The COVID crisis has been a nightmare for every country in the world. It has taken many lives and impacted severely every industry possible. Everyone from highly business professionals to middle-class families has experienced COIVID impact. However, the vaccination process is happening at a rapid rate. So we can expect the economy to rise back to its previous position. But it will take some considerable time.
Here we will look at some industries that the COVID has seriously affected.
Travel and Transportation
As COVID infection broke out between countries, the first thing that happened was canceling domestic and international flights. To stop the spread of the virus, every country has stopped traveling facilities. On the account of lockdown, governments put a pull stop to the transportation in local areas too.
The many reasons for the Covid spread are traveling and contacting other humans. So it’s safe to say that even though the travel industry recovers, people will be skeptical about it. On the account of lockdown, everyone in the country stayed at their home. Avoiding public hangouts and getting out of the house. So the Travel industry may take more time than expected to recover from this devastating COVID impact.
Automobile Industry
The Covid crisis and Lockdown have seriously affected the Automobile industry. The automobile industry has been hit like never before. Due to the COVID, it has seen a devastating drop in its sales. As everyone is spending most of their time at home and lacks traveling. There is no point in buying a new car or bike. So many people take pull-down breaks on their decisions to get a new vehicle.
Which led to automobile industries slowing down their manufacturing process. Some industries even cut down their employees. Many people became unemployed, which led to other problems.
Real Estate
As the government started the process of lockdown, every Indian decided to save for the crisis. Despite the low-interest rates, lucrative payment plans, and good prices, people kept their money instead of spending on real estate. Many people concluded uncertain situations like this are not the best time to invest in real estate.
Because of the lockdown, many real estate projects have been interrupted. Also, there is a lack of labor and construction professionals who are willing to come to sites. In addition, most of the migrant workers went back to urban areas, their native places.
Retail Industry
The covid crisis and lockdown process has severely affected every retail store in the country. Lack of sales and customers, retail stores are left with no options other than shutting down. However, with the vaccination process and lifting of the lockdown process, retail stores will recover soon. But it will take some time as people are still not confident about going to and making any purchases yet.
Final Thoughts
We are at the end of the second wave of COVID. Every industry is trying to go back to its previous state before COVID. At the same time, we have to consider that the situation may also change. Because experts are saying there is a probability of COVID third wave and the vaccination process may take some time. So it will take more time than expected for these industries to recover.
