What market sectors were most affected by the Coronavirus outbreak?

The Coronavirus pandemic was easily the topmost events that rocked the year 2020. The virus was discovered on the very last day of the year 2019 and within the first quarter of the year 2020, spread to virtually every country in the world. One of the major rules that were promoted to be effective in solving the spread of the virus and the accompanying deaths was social distancing. Hence, most countries implemented a lockdown that forced people to stay at home for a while. This article will discuss the market sectors that were most affected by the Coronavirus outbreak.


The tourism sector was easily the worst hit. With people stopped from moving around both locally and internationally, there were no visits to tourism centres. However, even with freedom of movement, tourism centres were one of the first to be shut down and among the last to be opened. Since they do not provide life-saving or essential services, they were shut for most of the year 2020 in most countries. Hence, they were easily the worst hit by the pandemic. If you own a tourism centre and you are having financial problems reopening after the pandemic, you could see reviews about finance companies in the UK on Britainreviews.co.uk. You will find companies that you can get a loan to restart your tourism business from and hope that the pandemic is permanently defeated and a similar outbreak does not happen anytime soon.


Another sector that was affected was travel. Most travel companies were forced to shut down as well. Fortunately, humans can’t do without moving around. Even though most airlines couldn’t operate commercial services, there were few cases of airlifting citizens from other countries and compulsory travels that made quite a few trips available. However, these trips would be less than 1 per cent of the number of flights that were operated across the world. The same applied to taxis, trains and other local transport company as people were locked in their homes and hence, were not available to use their services.


Schools were also shut down for most of the year 2020 across the world. The only advantage schools had was that most quickly switched to online learning. Hence, they were able to continue to provide training and exams to kids at home without them coming to school. With this, most of the schools were able to avoid losing an academic year. If not for the online option, most schools would have struck out the 2019/2020 calendar and restarted after the pandemic.


Since people were no more going out, there was no need for people to buy cars. This was coupled with the fact that most people lost their jobs and the uncertainty of how quickly the Coronavirus will be defeated. Hence, everyone was saving their money and buying only essential needs for most of 2020. The implication is that the sales of cars witnessed a significant reduction across the world. This is more so for companies that ship their cars to other countries as all borders were locked and only essential goods were allowed through the border.


Fashion is only important when we can go out. Most people only dress up to work and other outdoor events. At home, they just make do with casual clothing. With everybody locked down and not having places to go to, the interest in wearing clothes, shoes, and jewellery reduced significantly. Hence, the companies that make and sell those products were not making many sales. Their only hope is that months after people have been forced to stay indoor, their clothes will get too small for them and they will be forced to order in bulk when it is time to resume all their daily activities.