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The first quarter of 2020—and heading into the second—was a bleak time for the U.S. economy, as COVID-19 (Coronavirus) seized normal operations everywhere. Between the waves of cases across the U.S., the collective fear of catching or spreading it, and the efforts everyone made to keep everyone safe, businesses of all sizes have suffered. (1) Employers have had to make difficult decisions about which of their staff members were essential and who needed to work from home, while other business owners had to shutter their windows and close their doors.
Many businesses will not reopen, and many employees will not return to their jobs. The National Bureau of Economic Research recently released a paper stating that 42% of the recent COVID-19-related layoffs will become permanent. (1) COVID-19 business trends show that industries such as travel and tourism, food and hospitality, global shipping and transportation, automobile, entertainment, and clothing and luxury are among the hardest hit, per MoneyWise. (2)
In such a time of widespread business closings, job losses, and uncertainty, it is no wonder we are living in a time that many consider a “Coronavirus job market.”
However, not everyone is struggling in the current COVID-19 job market.
When the new reality of COVID-19 hit, it was easy to catastrophize and worry that the economy would completely tank, and job losses would continue. Thankfully, many business owners and workers have found ways to survive and thrive in a post-COVID-19 job market. One question people can’t help but wonder is, “Why has the Coronavirus had an impact on certain businesses?”
Here we’ll take a look at five jobs and industries to see which businesses have experienced a positive impact during the Coronavirus and why.
Since we now live in a global economy, everything is more connected, with one country relying on the next for goods and services. The global economy affects everyone as individuals since so many people shop online and are relying on eCommerce. COVID-19 shopping trends confirm that we are living in a “pandemic economy.” Online grocery shopping numbers show that people had spent $4 billion in March before sales shot up to $5 billion in April, showing a 7% increase in just one month. (3)
So, while people have stopped going to restaurants, movies, and cafés, they shopped with Amazon, Instacart, and other major online sellers, leading Amazon to add 10,000 new jobs in its fulfillment centers to accommodate the demand.
Regardless of any other COVID-19 shopping trends, people need to eat. Already giving up going out to a favorite restaurant was bad enough, but not ordering in from a beloved pizza shop or Chinese take-out was more than Americans could take. Fortunately, restaurant owners listened to the need and responded, providing food and good safety measures for employees and the public.
While there is nothing like heading out to the gym to use a favorite cardio machine or weight bench for a good workout, trusted brick-and-mortar gyms and fitness centers now offer exclusive virtual workouts. Fitness aficionados appreciate camaraderie, support, and professional guidance while businesses and their employees stay afloat until loyal members return. (4)
With social distancing requirements in effect, people can’t go out and do much. Netflix, Hulu, Spotify, Activision Blizzard, and other streaming websites were already popular, but the need for entertainment and distractions from stress has never been greater. With large libraries of content and low prices, online content providers have thrived during this time. (5)
Although many consumers are using online options to buy groceries, nothing compares to choosing your own produce. Once grocery store leaders consulted all governing bodies’ guidelines, they carried on operations, providing a safe environment for their valued workers and shoppers. Many grocery stores are now providing digital signage in employee break rooms, dock areas, and throughout the stores to remind everyone of social distancing requirements and safe practices amid COVID-19.
We hope everyone is weathering the storm as well as possible. Hopefully, with innovation and dedication, many businesses of all sizes can pull through, in addition to the many that will thrive.
We have found that the best strategy is to keep everyone informed with real-time digital updates on the latest news from the Centers for Disease Control and Prevention (CDC), the World Health Organization (WHO), and local leaders, and then take measures for full compliance.
For additional workplace digital signage content and ideas, contact us.
Sources
(1) www.nber.org/papers/w27137
(2) moneywise.com/a/the-us-industries-hit-hardest-by-coronavirus
(4) https://www.impactbnd.com/blog/not-all-is-lost-some-businesses-are-thriving-during-covid-19
(5) www.huffpost.com/entry/best-stocks-coronavirus-economy_l_5ebadb27c5b6e711d4650abe
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