Following the coronavirus, a lot of different UK industries are struggling. Some of these are a direct result of the pandemic, whereas others have been on the decline for many years thanks to competition from overseas. This article will discuss some of these struggling industries in more detail so that if you are hoping to start a new venture, you may want to avoid them or may want to try and capitalise on a gap in the market.
The Steel Industry
The Traditional Company recently published a fascinating article on the history of the UK steel industry which goes into more detail about why the market is currently struggling. The fact is that the industry is being met with a range of stiff competition from overseas, such as from China which is producing more and selling it more cheaply. As a result, it has been on the decline for some years, to the point that the government is providing financial support.
Festivals
This is a result of the pandemic but the overall revenue growth for festivals throughout the country is down by 93.8%. The money made from festivals is usually the result of ticketing but there are also a variety of different services that are provided on site such as bars and food stands. Whilst there are some tips available on how to increase the profit that music festivals make, that doesn’t stop the fact that they are really taking a knock as large gatherings were essentially put on hold for over a year.
Nightclubs
For similar reasons to the above, the nightclub industry has also not been doing very well over the past year. They have faced many difficult operating conditions over the past few years as prior to the pandemic they were already facing a lot of competition and following their forced closure throughout 2020 and 2021, they have seen an overall revenue growth of -87.5%.
It seems that not as many people are going to nightclubs any more as what they offer can be provided in a variety of different bars and pubs, whilst also providing a better variety of drinks and a more relaxed atmosphere where people can enjoy them. A lot of different nightclubs have since closed over the past decades as operators have trouble responding to the new challenges that face them.
Airports
The demand for airports is largely thanks to the trends in domestic and international air travel as operators try to provide support activities to both freight and passenger transport operations. Airports have been proactive in diversifying the ways that they can generate revenue as they are expanding into commercial markets like retail concessions and other property and car parking facilities.
Conclusion
There are a number of different industries throughout the UK that are struggling at the minute as a steady decline in the past five years paired with the complications of the pandemic have made life hell for many operators. Those that are having a particularly hard time are listed above.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin