4 Industries Changed Forever By The Pandemic
Coronavirus has changed life forever – we now know that pandemics aren’t a thing to scare us in cinemas, they’re something that threatens our way of life and that includes the businesses we care about.
Every industry has been forced to adapt to this new way of life but lots of areas won’t return to normal once COVID-19 is defeated – many will be permanently changed.
I’ve highlighted four key industries that will be impacted by the coronavirus pandemic. Some may benefit and others could be crippled.
Football, tennis, basketball, hockey, darts — whatever your favourite sport is, it’s been changed forever because of the pandemic. Why? Because crowds can’t attend venues to watch games.
Despite sites like the Guardian pointing out Donald Trump’s desire for sports to return as they were as soon as possible, it’s going to be a long time before fans are allowed back into stadiums.
This is because they’re ideal for transmission and can’t be risked until a vaccine is found.
From an atmosphere perspective, the changes to the sports industry are bad – the Bundesliga’s return has highlighted how important fans are to sports games.
One positive may be the rise of fan led streaming commentary. Sky Sports FanZone is one example of this approach being used, and with spectators being unable to attend matches we could see more sports channels using this approach to connect with fans.
Gyms across the globe closed, forcing people to exercise in parks and their homes. While we hope these closures are temporary, the impact on the fitness industry is likely to be permanent.
It was natural for people to ease up on their fitness regimes at the beginning of the pandemic – routine is important in exercise and many hoped that lockdown would be short-lived, allowing them to quickly return to it.
That’s not happening and the fitness industry has adapted to meet people’s need to exercise.
This has seen a growth in online courses too. There is an array of great virtual workouts you can do during lockdown, with yoga often the most popular form of online exercise.
What’s the permanent impact of this going to be? Smaller gyms will either offer online courses, or they risk going out of business. While this will sadly see many businesses go under, it presents an opportunity for skilled trainers.
This is because there’s been a renewed emphasis on exercise during lockdown and if these trainers can record great courses then they can potentially access a vast, new audience.
Housing was a crisis industry for many buyers before the pandemic – lots of millennials were finding it almost impossible harder to find the money to get on the property ladder.
Lockdown has suspended home buying but it may have changed the industry by making it easier for people to get on the ladder. How? I’ll explain.
Not being able to go out has changed people’s saving habits – you’re no longer going to gigs, flying abroad, or visiting restaurants. This enforced restraint is leaving many with little rational alternative than to save their extra money, leading them to question what it could be used for.
Home buying is one of the logical answers to this question, especially we have additional time to really research what they need to get on the ladder.
This has no doubt led to more people using mortgage broker sites like Breezeful to understand the level of deposit first-time buyers need to save to get on the property ladder – giving them tangible goals to work towards that feel more realistic now they’re saving more money each month.
Estate agents are now reopening for business in the UK, but the change to the industry isn’t a short-term one – with people’s saving habits changed for the better during the pandemic, you can expect more of them to be able to find the money to get on the ladder. The result is that the housing industry will be one of the few long-term beneficiaries of the pandemic.
Theatres, galleries, festivals, all of them are closed for business and the impact on many may never reopen – the arts industry is going to be forever different because of the pandemic, and not in a good way.
Already the arts industry was at risk, with music venues being a perfect example.
For years, club and concert hall owners have been forced to protect their venues from property developers – already, many of them have been lost to precisely this threat.
With raves and gigs a long way from being able to host audiences, it’s going to be extremely difficult for many venues to stay afloat – quite literally in the case of Bristol’s Thekla, as reported by the NME.
Unless fans, councils, and governments support these institutions, then the arts could be bled dry by property developers looking to build unaffordable housing and car parks.
Sports, fitness, housing, and arts won’t be the only industries that are changed forever by the pandemic – aviation, retail, hospitality, and many others will also look very different because of coronavirus.
And while some industries will benefit from the changes, many risk being crippled.
This puts the ball in the court of governments and organisational bodies to support the industries that are under threat, but it also places a responsibility on you to do what you can to help.
So, show your support for your favourite venues, sports team, gym and whatever else you care about.