Trending Now

Impact of the Iran Conflict and Rising Oil Prices on the Supply…

New Articles

How COVID Affected the World Economy and What that Means for Business Owners

business
Archives, Commentary, Global Trade Daily

How COVID Affected the World Economy and What that Means for Business Owners

Leave a comment

The COVID virus was one of the most recent viruses to sweep through the world. It has had a significant impact on both individuals and businesses, but not in ways that are all negative. In this blog post, we will discuss how the COVID virus affected the global economy and what it means for business owners.

Unemployment

Many business owners have decided not to add any new employees until they see what impact COVID will have on their bottom line profit margins – this can be seen through “hiring intentions” and the “average monthly increase in employment”.

Employment growth is slowing but this can be seen as an opportunity for job seekers to find a great new position before others do. There are currently more open jobs than unemployed people looking to take advantage of that.

Stocks

Stock prices fell at first, with business executives unsure how the new tax plan would affect them, but those concerns vanished quickly as consumer confidence rose and company profits skyrocketed. The stock market and interest rates suffered as a result of the impact of stagflation. This impacted businesses negatively because it made investments less profitable by decreasing their net worth. It also caused inflation to rise, which increased costs for business owners who had no control over how much they could charge customers for products or services. Because people were spending more money on food and other necessities due to inflation, this led them to spend less money on luxury items such as expensive cars or homes, so sales went down at car dealerships and real estate companies alike.

Tourism Industry Crumbling

The tourism industry might be feeling some pain as it will now cost more to travel outside of one’s country due to COVID and other new tariffs that have been imposed on certain goods. This may impact those who enjoy traveling abroad, but with unemployment rates decreasing at such a rapid rate, the demand for labor will also increase. Many businesses that rely on tourism as a large source of customers and revenue might take a hit but it may be short-lived if they can adapt quickly enough.

The travel industry is feeling some pain from COVID already, especially with tariffs placed on goods like electronics and other items that are commonly exported and imported. Tourism is a vital part of many economies, but it will take time to see the true impact COVID has on international travel and tourism.

Online Shopping

Online shopping has impacted stores in a big way. Many consumers prefer the convenience of buying from home rather than going out into crowded retail centers to shop for items they need or want. Online retailers have been able to adapt quickly by increasing their marketing spend on Google Adwords so that they can be more visible when people search for products online. This might be a good time to consider an online marketing strategy if you own or operate a retail store.

The rise of e-commerce has allowed many consumers – especially Millennials and younger generations – to buy things from the comfort of their homes without ever leaving. Many brick-and-mortar retailers have been able to adapt quickly by increasing their digital marketing presence so that they can compete against online retailers.

Loans

Loans are getting harder to come by as banks begin to tighten their lending standards due to fears of rising defaults rates. They have not yet raised interest rates but many experts believe it is only a matter of time before they do! Businesses that need funding for various projects might look into alternative financing options or increase spending to boost revenue and profits so that they can generate enough cash flow to cover their debt obligations.

The difficulty of obtaining loans has increased as a result of COVID and other new tariffs placed on various goods from different countries. This is especially true for those who are deemed “high risk” borrowers by lenders, but it might be time to find alternative financing options if you need them.

World Trade

The world is slightly less connected as a result of COVID and other new tariffs that have been placed on goods from certain countries. This means it will be more difficult for those who rely on international sales to sell their products, but there are still plenty of opportunities out there. Business owners should keep an eye on how this plays out over time and consider new marketing strategies if they rely on international sales.

There are still plenty of opportunities out there for those who rely on international sales. If you haven’t considered it already, now might be the time to invest in some marketing strategies that will help you reach a larger audience.

Working Abroad

The ease of working abroad may decline as the world continues to become less connected. This could impact those who enjoy traveling and want to work while they are on holiday, but it might also make sense for some people if they can save money by living in another country. It will take time before we know how COVID affects the ability of individuals or business owners to work outside their home countries long-term.

It has become slightly more difficult (and costly) to travel overseas and work there due to tariffs placed on goods like electronics that many workers bring with them when they go freelancing or contract jobs globally. However, this is still an option open for businesses that want cheap labor; something which should be considered sooner rather than later if you are looking to expand your business overseas.

With all this information at hand now comes the time when you can use it to your advantage. Remember that while COVID was a major international event, many other factors are affecting the world economy which you should also consider when making decisions about your business or investments. Understanding how they interact and affect one another will help you make better-informed decisions for yourself in this fast-moving globalized society of ours.

recreation
Archives, Global Trade Daily, Special Reports

State Economies Most Dependent on Outdoor Recreation

Leave a comment

Over the past year, pandemic-related shutdowns inspired Americans to head outdoors to find open, safe places to relax and exercise in record numbers.

