The world was shaken by the news of a deadly virus and it is still recovering. Health security was the number one priority for every human being, but it’s hard to neglect the financial turbulences and losses many industries have suffered during the coronavirus lockdown. We will discuss some industries who suffered the most obvious negative effects, but it will be difficult to point out which one of them was most affected by the COVID-19 pandemic.
Tourism and Airlines
Since international and some domestic flights are restricted, people stopped traveling, visiting touristic destinations and some couldn’t even return to their homes because the borders were closed. Needless to say, the losses for airplane companies and touristic companies around the world were huge. Airports were also impacted due to the fact that their revenue depends on the number of flights and passengers. A lot of people working in travel agencies got laid off, and since it will take a long time to go back to normal, their sources of income are still insecure. Another example is Airbnb, where almost 25% of Airbnb workforce was let go. The countries that make the most profit out of tourism faced enormous challenges and will need time to recover.
Restaurants and Hotels
Even though it may seem like restaurants and hotels were not closed for too long, the shutdown was long enough to leave some serious consequences. The revenue of restaurants and hotels dropped down massively and a lot of workers lost their jobs.
OYO laid off thousands of employees and they are still fighting to save their business. Without the possibility of traveling and touristic visits, hotel rooms will still be empty even when they open their doors. This situation changed the way people feel about spending time in restaurants, coffee places, casinos, or any other crowded space. It also resulted in more strict measures when it comes to social distance and hygiene in these places.
The future of sports events is also currently very unpredictable and sports fans all over the world are wondering if there is any place for optimism in the near future. Many experts in this field have shared their concerns including a spokesperson for justgamblers, who explained how coronavirus impacted the cricket world, fantasy cricket, as well as other sports. All the main sports events, like IPL 2020, are canceled or postponed and many players were in quarantine or event infected with COVID-19. People are not going to be able to attend a sporting event long after they start taking place. The average time needed to return to this activity is four to six months. This is way too long for those who consider sport as the most important secondary thing in their lives.