While it isn’t yet clear how long or short term these effects will be or how they’ll impact many company’s bottom line in Q1 and beyond – here is a list of industries being economically affected by the recent coronavirus fears.
Manufacturing
- A lot of companies use manufacturers in China and have decided to pause relations with those companies until the disease outbreak calms down.
- Shortages on everyday products like disinfectants and toilet paper have been caused.
- Some manufacturing companies have been forced to lay off employees.
Healthcare
- Healthcare professionals are in extremely high demand.
- Retired healthcare professionals have been asked to return back to work.
Food Service
- To prevent contact with other individuals, people are choosing to stock up on things from the grocery store rather than go out to eat.
Hospitality
- To take precaution, individuals are cancelling hotel reservations to prevent the spread of COVID-19.
Airlines
- Americans are cancelling and postponing all travel plans to prevent coming in contact with others who have been infected.
- Airlines have been forced to reduce flight schedules.
Sports Entertainment
- The NBA has suspended its season indefinitely.
- The NHL has suspended its 2019-2020 season.
- The MLB has cancelled the rest of spring training.
- The MLS has suspended its season.
- The Boston Marathon has moved its original date to September 14th.
Entertainment and Large Events
- Companies are cancelling and postponing large gatherings.
- Broadway has cancelled all shows leading up till April 13th.
- Coachella Valley Music and Arts Festival is currently having the discussion on whether or not to cancel or postpone this year’s event.
- The Metropolitan Museum of Art has temporarily closed.
- Theme parks, like Universal studios, have temporarily closed their doors
Data gathered from:
https://www.vox.com/recode/2020/3/10/21171509/coronavirus-covid-19-airlines-lodging-cruises-chart