According to the latest Business Impact of Coronavirus (COVID-19) Survey by the Office for National Statistics (ONS), nearly half (47%) of currently trading UK businesses reported that their turnover had decreased below what is normally expected for this time of year. The research also showed that 34% of businesses experienced no impact on turnover and 11% experienced an increase in turnover, compared with what is normally expected for this time of year.
The entertainment and arts industry is experiencing the greatest loss in turnover, with the industry showing the highest percentage of turnover decrease at 75%. This is not surprising following events, concerts and shows being either cancelled or delayed as a result of the virus. Though many were hoping for a more positive outlook when the country came out of lockdown, with newly increasing cases it seems restrictions are getting stricter week by week.
Businesses in the accommodation and food service industry follow closely with 68% of surveyed businesses experiencing a decrease in turnover compared to what is expected at this time of year. Experiencing an increase is the wholesale and trade industry, with 19% reporting an increase in turnover over the same period.
Along with a decrease in turnover compared to projected turnover at this time of year, businesses in the arts, entertainment and recreation industry were also the lowest percentage of businesses trading at 70%, compared with 86% across all industries. The highest trading industries included water supply/sewage waste management, human health and social work activities and real estate activities.
With restrictions continuing to tighten and with the introduction of the new lockdown, it is uncertain how these statistics will change. However, it is certain that the new restrictions brought by the second lockdown will arguably have detrimental effects on the already hard-hit industries.
Find out more information about the above statistics here.
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