The past year has been tough for millions of businesses all around the US and the world. With long-lasting lockdowns, many businesses shut their doors temporarily or permanently, unable to make money without walk-in customers. Even companies that functioned primarily online struggled, considering that a lot of clients were facing their own financial hardships caused by the virus.
Economic recovery is going to take a while, even once there is no longer a single case of COVID-19 in the country. There will be a lag during which millions of potential customers will remain jobless and many more battling to pay massive healthcare costs. However, that is not true for all businesses.
The good news is that there are a number of industries in San Diego set to make a massive comeback in the near future.
While tourism will take a while to return to normal, the local hospitality industry is likely to boom in the coming months. This is particularly true when it comes to restaurants, which people have sorely missed. There will inevitably be those who avoid restaurants due to cashflow issues (or even remaining health concerns). But those who will return to restaurants will do so with more regularity than before the pandemic.
If you own a restaurant, this might be the time to do some renovations so as to attract an influx of customers. You can see what Clovis Smogs has done by installing Restaurant Furniture’s booths in the above photo, increasing comfort and aesthetics at the same time. Booths are also great for those who are still wary of sitting close to other diners.
Big events are another type of luxury that we tend to associate with people who have disposable income to spend. As such, it would make sense to assume that the events industry would continue to struggle post-COVID. However, as with hospitality, people have been living in anticipation of attending events for a year now. While the solvent customer base may be smaller, those who can will attend far more events than they would have before the pandemic.
Furthermore, tons of events which had to be delayed will now be on the roster again. There are bound to be long waiting lists for events such as weddings, big birthday bashes, and congratulatory ceremonies. Big businesses will also want to run events again, as will politicians and organizations who have been unable to run fundraisers.
Over the past year, performers have particularly struggled to make money. After all, their income was almost entirely tied up in live events in front of paying customers. No matter how good a musician is over video, people were never going to pay anything like what they would spend on a regular concert.
However, the struggle performers faced also brought together a community who wanted to support them. People even paid for albums rather than simply streaming them, with platforms like Bandcamp relinquishing their commissions on Fridays. Once live entertainment is back on, San Diego residents will flock to see their favorite performers, even those who are lesser known.
The economy will take some time to recover but at least there are industries which will rebound in San Diego.