The Effects on the Hot Pot Industry Due to the COVID-19 Pandemic’s Outbreak in China
DOI:
https://doi.org/10.54097/ehss.v16i.9765Keywords:
COVID-19, catering industry, hot pot restaurants, year-on-year rate, takeout and other new services.Abstract
This article illustrates influences to catering industry especially hot pot industry during COVID-19 pandemic. The consequences of the economy from this event were undoubted severely and unfamiliar to all businesses. These firms were difficult to make profits since they had expanded too many offline restaurants and they could not afford the spending on a huge number of stores during the pandemic. In the process of exploring this situation, figures such as operation revenue and total liability are essential factors to having the results. There are two public hot pot companies, and this article applied their figures from annual reports. After collecting these data from the specific restaurants, the formula used for calculating year-on-year rate (YoY) is necessary to judge the consequence of pandemic. Besides these direct changes, both of these two corporations develop own methods to assist them to profit, and they can be seen that it is useful for these companies to survive in market. This essay can not only contain the negative effects of the pandemic to hot pot industry, but it also brings creative services to customers and benefits to entrepreneurs.
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