The second order effects of the COVID-19 crisis are here, and they’re painful. In this episode, NLW looks at how COVID is impacting three industries:
- Travel and tourism
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- 100m lost jobs expected globally
- $2.7 in lost GDP
- Airbnb lays of 25% of employees
- Music & Concerts
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- From a record $12.2B concert year to a loss of $9B
- Expectations of concert prohibition lasting up to two years
- Industry organizing to be included in relief
- Real Estate
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- Commercial real estate expecting 2.5% default rate for 5+ years
- Negotiations around sales-based payment instead of traditional rent
- Residential sees cratering demand but home prices remain up year over year
The Breakdown