Abstract
The global spread of the Covid-19 pandemic exerts great influence on the global economies, and among the economic sectors which are suffering losses, the service industry, especially fast food restaurants, are greatly impacted. Before the outbreak of the Covid-19 pandemic, the fast food restaurant benefits a lot from the process of globalization, while they lose the benefit when the pandemic causes a lot of limitations on the cross-boarder flow of commodities and people. By taking KFC as an example, based on the analysis, it is found that the reasons behind such impact include slowed globalization, customer’s reducing income and government bans. To help the fast food restaurants get through the difficulties amid pandemic, several possible solutions are proposed in this paper.
Highlights
Since the outbreak of the Covid-19 pandemic occurred in Wuhan, China in early 2020, more than 600 million people have been infected with the disease, and so far the death toll of the world has exceeded 700,000
As estimated by International Monetary Fund (IMF) that, the growth rate of the world economy in 2020 will be 3.2%, which is 0.1 percent lower than the estimated they made in January
First of all, reduced eat-in service is recommended for the catering industry, and it is suggested that fast food restaurants explore more channels for selling takeaways, for example, they can encourage consumers to order food online through social media, app and chat tools [6]
Summary
Since the outbreak of the Covid-19 pandemic occurred in Wuhan, China in early 2020, more than 600 million people have been infected with the disease, and so far the death toll of the world has exceeded 700,000. As a matter of fact, the impact on the economy mostly comes from the loss of customers in the service industry and the reduced income expectation of consumers. In order to resume production as soon as possible and increase consumer’s confidence in the economy, a number of governments have actively taken strict control measures such as issuing decrees ordering all the people stay at home and maintain appropriate social distance [2]. People are encouraged to work from home and reduce unnecessary travel and such measures have played an important role in helping these countries contain the spread of the epidemic and resume production. In countries where the epidemic has been effectively controlled, many restaurants and bars have been open for customers to dine in, and consumers are confident in the sanitary conditions at these restaurants
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