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Exclusive research has revealed real estate and aviation as the industries suffering the most revenue-wise amid the global pandemic.
REB's sister brand My Business commissioned Momentum Intelligence to create an ongoing survey of a cross section of Australian business owners and employees — including those operating in the real estate industry.
The COVID-19 Business Confidence Survey encouraged participants across a range of Momentum Media’s professional services brands (accounting, aviation, defence, financial services, law, mortgage and finance broking, and real estate) to take part in an online questionnaire between 2 and 22 April.
The survey asked business owner/manager respondents about how both the revenue to date has been impacted by COVID-19 and how it was likely to impact revenue over the next three months.
Collectively speaking, 52 per cent of total business owner/manager respondents said their revenue had decreased. Twenty-eight per cent said they’d seen no revenue impact and 14 per cent said it was too early to tell.
Looking towards the next three months, 66 per cent of respondents expect their revenue to decrease, 14 per cent expect no further impact and 13 per cent said they were unsure.
Specific industries
The flow-on effect of COVID-19 revenue-wise appears to have hit harder in real estate than other industries.
According to the survey, 67 per cent of real estate business owner/manager respondents have seen their revenue suffer. Fifteen per cent have seen no impact and the same amount were unsure at the time the survey concluded.
Meanwhile, 64 per cent of business owners/managers in the aviation space said their revenue had been negatively impacted.
Business owners/managers in the accounting space were identified as the industry seeing the least amount of revenue disruption, with 40 per cent saying their revenue had been impacted by COVID-19.
When it comes to future impact to revenue, 84 per cent of real estate business owner/manager respondents expect their revenue to be impacted further over the next three months.
Meanwhile, 10 per cent are unsure, 3 per cent expect no impact and 3 per cent expect revenue to increase.
More about the survey
The dynamic COVID-19 Business Confidence Survey serves as a barometer of how businesses, and working Australians, are adapting to the changed working and social environment throughout the COVID-19 pandemic.
This will enable us to map attitudes, confidence and business activities as they evolve by market sectors, revealing which industries and professions are adapting most effectively to the “new normal”.
The first instalment of the survey report is expected to be released this week.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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