How industries are changing due to the coronavirus outbreak
With lockdown still underway in the UK, and with people still being encouraged to stay home and practice social distancing, industries are now struggling to stay afloat. Few sectors have remained unscathed, and the conversation has shifted now to questions of how the economy will recover and how businesses across the country will continue to adapt post-lockdown.
Hospitality and travel
It’s probably fair to say that the travel and tourism industry is one of the hardest hit globally, with people cancelling holiday bookings, flights and even local Bed and Breakfasts, and restaurants and cafes shutting doors. Even with the PM’s promise to unveil an exit plan to relieve lockdown sector by sector, the hospitality industry may be the last to get fully back to business.
The sector has responded by furloughing staff, seeking financial assistance and finding other sources of income to carry them through the crisis, such a food delivery. Post lockdown, however, many expect the industry to focus more heavily on eco-friendly local travel, “staycations”, and more affordable options for travellers exiting lockdown a little less financially secure.
Healthcare
On the other hand, the healthcare industry is in a completely different kind of chaos, with the current crisis expected to have profound and lasting effects on the NHS. Increased demand has led to the redeployment of existing staff to newly built facilities, the recruitment of recently qualified or retired staff, and a constant scrabbling to maintain quality of care while PPE shortages abound and work stress mounts.
While nobody can predict what the health care market will look like in the next year – including private industry, care work and nursing – it’s clear that the enormous surge in demand has depleted resources and will likely lead to delays in care for non-coronavirus patients in future. On the bright side, those looking to enter the field may find unprecedented support and encouragement as the NHS attempts to rebuild and reinvent itself in the months ahead.
Now is the time for innovation, with private companies stepping in to fill supply gaps or offer novel solutions. Small businesses are pitching in to produce masks and gloves, and shipping containers are being cleverly converted into portable hospital buildings. “In the midst of the Covid-19 pandemic, we understand that the NHS is under unprecedented strain, with hospitals in need of solutions that can be delivered and installed on-site as soon as possible” claim S Jones Containers, who are now focusing on modular buildings for medical consultation, testing and isolation.
Retail
Thousands of retail workers are now on furlough and facing uncertain futures as several UK high street brands have folded under the pressure or gone into administration. While surviving retailers are likely to reopen gradually as lockdown measures are relaxed, economics are predicting a radical change to the way we shop. With people becoming more comfortable with infrequent grocery shops and online shopping deliveries, the high street may suffer setbacks even after lockdown is lifted. And with a recession almost certainly on the cards, shoppers might not be in the position to spend as they once did.
To stay relevant, retail industries are now shifting focus to providing their services online, and catering to a market that has endured enough shock and strain in previous months to completely reconsider their spending habits. The future is unclear for UK retail, but the general trend for more eco-friendly, conscious consumption is likely to spell immense losses for clothing retailers in the future.
IT and tech
Unsurprisingly, the technology and IT sector is perhaps best poised to respond to and even thrive in the crisis. Rather than “business as usual” however, the industry’s saving grace may be to innovate truly valuable solutions for a post-covid world. The industry is facing unprecedented levels of volatility and disruption, but there are also plenty of opportunities afoot: software to support remote working, online shopping, delivery apps and even smart new tech for healthcare, medical researchers and manufacturers to manage the ongoing pandemic – or predict the best response to future outbreaks. Those working in this industry may need to think on their feet and find agile new solutions for a quickly changing world.
Of course, there are other significant industries – education, charity, property, media and journalism – which will also have to weather the turmoil and instability the crisis has created. With many eager to analyse the situation and make predictions for the fallout, the truth is that nobody is quite sure how the world will change post-virus. Only one thing is clear: that it will change.
