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A Year Later: The Impact of COVID-19 on Restaurant and Hospitality Industry

We have been living in the world dictated by the coronavirus for over a year now, and it seems that we are still evaluating the consequences it left on the global economy.

The hospitality industry undoubtedly took a huge hit during this time and experts are making various predictions concerning the recovery of the industry.

Collected data

The overall statistics are worrisome, to say the least.

Revenue losses are over 50% while the unemployment stats reach 38% (not to mention reduced wages and hours).

Occupancy rates for both small and large businesses fell under the sustainable 35% and the situation in big cities has been particularly difficult.

The more detailed data is covered by Kitchenall.

Current concerns

While the experts are concerned about the recovery of the industry as a whole, the owners’ worries are a bit more focused.

Primarily, they think about all the time and money they need to invest for their establishment to be fully operational again.

And what happens if customers don’t return?

As research showed so far, customers are still reluctant to come back. Up to 80% claim they will continue to order delivery even if everything is reopened.

Around 17% said they are waiting for a vaccine in order to feel comfortable eating out and traveling. The vaccine recently became available but it might be some time until it is widely used.

Future plans

So, is there hope for a bright and profitable future of the industry?

Absolutely! However, some long-term changes have to be implemented.

Aside from safety measures that have been used so far (gloves, masks, physical distance, etc), there is an urgent need for additional reliance on modern technology in order to further reduce human-to-human contact.

That means investing in online payment software, keyless entries, digital menus, service bots, sensor-operated appliances, etc.

As long as the industry is ready to adapt, there are good odds for survival.

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