The economic impacts of the pandemic are becoming more tangible with each passing day. A survey conducted by the Census Bureau determined that out of the 51% of companies reporting they had experienced substantial negative effects related to COVID-19 two months ago, 38% face the same challenges today.
Many businesses have adopted a belt-tightening approach. Capital previously designated for marketing has been diverted to sustain the operations. But not everyone is facing difficulties. Some businesses, like bike shops, for example, are experiencing an unprecedented economic boom due to shifted consumer behaviors.