Top 10 Industries most impacted by the Coronavirus outbreak
“If I had known the world was ending, I would’ve brought better books.” — Dale (The Walking Dead)
There is a pandemic on the loose. According to WHO (World Health Organization), 148 countries have confirmed Coronavirus impact. This number is unfortunately only growing, not at slow pace but plunging in speed.
Back in the day, fiction writers predicted a dystopian world that suffered great calamity post a global war setting, or after experiencing an extreme economic slump. Literature giants such as HG Wells, George Orwell, Ray Bradbury, and Susan Collins were amongst the few writers who predicted the reality we are almost experiencing today.
For any society to function with morals and a humane moral code, it is important that the economy must remain stable.This infinite turning of the wheel, fuels society, and it's needs; well everything is just seen in the bulletins these days but unfortunately with red liners. While philosophers may debate of capitalism versus socialism, the ground reality is that Coronavirus has impacted industries looping giant leaders with it.
Let’s have a look on industries that are experiencing positive or negative impact due to Coronavirus.
Coronavirus Impact on Industries: Negative
Aviation Industry: Fear of the pandemic has peaked. People are worried about being stranded in unknown lands, away from family, away from friends, and for few away from even strangers.
Those who were away on business or leisure flew back home or flying back home at the earliest and are staying put. Needless to say, the Aviation sector has gotten its wings clipped.
Governments across the globe are banning passengers from Coronavirus impacted nations. Others are closing borders to prevent any more cases. With low passenger counts, the ghost flight phenomenon is becoming a reality.
Many airlines have grounded their craftsassociates' which is incurring a hefty toll on their ledger. The international aviation industry now facing a widespread shutdown.
In an attempt to ease the dip, many airlines have announced new flight reductions. Alas, as more countries introduced travel bans and isolation requirements wanderlust seems a distant reality.
Hotel Industry: Hospitality and tourism go hand in hand. When one is impacted, all the associated sectors feel the domino effect. Following the impact of Coronavirus, a majority of tourists have self-quarantined themselves in their homes.
With almost zero footfall, the hotel industry is now facing a recession that is being compared to the ‘great depression of the 1930s’. Conventions, meetings, corporate events, and monitor travel has been cancelled.
Due to this, hotel owners, backend heads, waiter staff, and other employees are facing an uncertain future.
Telecom industry: Brands such as Xiaomi, Oppo, VIVO, RealME, and many more are manufactured in China. With Wuhan being the epicenter of the virus, major manufacturing units have been closed down due to government orders. Additionally, Apple has shut all stores across the globe.
This has a negative impact on their business output. This might result in bearish market in Q4 of 2020. The MWC (Mobile World Congress) event, the biggest congregation in this industry was to be held in Barcelona, Catalonia, Spain at the Fira de Barcelona Gran Via.
This event held usually in February or early-March, has been cancelled for 2020 due to the Coronavirus outbreak. This was the biggest event global mobile operators, technology providers, vendors, device manufacturers, and content owners.
Sports: NBA has been postponed, the Indian Premier League is delayed, UAE Tour has been abandoned, even the fate of the Tokyo 2020 Olympics is under speculation.
This has resulted in billions of dollars lost in revenue for brands. Famous celebrities like Mikel Arteta, Rudy Gobert, Fernando Gaviria are some of the star sportspeople who have been tested positive for Coronavirus. Ronaldo, Messi and even Tennis star Serena Williams have opted for self-quarantine for 6 weeks.
Restaurants: ‘Contactless delivery’. Fear of Coronavirus is so high that restaurants who are permitted to only deliver food are marketing ‘Contactless delivery’. This was the final nail in the coffin for delivery boys, servers, waiters, dish boys, as restaurants are permanently shutting down.
Small scale businesses are unable to have contingency plans and survived on monthly income and tips. With zero footfall, end budgets are impossible to achieve.
They have thus terminated employment and resulted in added stress between the pandemic.
Coronavirus Impact on Industries: Positive
With the negative, comes the positive. For every sector that is facing hardships, there is an industry that is raking in the moolah!
Healthcare: WHO has declared 2020 as the ‘Year of the Nurse and the Midwife’. The dedicated efforts of our first responders have seen a surge in volunteers, in applicants wanting to pursue the field as a profession.
Health insurance has increased so has the manufacturing of pharmaceuticals. Facial masks, gloves, sanitizers are selling like hotcakes.
Streaming Platforms: ‘Netflix and chill’ was a millennial terminology. Now, with self-quarantine, this has become a reality. Streaming platforms offer solace to viewers as they spend more time on the couch.
Netflix, Disney+, Hotstar are some platforms that have increased viewership, and thus offer new titles, shows, movies, kids content to help viewers spend time.
Disney realized the need of the hour and announced preponing the release of ‘Frozen 2’ way ahead of the holiday schedule.
Digital Media Platforms: What to do when you are experiencing a new lifestyle, new rules to follow or even a new self-quarantine process? Well, if millennials are to be believed, you blog or microblog it.
The number of subscribers for Twitter, Instagram has increased two-fold since Coronavirus has been declared a pandemic. While WHO, has been regularly been updating about the situation across the globe, they do so only once in 24 hours.
That is too long a time to wait for an update. People have thus begun scrounging around the Internet looking for updates for the latest information. This has resulted in longer app action and resulted in media housing singing their way to the bank.
FinTech: Speaking of banks, they are on the radar of the government as hotbeds for the virus. People have been advised to self-quarantine, stay away from crowds at any given venue, or even Friday prayers are not to be held at mosques.
In such a situation, banks are predicted to close or offer limited access. Thus, fintech apps such as PayPal, GPay, PayTM are being heavily relied on. Many are online shopping for commodities and prefer to complete the transaction digitally. Online banks are the way to go as many boomers too are opting for the same.
Divorce lawyers: With close proximity, comes contempt! An astounding reality is that many couples are now spending more and more time with each other in closed spaces without the benefit of social circles. This has resulted in quarrels, arguments, and disagreements.
Divorce lawyers report a heightened number of cases since self-quarantine has become mandatory amid the Coronavirus impact.
There you have it, folks! As long predicted by our sci-fi writers, the end is near. This end is meant to be for the virus, alas, with fights breaking out in malls over rolls of toilet paper, it might just be the end of society as we know it.