The extent to which businesses have been impacted by the coronavirus has very much depended on the sectors they operate in. Our latest report takes a look at those sectors and industries most at risk because of the pandemic, as well as those that are benefitting.
Businesses have been exposed to: social distancing measures, working from home, supply chain disruption and international trade disruption. Understanding each industry’s exposure to these elements is key to predicting how businesses will respond to the pandemic in the medium term.
- Manufacturing has seen the fastest rate of decline in output since records began. 53% of manufacturers have stated they will be making redundancies in the next six months to reduce costs (Make UK survey).
- Output in the construction industry is forecast in a ‘best-case scenario’ to fall by 25% in 2020. In the height of the pandemic, work on 220,000 new homes was brought to a standstill.
- The road freight transport industry is not expected to be significantly affected by the coronavirus. Food demand is expected to mitigate the lower demand in other areas.
- The soaring demand for the services offered by tech businesses has driven an ‘unprecedented’ rise in the value of many tech businesses, particularly large US tech stocks, such as Apple, Amazon and Microsoft
- Online food delivery and online grocery delivery platforms are benefitting. Tesco and Sainsbury’s increased their delivery slot numbers by 200% and 75% respectively in May 2020.
For further information or advice, contact Carl Lundberg.
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