In good or bad way.
When scrolling through my Linkedin page I am noticing many colleagues post that many of us are out of work or losing clients these days. It has got me thinking. Who is at the biggest and smallest risk of losing income during the coronavirus pandemic ? Majority of Europe is getting back to normal slowly, but in UK we are still in lockdown ,so what is the outcome of the pandemic for various industries ? Who is still losing, who lost a lot and who won ?
What professions are ( don’t get me wrong, I don’t want to sound nasty) ‘first world’ enough to be suffering so much now. I know SEO and marketing does but we are kind of in the middle, probably because there are so many businesses that want to use coronavirus pandemic in their marketing, but who is not as lucky as we are ?
Here is what we think and why. The timings are based on the United Kingdom Strategy, we are not completely in a lockdown yet but we can already feel the pressure on our economy. Based on experiences from Europe we can predict which businesses unfortunately will suffer the most.
It is an informative post for all of you, but if you are in any of those professions make sure you have some savings that will keep you going.
Businesses that are obviously suffering during coronavirus pandemic
As we are told to avoid public places and some of us need to self isolate, people are now eating at home and ordering more than actually going to the restaurants.
In a beauty salon you can’t keep away from the client so people are scared to use their services plus it’s a ‘luxury service’ and when we need to avoid leaving the house unless it is necessary, we can’t really visit beauty salons.
Same goes for hair salons, we can’t keep away from each other at hairdressers and its a luxury service, it does not seem right to use it during such difficult time.
All travel industries will suffer, because countries are closing their borders, flights are cancelled or even if not, people are not buying new tickets because they are scared to travel during the world pandemic.
It goes without saying that currently people do not want to throw parties, and soon they probably won’t be allowed to, once the government bans mass gatherings.
Cinemas & Theaters
In a time of social distancing, cinemas or theaters aren’t a go to anymore, vast majority of people if they are going out they prefer a forest or a field where they won’t meet too many other people.
Although we are being told that children can often show no symptoms if they contract coronavirus, parents are being cautious and whoever can stop bringing their child to playgroups.
After School clubs
Schools just about to get closed as we are writing this post, but many parents were concerned way before that, they had to send their children to schools but after school clubs are not compulsory so many parents may decide it is also not safe especially after schools get closed.
Group fitness classes can get crowded, and it is easy to catch a virus in those settings, therefore many instructors are canceling either because of drop in numbers or for the good of their class participants.
Night Clubs Adult Clubs
Night clubs are crowded almost all the time , especially in the big cities, that’s why those will s]]irely lose a lot even before the government decides to lockdown the country, simply because people will be scared to go for nights out.
For a very similar reason as airlines – people don’t want to go for a holiday during pandemic.
High Street Retailers
These will be probably hit very hard, as customers will shift even more towards online shopping.
There will be less holidays but also less business trips, face to face meetings etc, basically anything that requires meeting and can be postponed or changed to online at some point probably will be which means no need for a hotel.
There is 100s of people everyday at the gym, it goes without saying that it is easy to contract virus over there. Thats why people are already cancelling their memberships.
Community activities aren’t a must and if we are told we need some social distancing now it means – no community clubs.
Events Planners & Organisers
We are steps away from banning mass gatherings, it is already unsafe to be in crowded places and unfortunately good events are exactly that.
Football matches usually gather a lot of people, and unfortunately those mass gatherings are very unsafe now. Matches won’t be happening at all, or even if , will be happening without the audience.
Similarly like with after school clubs, sport clubs are kind of a luxury that we can live without so in a lockdown.
Businesses that are less obviously suffering during coronavirus pandemic
Technically it is a healthcare, but we won’t be going in for routine checks or to whiten our teeth.
Private Health Care
Again, we will be limiting our private care appointments the absolute minimum during the world pandemic.
Logically, if we are going out less, visiting galleries and shopping centers less, we will be using our cars less and park them less anywhere but home.
City Transport & Taxis
Analogically, people without cars will be using public transport less.
Private Child Care
What we mean is private nurseries and preschools, because actually private childminders may earn more during school lockdown.
