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IRA Financial Group Blog

COVID-19 And Industry

3 Minute Read

Change has come to industries, and COVID-19 is the reason why. There’s been an affect on almost all areas of work and productivity. Saving money is more important than ever.

Key Points
  • Disruption continues across the board
  • Major industries are rethinking their paradigm
  • You should protect yourself

COVID-19 and Live Performances

Possibly one of the areas hardest hit by the pandemic has been live performances. COVID-19 has wreaked havoc on the whole industry, affecting live music, comedic and dramatic performances, and large gatherings such as festivals and state fairs. From lighting and sound people, through performers and producers, the entire industry has been shut down and is only now beginning to find ways to get back to work.

Some shows are closed on Broadway permanently, some will reopen when the pandemic has passed enough to allow audiences to sit safely together again. Some of the struggles of having an audience can be skirted when live shows can be done on smaller stages and with fewer people involved. Then they can be projected at drive-in theaters, shown on YouTube or viewed on television and streaming services.

COVID-19 and Banking

With borrowers running out of money, and government inaction, it’s possible that defaulting on loans may become more and more common.With the prospect of evictions looming, will mortgage lenders be looser with money? Will there be refinancing available? It could definitely be a stark division – some will be losing homes and some will be snapping up properties as the work landscape has changed dramatically and employees are no longer tied to specific locations.

As for traditional banking, account holders may decide that they want cash in hand, rather than sitting in a traditional account. This could see balances fall, especially if defaulting increases in large proportion.

COVID-19 and Advertising

Brands are “refocusing” their stories and many employees that were furloughed are finding out their unemployment has become permanent. Firing or laying off workers and then celebrating your company creates bad optics, so there are some brands that have adjusted their advertising budgets accordingly. This in turn lowers the revenue for television and streaming industries, although they have the benefit of being in the home, so they’re located where people are isolating or quarantining.

Some brands have found a niche for themselves selling the “softer side” of the pandemic – reminding consumers they care and offering their services.

Consumers and Coronavirus

Many consumers are finding limited financial freedom exists due to the pandemic’s sweeping affects on industries of all kinds. With live events shut down, vacations curtailed or cancelled, gyms still closed in many areas, as well as all kinds of other professions hiatusing, money is tight. Does seeing warm and fuzzy advertisements make a difference? It may be too soon to tell, as the economy is so precarious at the moment, “extra” money may not be as free-flowing as it once was.

Living through a pandemic can be emotionally exhausting, financially overwhelming, and career draining. Without a doubt everyone had something to mourn over this past year of 2020, whether it was a person, an event, a job loss, overwork, or something else.

Patterns of behavior are changed and changing as well. Will consumers want to go back to shopping from big box stores, when there’s been such a push to shop and support local? Will the desire to shop from home and have supermarkets deliver be replaced by the desire to see produce and meats first-hand? Will wearing a mask become second nature, and stop phasing us?

Part of humanity’s resiliency is in the ability to get accustomed to almost anything. Perhaps wearing masks will help keep the population safe from COVID-19 and the flu and anything the future throws our way. And humans will be able to come together in new ways, as COVID-19 and industry grow together from its fractured past.

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