The Covid-19 Virus spread so fast that it affected thousands of people worldwide before containment measures could be devised. The high infection rates ultimately led to the virus getting declared a global pandemic by WHO in early March. As a health and humanitarian crisis, the disease has had profound effects on businesses in various sectors. Many governments seem to have worsened the recession through their individual efforts to contain the spread.
Market expectations are hanging low as businesses foreshadow mass unemployment and a global economic crisis. Many companies are gradually adapting to their customers' changing needs by navigating through online mediums' operations and transactional hurdles. As governments implement hefty financial aid programs, it is critical to review the key industries that have significantly been affected by Covid-19. Here, we look at how various industries are fairing, including sports & gambling, Tech, travel & tourism, and the Lifestyle niche.Content
Sports & Gambling Industries
Many casino operators have been forced to abide by stringent measures to control the spread and make difficult adjustments, including the transition to online gambling platforms. The reopening protocols currently being implemented in major gambling landscapes such as Australia, the USA, and China, include the 1.5-meter distancing rule, mandatory temperature screening at entry points, wearing protective gear and sanitizing at all times, the use of electronic tablets, and reducing the number of players per table in land-based casinos to conform to social distancing rules. To better understand the real situation on the ground, you can review the Australian gaming industry's dismal performance during the lockdown.
The closure of sportsbooks and casinos in esteemed gaming landscapes like Australia has severely affected the global gambling market. Similarly, various states in the United States have all ordered to close down land-based casinos until further notice. Despite the prevailing hardships experienced in the sports and gaming industry, technology and the prevalent crisis has promoted online gambling, with many users now confident of online transactions when placing their bets. Moreover, sports enthusiasts can participate in online casinos, iGaming, cloud gaming, and eSports as alternatives to brick and mortar gambling sports. This trend has come with its downside as there has been an influx of unauthorized online gaming operators and online scammers.
The pandemic has dominated headlines for the last few months, and there is uncertainty on the success made in developing a vaccine or cure. The effects of the virus have affected many sectors within the tech industry, including manufacturing, supply chain, and distribution, to mention a few. In truism, the effects of the pandemic are a mixed bag. Large companies such as Amazon, Netflix, Facebook, and Google have coped fairly with the crisis considering that the global population finds itself with unprecedented downtime. In contrast, brick and mortar companies have been hesitant to adapt to the 'new normal.' However, they are gradually transitioning into the modern, remote, and decentralized approach to work.
To the lighter side of the crisis, the coronavirus's disruption has opened opportunities to some big tech stock companies who stand to benefit by working through online platforms. Besides, with work-in-isolation policies being implemented worldwide, tech companies are taking the opportunity to diversify profits through innovative developments such as slack and zoom, which facilitate remote communication. On the downside, many tech start-ups are struggling with funding websites' problem since online platforms require added development costs to maintain and attract new clients.
Travel & Tourism
The fear and uncertainty surrounding COVID-19 have brought many enterprises to their knees. The travel and tourism industry has taken a significant hit since the COVID-19 imposed lockdown, as evidenced by the sharply falling revenues. Since late December, the novel virus has affected worldwide traveling, leading to flight cancellations, lockdowns, quarantines, and movement restrictions. The tourism industry has experienced shock effects from the closure of airlines, hotels, and cruise ship charters. The time frame for the pandemic is still unclear. In conjunction with the unprecedented economic upheavals and political tensions happening sporadically in different parts of the world, these facts hint at the industry's contraction.
Lifestyle & Wellness
The COVID-19 pandemic is a rude awakening to the entire humanity. With clear directives from governments and health authorities to stay clear of crowded places or stay at home if possible, the fitness and wellness industries are well-positioned to boom. Fitness apps that offer workout programs such as yoga have experienced a surge in downloads since the corona crisis hit the land. Apart from live broadcasts of fitness classes, the sale of indoor fitness equipment such as dumbbells, yoga mats, and skipping ropes has soared during the outbreak. There is no doubt that billions will be lost in 2020 by the wellness and fitness industries. However, after the lessons drawn from the pandemic, this market is expected to become bullish in the future.