The pandemic has resulted in loss for most of us – loss of normal life, loss of business and, most tragically, loss of loved-ones. Some businesses didn’t survive, while others had to completely change their operations in order to adapt. Statistics are now beginning to emerge on which sectors were most affected and their projected recoveries…
The impact by sector
According to the Office of National Statistics, some sectors were hit hard while others saw marginal growth. These were pretty much as you would expect: hospitality and the travel industry have been worse affected while communication and information related businesses that could continue to operate remotely saw little change. Online shopping grew considerably and has continued to grow post-lockdown despite a dip when non-essential shops reopened.
Growth in niche areas
But there were some less expected niche areas of growth – chemists traded above pre-pandemic levels throughout and there was a boost for the camping industry as people opted for UK-based outdoor holidays. Furniture brands have continued to see growth as people spend more time at home, while clothing and footwear retailers have seen a downturn in sales as people socialised less.
SMEs v larger companies
Small businesses were more likely than larger ones to have had to temporarily close or stop trading at the beginning of the pandemic but that wasn’t necessarily the case for all sectors. Manufacturing, for example, saw similar patterns of loss and growth amongst both larger companies and SMEs.
Which sectors will bounce back from Covid quickest?
It is predicted that the UK’s economy will not see a full recovery until 2023, but certain sectors have been unaffected and even grown. This article also shows that economic growth may be as dependent on locality as it is sector, breaking down the areas in the UK likely to recover the fastest. It shows that the rate of recovery is likely to be the same as the rate of contraction in 2020, with the West Midlands and East of England at the top and London at the bottom.
The view from here
There aren’t many sectors we don’t provide design, print and web for so we know from clients what a bumpy road the pandemic has been. As an independent business, we also know first-hand and have certainly had our share of challenges along the way. But we feel grateful to still be here and still able to support clients that are adapting with marketing materials that help them retain customer loyalty and explain how the way they are trading may have changed. As we emerge from lockdown, it is heartening to see people coming to us for rebrands, marketing campaigns and even to start up new businesses
If some areas of your business have grown during the pandemic, we can help you promote them. However, if you have been negatively impacted and want to begin to rebuild but are not sure where to start, we would love to talk to you, share ideas and offer our support. Call us on 0208 590 0922 or email us at info@marcomedia.co.uk for a free no obligation quote or impartial advice. We’re here for you throughout lockdown and beyond…