COVID-19 is just like an ancient plague. The Novel Coronavirus, which has been designated a global pandemic by the World Health Organization (WHO), If this trend continues it will cost the global economy $2.7 trillion and put a devastating impact on the U.S. economy.
Industries where chances of a grouping of over 50 people are most exposed to major upheaval as a result of this Pandemic. Millions of jobs in these industries could either be lost or severely impacted by the outbreak.
While all industries have been affected by the COVID-19 pandemic, some bear the brunt of the downturn much more than others.
As international and even domestic flights are restricted, The airline industry will likely be especially hard hit by the pandemic. The International Air Transport Association (IATA) projected that the U.S. and Canadian airline industry could lose as much as $21.1 billion in revenue. The worldwide industry could see a decline in passenger revenue of nearly 20% under the extensive spread scenario, which would result in an estimated $113 billion in lost revenue. The CAPA – Centre for Aviation said most airlines in the world will likely go bankrupt by the end of May 2020.
A supply management survey found that the supply line of every 3rd out of 4th American business experienced disruption to some part due to irregularities in shipping industries from the corona pandemic. China is one of the world’s foremost shipping hubs, but COVID-19 has forced the country to close ports and send factory workers home. The International Chamber of Shipping said the pandemic has cost the worldwide industry around $350 million per week, in January; North American transport volume was down 9.4% compared to the same month of 2019.
As COVID-19 pandemic increasing, the demand for cars is decreasing. This Imperil the jobs of the nearly 1.3 million Americans who work in new and used car dealerships. Researchers have predicted that American auto sales could decline year-over-year by as much as 20% in 2020. The shares of General Motors, Ford, and Fiat Chrysler have all lost over 25% of their value since the beginning of March.
Automakers have also faced serious supply chain disruptions as parts imports from China have become much more difficult as the country grapples with the disease. Four out of every five cars made in the world rely on parts manufactured in China.
The U.S. hotel industry employs over 1.6 million Americans, making it the ninth-largest sector in the U.S. in terms of total workers. But as people have stayed home, demand for hotels has declined sharply. In the first week of March, there was an 11.6% decline in revenue per room available in U.S. hotels compared to the same week of 2019, according to hotel research firm STR.
The coronavirus outbreak has devastated the US retail industry and numbers of stores have already had to close their doors. Apple has closed all stores outside of China until at least March 27, and other major retailers in fashion, sporting goods stores, and tech have made similar announcements, with more coming in every day.
One Jefferies analyst told CNBC, “With stores accounting for 75% of sales for most retailers, we anticipate massive EPS [Earnings Per Share] declines for 1Q, especially as most retailers appear to be paying employees during the 2-week closures.“
As the coronavirus devastates the U.S. economy, companies will likely pull back on expansion, leaving a huge gap in the construction industry. Two large airlines, Delta and United, each announced plans to reduce capital investment by $2 billion each as a result of the pandemic’s economic impact. Companies in many other sectors are expected to follow suit.
We hope that this pandemic passes soon. Meanwhile, use this downtime to re-look at some of your strategies, analyze data, work on refining your user segmentation, and find ways to improve your campaign performance.
Above all, stay safe and stay indoors as much as possible.
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