Monthly revenue loss due to coronavirus for food services in the Netherlands 2020

The coronavirus pandemic impacts the economy worldwide and notably the service sector. As of March 2020, it was estimated that food services in the Netherlands could face revenue losses of 630 million euros per month. Within the food sector, it was estimated that Dutch restaurants could lose up to 245 million euros a month. Regarding the revenue loss in percentages in the hospitality sector, companies foresee a 33 percent revenue loss. Furthermore, leisure companies expected a 35 percent revenue loss, whereas fast services estimated a decline in sales of 27 percent.

Effects of coronavirus on hotels, restaurants and cafes

According to a recent survey, the effects of the coronavirus pandemic on hotels, restaurants, and cafes are already noticeable. , Indeed, 55 percent of Dutch respondents noticed more cancellations of reservations than normal, whereas roughly 40 percent mentioned to see an overall decrease in the occupancy rate. Similar effects were seen with the occupancy rate in the hospitality sector. Leisure companies, hotels and restaurants all registered a 40 percent decrease in occupancy, whereas fast services saw a 33 percent decline.

Financial buffers within the hospitality sector

Having enough financial buffers as a company could be proven vital in the current coronavirus epidemic. As of March 2020, roughly 25 percent of the companies working in the hospitality sector indicated to be able to survive the consequences of the virus for two to three months. On the other hand, 17 percent of them mentioned to just have enough for one month or needs immediate financial support.