How Coronavirus Has Affected Businesses Around The World

After the Stock Market Crash of 1929 and later the global financial crisis in 2008 due to the subprime mortgage crisis, the world hasn’t witnessed a worse economic crash, but could The Coronavirus outbreak be worse than that? Could it destroy the worldwide economy?

How Coronavirus Has Affected the World Economy

It’s hard to predict this in the time being, but we could see that a recession Is unavoidable. After 10,000+ deaths were reported worldwide, shops, stores, clubs, schools, and colleges are all shutting down for at least several weeks to minimize the spread of the infection.

What Businesses Where Affected by Coronavirus Outbreak

Many companies around the world are already admitting that they’re feeling the negative effect Of the Outbreak. 

The most common fields that were negatively affected include

Airlines and Tourism

Due to the travel ban, hotels and Airlines are taking a hit because of the warnings, fears, and the news that spread about the number of infected people and the number of deaths. 

Sports and Entertainment

The coronavirus has delayed conferences, festivals, social gatherings, and major cultural events. Due to the spread of a highly contagious disease, they’ve chosen to stay clear of crowded places and the majority of people are less likely to take the risk. 

Automotive The Tech Industry

Car sales in China fall 92% in February when the number of deaths had risen to 2000 people. China is known to be the world’s biggest car market!. 

Restaurants

Business like restaurants got hit hard by the coronavirus outbreak. Many restaurants have closed down laying off hundreds of workers due to the fear of infection and the many news that spread about the virus being transmitted there.

Tech Companies Manufacturing in China

All the companies that were in direct exposure to China were the first to feel the effects. Apple, for instance, has warned the investors that the iPhone supply would be delayed.

Traditional Marketing 

In general, most traditional marketing activities such as conferences, events, face to face meetings, booths, roadshows, printed materials (flyers, brochures, magazines), sampling and giveaways, etc are declining, while digital marketing is on the rise. Even radio and TV are replaced by podcasts, online video streaming such as YouTube and other social networks such as Facebook and Twitter!

The Stock Market

Even though it doesn’t affect the economy, it’s a sign or a marker of how things are going in the market. Many businesses have experienced a drop in their share prices. It’s a way to predict whether the world will continue to worry about their investments in 2020 and whether this might cause a global slowdown.

On the other hand, other companies did benefit from the crisis:

Entertainment and Software Applications:

Netflix, for example, has seen a dramatic increase in the streaming hours to the point that they’re starting to affect its resolution. Since people stay at home all the time, they have nothing but “Netflix and chill”. 

On the other hand, many people including celebs are spending more time on Tiktok trying to do better at lip-sync to kill the time. Apply that to almost any indoor entertainment activities.

Software applications like Zoom and Slack have noticed a significant increase in use and shares since white-collar workers depend on them to work from home.

Healthcare Products

The demand has been highly increased on products like facemasks, hand sanitizers, Clorox, wipes, and all the disinfectant products. In addition to that, drug makers are doing their best to find a potential treatment for the crisis. 

Food and Beverages

Many foods and beverage brands are benefiting from the crisis because people are treating it like it’s a natural disaster, so they stock up their pantries with foods, drinks and water bottles.

Digital Marketing (Online Marketing)

Digital marketing is now on fire as the safest and most efficient way of communication and delivering messages to audiences and customers.

Read The role of digital marketing in the coronavirus outbreak

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