You may have heard about Virgin Australia Group being placed into administration back in April 2020, or the many retailers having to shut their bricks and mortar stores. These are just some of the examples of the significant impact the COVID-19 pandemic has had on our economy. Below are some of the industries that were hit the hardest since COVID-19 started:
The pandemic triggered a nationwide closure of bricks and mortar stores as many consumers moved to online shopping. The pandemic accelerated many of the issues already existing within this sector, including the increase of overseas competitors and the growing online market.
With many scenic locations closed and tourism coming to a halt, many of the leisure facilities and businesses have been losing a lot of money due to social distancing restrictions and lack of customers.
With COVID-19 affecting international travel for the next few years to come and the restriction placed on international flights, this industry has been undoubtedly hit the hardest by the pandemic. Airlines companies such as Qantas and Virgin have had to let go much of their workforce and consider additional ways to generate revenue.
Casino & Gambling Industry
This industry has been affected in many ways, with revenue generated through sports betting suffering immensely from the cancellation of many sports events to a large number of pokie machines out of commission due to social distancing restrictions or closures of casinos, bars and pubs.
With the full impact of the COVID-19 pandemic on the economy still uncertain, regardless of what industry you are in, businesses should continue to look at ways to ensure long term survival. If you would like more information on steps your business can take to improve financially, please click here. If you would like to learn more about the options available to reduce financial distress to your company then please speak to ISA for free and confidential advice on our 24/7 toll-free hotline on 1800 003 883.