IBISWorld has published a COVID-19 industry impact report outlining the level of disruption faced by Australian and NZ sectors. As we know, COVID-19 has wreaked havoc globally. While Australia & NZ have been more successful than many countries at containing the spread & limiting the economic effects, conditions have led to our first technical recession since 1991/92.
Supply chain issues and the continued impact on travel and tourism have taken their toll. We've seen consumer and business sentiment plummet and lead to weaker demand across most industries. When people fear uncertainty around employment, they tighten their belts and spend less. Businesses have taken a similar approach with a view to maintaining a liquidity buffer so they can get through the pandemic, unsure of how the COVID-19 industry impact will continue.
On the other hand, some industries have prospered. Demand for online items surged and a positive impact has been seen across online shopping, postal services and data storage services. One of our previous articles The Lucky Industries Set to Succeed: Australia's Post COVID Industry Performance also highlights a number of industries that have fared well and may just get the head start they need in a recovering economy.
Analysts are also crediting COVID-19 with hastening the demise of the fossil fuel generation industry. Our "Industry Spotlight - Rise of the Renewables" we reveal the impact of wholesale electricity prices on the renewable and fossil fuel industries.
Key Highlights COVID-19 Industry Impact:
The IBISWorld COVID-19 Special Report categorises industry sectors & their disruption as moderate, high, or very high. The report is dated 21 October 2020.
Access the IBISWorld COVID-19 Special Report here
Stay on top of your industry and see how other sectors in your supply chain have been impacted. The report reviews impacts industry by industry classifying each as moderate, high or very high.
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Our Industry Spotlights provide a snapshot on what is happening in a particular sector - giving you a quick burst of market intel. Catch up on our previous Industry Spotlight's below: