Abstract
This paper uses the daily seasonally-adjusted data for net revenues and openings of small businesses in the accommodation, food services, leisure, and hospitality sectors in the United States from January 10, 2020, to June 24, 2021. The results from the Dorta-Sanchez bootstrap unit-root test for a random walk with drift show that the COVID-19 crisis has significantly affected revenues and openings of small leisure and hospitality firms. Moreover, the results remain valid when the data for the national level and 51 states are considered.
Highlights
The COVID-19 pandemic is one of the largest pandemics in the industrialized world
We aim to examine the dynamics of small businesses in the leisure and hospitality sector in the United States during the COVID-19 period
We find that the COVID-19 crisis has significantly affected the revenues and openings of small leisure and hospitality firms in the United States
Summary
The COVID-19 pandemic is one of the largest pandemics in the industrialized world. It has significantly affected all sectors almost in all countries. Governments have imposed lockdowns, including closures of accommodation and hospitality facilities, leisure activities, restaurants, and show businesses [2, 3]. Governments have implemented several restrictions on domestic mobility and international travel during the COVID-19 era [4], and this issue has negatively affected the tourism sector [5]. The precautionary measures and the widespread use of COVID-19 vaccines have caused significant changes in small business revenues and openings [6]
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