How the Restaurant and Hospitality Industry has Responded to COVID-19
Listen to this articleCOVID-19 hasn’t left anyone unscathed. Most people have seen their income, physical, and mental health decline over the course of 2020. Unfortunately, some people have gotten it worse than others. People working in the restaurant and hospitality industry are the ones that have felt the effects of the pandemic the worst.
How are things looking for the industry? How are the workers handling the situation? Will the industry start going back to normal any time soon? These are some of the questions we’re going to tackle today. First off, you need to understand that the hotel industry has lost over $46 billion in 2020. The industry as a whole is expected to gross only 50% as much as it did back in 2019.
The situation for the employees isn’t any better. More than 7.5 million workers were cut since the beginning of February in an effort to save as much money as possible for the owners. That number amounts to 38% of all jobs in the industry. By the beginning of 2021, that number is expected to grow to 50%. How are things looking for the owners?
Not so good. It seems like layoffs didn’t do much to help. 9 out of 10 restaurants aren’t operating at a full capacity. Two-thirds of owners don’t expect things to change in the next 3 to 12 months for the industry. Undoubtedly, this is going to cost them a few billion in the process. If you want to know more about the whole situation, make sure to look at the kitchenall.com restaurant equipment supplier infographic below.
Go through it and find out whether the industry is going to bounce back in 2021 or not.
