Chamber survey shows lockdown’s impact on businesses

A Chamber of Commerce survey has given an insight into how businesses are coping with the impact of the circuit breaker lockdown, and what support may be required to help them recover.

Date: Tuesday 13 April 2021

A Chamber of Commerce survey has given an insight into how businesses are coping with the impact of the circuit breaker lockdown, and what support may be required to help them recover.

The poll, which was carried out on March 30th, featured responses from 115 businesses representing a broad cross-section of the Island’s economy with around 20% being self-employed. Just under 30% of the businesses that responded were fully open on the day of the survey, just under 40% were open with limited services, while the remainder (just over 30%) were temporarily closed.

Here are some of the other headlines from the survey:

• More than a third (33.78%) reported that turnover was down by more than 75% compared to normal. Just over 19% said turnover had fallen by between 50% and 75%; just over 17% said it was down by 25% to 50%; and 13% reported a reduction of less than 25%. Just over 12% reported no change in turnover, while 3.47% said it was better than normal.
• When asked if current revenues were sufficient to support their business, 42.61% said yes, and 57.39% said no.
• 17.39% of respondents said that they expected to have to make permanent redundancies within the next three months, while 16.22% expected to hire additional staff during the same period.
• Just over half (53.85%) of the respondents whose businesses have applied for financial support from the Disruption Loan Guarantee or Working Capital Loan Guarantee have been awarded grants.
• Turning to their thoughts on customer demand recovering to normal levels, 50% said it would do so without their business needing additional support, 44.44% said it would return to normal levels if measures were put in place to stimulate demand, and 5.56% said consumer demand would not return to normal levels no matter what measures were introduced.
• Businesses were asked if they would need ongoing support (eg, financial support or business/sector promotion) when lockdown ends – 47.42% said yes, 52.58% said no.

Chamber CEO, Rebecca George, thanked everyone who took part in the survey, and commented: “The results were fairly encouraging, but there are some causes for concern and it’s clear that a significant proportion of businesses would welcome some form of ongoing support to help them recover from the impact of the circuit breaker lockdown.”

Click here to view the results dashboard