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How COVID-19 Altered the Restaurant and Hospitality Industry

Millennial Magazine - restaurant-and-hospitality-industry

Among all the industries that have suffered from the impact of the global pandemic of COVID-19, the restaurant and hospitality industry is the one that changed the most. We are talking about an industry that suffered the biggest blow in terms of lost jobs. 

According to the Bureau of Labor Statistics, we can see that roughly 38% of leisure and hospitality employees are out of work. At the same time, the national average is at 10.2%. That doesn’t mean that those who are still working have an easy time. Many of them have had their salaries reduced. 

When you take a look at the situation in the world, with all the lockdowns and closed borders, it’s no surprise that the hospitality industry suffers. Nobody’s traveling anywhere, and occupancy rates at hotels are at historical lows. Without a doubt, we can see that these effects will be felt even in 2021. 

In the US, the restaurant industry lost more than $120 million in the first three months of the crisis alone. 32,109 or 11% of all the restaurants in the country have been forced to close, and 19,590 have stated that their closure can be considered permanent. Not only that, according to some reports, we can see that people may be reluctant to stay in hotels and eat out for quite some time.

Not only that, we can see that the restaurant owners are also hesitant. 90% of them are either closed or they offer reduced services. However, that doesn’t mean they are not preparing themselves for reopening. Without a doubt, this is the only way for the whole industry to survive. Thankfully, guests are willing to pay more for increased safety precautions.

If you are interested in learning about some other interesting facts and predictions about this industry and how it copes with the global pandemic, be sure to visit Kitchenall.

 

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Written by Britt Hysen

Britt Hysen is the Editor-in-Chief and founder of MiLLENNiAL. In response to the branded ad campaigns absorbed by the media platform, Britt launched Kreativ Ctrl, a full-service marketing agency specializing in experiential programming and strategic partnerships.

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