Covid-19 and Businesses

Covid-19+and+Businesses

https://industrytoday.com/business-interruption-insurance-for-covid-19-losses/

Ricardo Jigashi, Staff Writer

The food industry took a major hit this year. They have been affected due to the decrease in customers, outdoor dining, and just as of recently the transition back to indoor dining. Many specific foods are in high demand the majority being long lasting canned food. People were in complete panic and fear from contracting the virus and went through different spending habits. This again affected business’s worldwide from all different departments.

The food industry took a toll at first due to customers and getting a lot less money. The smaller and medium size food business’s have been struggling because of how hard it’s to pay taxes. Of course, this is a lot easier if you’re in a location that has cheaper taxes. For example, Lancaster, PA is 53.56% cheaper than NY as listed by Best places. Business’s had to do everything in their power to make their restaurant as appealing as possible to customers. They have to make it as safe as possible while still providing that feeling which makes customers wanna go out and eat their food.

The workers took a major hit as well when it comes to making an income and working. Some of the workers had to get their hours cut or completely laid off. Workers had to make a shift from working regularly without a mask and now having to wear one 24/7 when inside of a facility. This of course, makes it much harder on those in a warmer environment. Some workers had to completely make a transition from a workplace to completely working at home.

Many foods are in very high demand, but at the same time, many are seeing a decline. Canned food has been in great demand during the outbreak due to people getting scared and trying to hoard up on supplies. Many luxury foods have seen a decline due everyone buying hoardable foods. For example, Campbell’s soup reported more than a 60 percent increase in food sales over a four week period. This of course benefits bigger brands and food industries, but hurts smaller brands due to competition.