Something newer.
https://www.stuff.co.nz/business/300243922/covid-reality-bites-business-closures-spike-130pc
https://www.stuff.co.nz/business/300243922/covid-reality-bites-business-closures-spike-130pc
that headline picks one stat out of the article.
The number of new businesses opening last September to November was up 8 per cent to 19,906.
“There have been more liquidations compared with any other time in the last five years, but we’re not yet close to the peaks reached between 2008 and 2011 during the aftermath of the GFC.”
Lester said it took a while before people got to the point of closing a business or liquidating.
“What we are seeing is people in Queenstown, Wanaka, the West Coast of the South Island, Te Anau, these areas are heavily affected … the longer this goes on, the worse it will get and compound. We’re far from being out of the woods, it will take time.”
He said the impact was so far not as severe as in the global financial crisis, nor as bad as had been expected.
So whilst it is obviously not great for the business people that have to close, on a big picture scale its not as bad as the GFC.
As you'd expect, tourism businesses are hurting, particularly the ones that relied on internationals coming here. It's not helpful to harp on about it but the old adage of "diversify or die" seems apt. Relying on one source of income is really narrow minded and not a long term survivable option.
So whilst it is obviously not great for the business people that have to close, on a big picture scale its not as bad as the GFC.
As you'd expect, tourism businesses are hurting, particularly the ones that relied on internationals coming here. It's not helpful to harp on about it but the old adage of "diversify or die" seems apt. Relying on one source of income is really narrow minded and not a long term survivable option.