It’s no secret that COVID has shaken up the economy. Sectors that were booming before March 2020 have since taken a tumble – a recent example being retail, with Monsoon Accessorise, Cath Kidson, H&M and others all making drastic cuts.
Of course, when whole industries collapse almost overnight, they leave behind huge uncertainty and large numbers of people looking for alternative ways to make a living. Many of these people are skilled workers, who through no fault of their own are now out of work and facing financial instability.
Check out this inspirational story of Neil, a DJ, who’s using UW to keep himself going during the pandemic
Which sectors did the coronavirus affect the most?
Most of the economy was, in some way or another, impacted by the virus. However, these were the industries that were hit the hardest:
Airlines and airports – the worldwide travel restrictions caused an enormous strain resulting in over 20,000 jobs at risk.
Hotels and cruises have run into similar issues, with over 16,000 redundancies made in 2020.
Overall, more than 90,000 jobs in travel and related industries were affected by the pandemic.
Many retailers have also closed their stores, resulting in tens of thousands of job losses. Big names include Harrods, Selfridges, and WH Smith’s.
Restaurants weren’t much different. While the takeaway sector is booming, staff in physical restaurants had to be let go. Chains such as Burger King, Carluccio’s and Pizza Hut were some of the big names that announced big cuts in personnel.
Between Pubs, bars and restaurants, the hospitality and entertainment industry suffered from over 660,000 job cuts.
Comments