ABSTRACT
The COVID-19 pandemic might impact consumer demand for food Service industries. These impacts relate to the structure of preferences in the context of a pandemic, income and time constraints, and price effects. Discussion includes accounting for differential impacts of COVID-19 on demand for foodservice across socio-demographic characteristics in India, and several high-level issues and observations related to where and how to impact home consumption. My thinking leads me to conclude that demand-side factors will account for most of the changes, we see in Out home consumption. These demand-side effects will be dominated by income effects, the opportunity cost of time, and longer planning horizons on the part of the Food Service Business. In the present time only the foodservice Industry not doing well in the post COVID scenario. Let's be honest, even if tomorrow, the coronavirus moved out, people will still be avoiding ordering food or visiting restaurants or hotels for dining out -for a longer time to come. Small voting on Twitter that was reacted to by 10346 respondents showed more than half (53%) people saying no to ordering food while 13 % said that they may order and the rest 34% said they will continue to order food. This was before the Pizza delivery boy news came. The same goes for any service industry like movie halls/ malls. It is not just the food service industry but as a matter of fact whole of travel and tourism is going to suffer the hostile response of corona. From Movie halls to malls wherever there was interaction, people confined in close spaces, things will have to be reinvented, with newer techniques to minimize human interaction. In this paper, we shall have look at the problems that the foodservice industry will face and maybe suggest a way out It's been difficult for many operators and the only experience that for best understanding, how to come out of this situation is the learning's from past recessions or economic struggles while Pandemic time. And common sense will teach industries that starting a business in hard economic times is a bad idea and shows challenges to commercial viability, in the current situation has caused businesses to close and now needing to re-open, this is no different from starting a new business during hard times. Something one would normally advise against Overcoming this challenge will truly define the entrepreneurs amongst them.
ABSTRACT
All the countries of the world are facing humanity's biggest crisis since World War II. Almost every country has been affected by the devastating Coronavirus disease (COVID-19). An outbreak from China has gone everywhere. In the last almost year, Corona's epicenter has been shifted from China to Europe to the United States. By this time, over 1.5 million people had been affected by COVID-19 and about 80,000 people had died worldwide. Indirectly, billions of people have been suffering from the impact of the global pandemic of COVID-19. What is disturbing is that the numbers likely stem from under-reporting, and may probably rise alarmingly in the weeks ahead if we factor in asymptomatic patients and rapid tests. Given that the pandemic-driven crisis is constantly changing, countries are desperate to flattening the curve for COVID-19. Surely, this Coronavirus has put the world economy at a major risk Coronavirus ravages the economic foundations of world trade. Commentators have identified this outbreak as an outcome of hyper-globalization or starting of de-globalization. However, the world is going to face recession;and the global losses, according to some commentators, may exceed World Wars I and II combined. At the same time, the falling world price of crude oil has added further anxieties. Several estimates are now available on the economic loss and post-COVID-19 growth path, and most of the estimates show that the world is already in an economic crisis. South and Southeast Asian countries are no exception. They are heavily affected, health or otherwise. Countries are under full or partial lockdown for the last few weeks. It is a global challenge and a global response is called for. Flattening the COVID-19 curve together helps everyone in an inclusive manner. Unlike the 2007-08 Global Financial Crisis, it is primarily a health crisis, which has given birth to an economic shock. Meanwhile, the world order has been changing fast. Several theories are being postulated. Anti-globalization rhetoric venom is now unfurled. In such unfolding "New Normal" of the world order, the consensus is that countries need to save the earth from the epidemic if we need to live together.