Private tutoring and courses
Again, any private course providers like PT training courses will suffer, but once we go into quarantine online courses providers may earn more.
Cobblers, Seamstress, Tailors
It goes without saying, we won’t be fixing our shoes, trousers or be needing new tailored dresses during this most scary period.
Of course some people will be still moving especially if it goes for a long time, but the ones that can wait with it, definitely will.
Again it goes without saying, people are scared to go to the hospitals for needed appointments so they will definitely re-scheduling their plastic surgeries.
In such scary times, less of us will be thinking about fashion shows and trends, also after a ban of mass gatherings, fashion shows won’t be taking place.
Any construction work in our houses will be probably waiting to pandemic so logically builders won’t have that much work.
Not only people will be scared to look at houses now, but if we want to buy we will wait to see the prices after this crisis.
Who lost at the beginning will earn later/ now
The reason here overall will be the same, at the beginning people are focusing on panic buying food and toiletries but after a few weeks, they will get bored of buying soap and sitting at home, so they will start buying more stuff to kill time.
There was a massive drop for fashion industry at the beginning but we can see now that people are buying more online so fashion is getting their customers back and when the shops re-open in short time – they will gain even more because people definitely miss their shopping trips.
People were at home with their kids, as long as shops are selling online – they won’t loose their income.
Furniture and DIY Industry
Well, 45 minutes wait to get a can of paint in B&Q told me a lot but, the 8km queue to Ikea in UK after it re-opened says it all.
Apparently, home gym equipment is now more expensive than ever – especially that in UK we can’t be sure when gym’s re-open.
Who earns the most during coronavirus pandemic
It goes without saying. First of all, people are panic buying now and all medicines are disappearing from the shelves, in two years time we will experience increased waste of expired medicines, that’s for sure. More medicines will be also needed as during a pandemic of course more people will get ill.
Personal hygiene products producers and retailers
People are panic buying, and it also seems like more people started to use soap, which is scary. Personally, when I see toilet paper disappear from the shelves I am kind of glad soap does as well.
Again, people are panic buying. I wonder how much of this food will end up in bins maybe once this is all over or even before. Anyway, any cupboard food manufacturers will earn a fortune.
Grocery stores & Supermarkets
Manufacturers do not sell directly to people, they sell to grocery stores and supermarkets.
Netflix and similar services
These guys will earn a fortune I am telling you. Every second article, facebook post , instagram post is telling you to chill out and watch some netflix. In fact I had them at the bottom but decided to bring them up, as I think this pandemic will play very important part for them.
Well, mostly toilet paper. Who would have thought.
But also people may need more paper to play with kids at home.
Amazon & Ebay
It goes without saying, people are buying more stuff online than ever.
Surprise, not only online games, but mostly. People are playing all sorts of games with their children now and over a half of them will probably need to buy those board games.
Online Streaming Platforms ( Youtube, Twitch)
More people watch =more people see the ads. You may argue that companies will now reduce their ad spend, but there will be others who will increase it.
Online Communication Platforms ( Skype, Zoom)
More and more work is now happening online , business meetings, fitness classes etc.
They will need to work extra hard to develop a cure for coronavirus.
People have more time to read now, to read they do not need to leave their houses. We say ebooks here but also traditional books will increase their earnings.
Well what else ? If they won’t increase their earnings, I am sure the baby industry will in sort of 9-12 months.
Higher demand for food = more deliveries= more work for truck drivers.
We need more deliveries to/from supermarkets, from amazon and ebay, someone needs to coordinate that.
Adult Online Entertainment
Similar to youtube, more people spend time at home, and more people spend time online.
There is such a high demand for news now that journalists can keep covering it and people will be still interested.
Online News Outlets
Same as above – they will have more traffic than ever.
These are the ones that we think will earn and suffer. After observing what is happening the past few days, we came to the conclusion that all online industries will come out of it stronger, because more and more businesses find ways to work online. Fitness instructors , teachers are running online sessions, more businesses will understand that their employees can work online, more people will buy online and may stick to it.