It’s true to say that the coronavirus is going to have a tremendous impact on the world going forward. Nothing is going to be the same until there is a vaccine that has a lasting effect. While there is a hope that a vaccine could come as soon as the fall, it’s important to be aware that there is no guarantee. Even if it does, the way society views certain aspects of the world could definitely change. This means that businesses are under threat and certain ventures have become riskier than others. Let’s explore the ones that have been impacted the most.
Anything to do with travel right now is currently on standstill. Particularly, anything related to travel for entertainment. It’s unlikely that the majority of people will be heading off on holiday this year. That’s why Disney is currently taking on more debt by the day because its theme parks are the company’s biggest money-making machines. Air companies have also warned governments that without a bailout many businesses, particularly the smaller companies could certainly be complex. Some travel businesses are going to be hit harder than others. Speak to a maritime accident attorney and they will tell you that they deal with hundreds of cases related to accidents on cruises every year. The coronavirus will add to the challenge for these businesses. But it’s not just companies directly related to providing travel and travel experiences that will be impacted. Other companies are likely to feel the burn too.
For instance, travel blogs connected to advise about visiting different places around the world could see a sharp downturn in traffic over the next few months.
The greatest concern for businesses is not whether the lock-down will lift – it will. Things will get back to normal from a business perspective. No, the greatest concern will be whether customers feel it’s safe to return to their normal habits. Cinemas are definitely going to struggle here. Customers are going to wonder whether it is worth heading into a room with more than fifty people backed together to enjoy a movie that they could ultimately watch at home.
As for restaurants, they’ll face the same challenge and will need to put social distancing measures in place. The problem is whether or not they will still be able to make profits large enough to warrant staying open. Some will almost certainly be forced to close.
However, there is hope. As soon as fast food joint drive-thru’s opened in the UK, there were queues around the block. So, if customers do feel safe then the demand will return.
Finally, we could see the end of the traditional large office model for business. Instead, a lot more companies will be exploring large brands that can be managed from home. Ultimately this could be good news for the companies as a whole but a hit for anyone in a sector of the business that is no longer needed or relevant.
We hope this helps you see that there are businesses that could ultimately, if not disappear, be hit hard by this pandemic.