It all started when the world was enjoying and having a good time and this coronavirus came into our lives. This COVID-19 has done a lot of damage to the countries in terms of lives, employment, economy, and trade. The coronavirus is responsible for the global slowdown and has made our lives very different from what it used to be. You can’t deny that this pandemic has forced us to change our lifestyle and the normal routine that we used to follow every day.
We all know this virus has taken many lives and still many are under its reach but other than loss of lives, this virus has destroyed many businesses in the whole world which has led to the economic slowdown everywhere. Talking about the food industry, it has already made the food industry vulnerable. The food industry and the tourism industry have faced very huge economic losses due to this COVID-19.
The food industry and hotel industry were always better business options for any person, in fact, this industry was considered as one of the best businesses all around the world. People used to travel to different countries, eat different food and stay wherever they wanted to and all this gave huge profits to the food, hotel, and tourism industry.
But not anymore, this COVID-19 has proved to be fatal for these industries worldwide. COVID-19 has impacted these industries by cutting down the customer share and the demand from customers. Many countries are not allowing international travel, the flights are canceled and no mode of transport is available. No one is willing to leave their house and visit some other country or state. No one wants to order food from outside and is well ready to cook some healthy food at home. This has caused chaos in the world food market. The food markets and restaurants have experienced a huge loss after only a short span of three months. No travel, no restaurants with dining in, and no tourists from different countries, everything is just feeling so empty and this emptiness has caused great economic damage to these industries.
Many of the small businesses like restaurants and food corners have already shut down. Many big brands like Burger King, McDonald’s, Subway have also reported huge losses in this pandemic. Everyone is concerned about their safety and don’t want to take any risk by roaming and eating outside. The restaurants are empty, hotels are shut and no tourist or any other customer is willing to book any room at the hotel, this scene has not just made these industries worse but have also impacted the overall economy of the different countries.
Big countries like America, France, Europe, and Australia have already imposed restrictions on international travel and are not allowing any kind of movement from other countries. These countries have faced a huge economic loss due to this COVID-19 and are still under the fear of economic crises as the markets are not fully functional and trade is also not up to the mark.
But today the situation is somehow better than before. Many countries have just started to open up their cities and allow the market to reopen. People are now coming out of their homes and looking for different opportunities that they have lost due to this pandemic. Hotels and restaurants are now operating but with less demand and occupancy. The most affected sectors in this pandemic are hotels, restaurants, and manufacturing. They have suffered a lot in the past few months, but now manufacturing and retail industries have also started picking up the pace. The economic activities are now growing and various sectors are performing well.
This pandemic has caused a lot of disturbance to the hospitality services around the globe. Many reports from various renowned newspapers have clearly mentioned the occupancy level of this sector, in particular, it has fallen to 15%. The hospitality sector is trying to come back by building up confidence and mutual trust among their customers. They have to work as they have never before as this is the only way they can sustain in this pandemic.
The food industry or restaurants over the world are now making their online presence and have developed online delivery systems. This has caused minimal growth in their revenues and they are trying to improve their services by making it more precise. This has helped the food industry to build a big customer base due to more reach and which in turn will lead to more profits.