governments are hoping to get amusement parks up and running again with social distancing measures in place.

Clothing Stores

During the lockdown period, few people went out to events. This affected their clothing and shopping habits. Clothing companies like J. Crew and Neiman Marcus are going through restructuring owing to a lack of business activity. 

Hotels

Following a series of lockdown and travel bans, the hospitality industry has generated little revenue. Hotels generate revenue from providing a place to host events and lodging made by locals and travelers. Since the coronavirus outbreak, they have been unable to generate income through these sources. 

There you have it! Above are some of the industries that were mostly affected by the coronavirus pandemic. Many activities have been on pause due to lockdown restrictions to combat the spread of COVID-19 outbreak. Many people will be glad that life will eventually get back to normal in these industries and various parts of the world.