The current pandemic has thrown drastic obstacles in the way for UK businesses. With the travel sector being one of the hardest hit, having a total business confidence score of 69.77 out of a total of 190, these figures show just how uncertain businesses feel at present – according to a new, Business Confidence Report by Nexus Global.
Nexus Global surveyed senior managers in businesses across the UK to determine how confident they feel at present regarding the current economic climate. According to the findings, travel businesses are most assured about not having to make redundancies yet least assured about hiring new employees.
To determine the figures, senior managers in the travel sector were asked (on a scale of 1-10) how confident they feel at present regarding the following aspects:
The travel sector is among the least confident sectors in the UK
The UK travel sector scored 69.77 overall on the business confidence report. The sector is most confident about not having to make redundancies, the happiness of employees, and the level of business competition However, the travel sector is least confident about the increase in sales, the expansion of new products and services, business growth, and the overall health of the country’s economy.
With 48% of the population saying they wouldn’t book a holiday during the outbreak, it’s predicted that over a third of SME’s in the UK travel sector will need two years to recover from the pandemic.
There is no doubt that this sector has been the hardest hit, but there is hope that demand will increase once restrictions have further eased.
Please see the table below to see where the travel sector ranked compared to other sectors:
Commenting on the report findings, John Westwood, Managing Director, says: “It is by no surprise to see business confidence at a low during such an unsettling and turbulent period, during which the UK economy has suffered its worst-ever decline.
Looking forward, business confidence levels will be a key factor to influence the pace of consumer spending once lock-down measures continue to ease. This change in behaviour will need to see businesses adapt if they stand a chance of seeing growth.”