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28th June 2022
New UK research reveals how much every industry has been affected after the COVID-19 pandemic
This is how much the pandemic affected every industry:
-The IT industry was found to be the most affected, seeing the biggest increase in business deaths compared to births post-pandemic
-Data shows the wholesale industry prospered, seeing a sharp decrease in business deaths compared to births from April 2020 onwards
-Overall, the UK saw a drastic decrease in new businesses after the pandemic
A study by marketing training hub School of Marketing analysed the latest ONS and government data on the number of businesses that were born and died in the last eight business quarters after the pandemic(from Q2 of 2020 to Q1 of 2022) and compared this with the eight quarters before the pandemic(from Q2 of 2018 to Q1 of 2020) to see how each industry has been affected in the last two years.
The information and communication industry was the worst affected industry by the pandemic. Pre-pandemic, for every 100 businesses born in the industry, 91.51 businesses died. This number had increased by 89% post-pandemic with 173.24 business deaths for 100 new ones. A study by PricewaterhouseCoopers suggests struggles during and after the pandemic in the industry could be caused by decreased overseas consumption and reduced supply of outsourcing due to worldwide restrictions.
It was also found that finance and insurance was the industry second-worst affected by the pandemic. Pre-pandemic, there were roughly 48.01 business deaths for every 100 births. Post-pandemic, this number had increased by 50%, with an average of 71.95 deaths for every 100 business births in the industry.
The accommodation and food services industry did well under the circumstances. Pre-pandemic there were 90.37 business deaths for every 100 births, and post-pandemic the number of deaths for every 100 births had dropped 10.9% to 80.51.
The wholesale industry also prospered post-pandemic when compared with the others studied. Pre-pandemic, for every 100 wholesale businesses born, 101.5 businesses died. This result decreased by 20% post-pandemic, where in the last eight business quarters, only 81.44 businesses have died for every 100 wholesale businesses born.