In 2020, 7.1 million more people headed outdoors, and overall participation in outdoor recreation surpassed 52% for the first time on record, according to the Outdoor Industry Association (OIA). Among the most popular activities was fishing, which drew higher numbers of participants across multiple age, race, and gender groups.

The surge in outdoor participation undoubtedly provided a boost to the outdoor recreation industry that was already booming before the pandemic hit. In 2012, the industry contributed about $350 billion to the U.S. economy. Heading into 2020, that contribution jumped to more than $450 billion. And with consumers heading outside in record numbers over the past year, the industry’s contribution to the economy is likely to grow.

The U.S. Bureau of Economic Analysis categorizes “outdoor activities” into a broad spectrum of hobbies and exercises, including: boating and fishing; sports like golf and tennis; RVing; festivals, sporting events, and concerts; amusement and water parks; and snow activities like skiing and snowboarding.

Among these activities, boating and fishing add the most value to the economy, accounting for a nearly $25 billion impact in 2019. That number is likely to go up, as boat sales increased by 13% in 2020. Those who fared well financially during the pandemic likely had the extra resources to purchase a boat, either fulfilling a lifelong dream or providing their family a new way to enjoy the outdoors.

For those on tighter budgets, fishing presented an economical option to enjoy the outdoors and time spent with friends and relatives. The number of first-time fishing participants jumped 42% in 2020, leading U.S. Fish and Wildlife Service Principal Deputy Director Martha Williams to tell OIA, “We are thrilled to see so many new and returning anglers enjoying our nation’s waters.”

Sports-based recreation and RVing were the second and third most impactful activities, according to Bureau of Economic Analysis data.

The boost in outdoor participation seen across the country in 2020 was particularly beneficial to states dependent on outdoor recreation economically. To identify the states most dependent on outdoor recreation, researchers at Outdoorsy analyzed data from the Bureau of Economic Analysis and created a composite index based on the outdoor recreation industry’s share of GDP, employment, and compensation in each state.

Based on these factors, Outdoorsy identified a diverse set of states—both coastal and mountainous—that topped the list. Notably, Hawaii was the only state in which outdoor recreation made up at least 5% of its GDP, employment, and compensation. In the Mountain Region, Montana and Wyoming stood out as the two states most economically dependent on outdoor recreation.

State Rank Outdoor recreation dependency index Outdoor recreation share of GDP Outdoor recreation share of employment Outdoor recreation share of total compensation  Largest economic impact activity
Hawaii     1      100.0     5.8% 5.9% 5.3% Game Areas (including Golf & Tennis)
Montana     2      94.8     4.7% 4.5% 4.1% Boating & Fishing
Wyoming     3      94.2     4.2% 5.2% 4.1% Snow Activities
Vermont     4      93.2     5.2% 4.4% 3.6% Snow Activities
Florida     5      91.6     4.4% 4.0% 3.9% Amusement & Water Parks
Maine     6      91.2     4.2% 4.7% 3.4% Boating & Fishing
Alaska     7      89.8     3.9% 4.5% 3.6% Boating & Fishing
Utah     8      85.4     3.3% 3.9% 3.1% Snow Activities
New Hampshire     9      82.8     3.2% 4.1% 2.7% Snow Activities
Colorado     10      81.2     3.1% 3.8% 2.9% Snow Activities
Idaho     11      78.6     3.0% 3.4% 2.9% RVing
Nevada     12      75.8     3.1% 3.1% 2.8% Boating & Fishing
Oregon     13      75.8     2.9% 3.4% 2.8% RVing
South Carolina     14      74.6     2.9% 3.5% 2.5% Boating & Fishing
South Dakota     15      69.6     2.5% 3.3% 2.5% RVing
United States     –      N/A     2.1% 2.5% 2.0% Boating & Fishing

 

For more information, a detailed methodology, and complete results, you can find the original report on Outdoorsy’s website: https://www.outdoorsy.com/blog/state-economies-dependent-outdoor-recreation

cargo
Air Cargo, Archives, Global Logistics, Global Trade Daily

The Important Role Air Cargo Plays in the Global Supply Chain

Leave a comment

For over a century now, air cargo has played a crucial role in getting time-sensitive and high-value shipments from one point to another as quickly as possible. The world’s first cargo flight was in 1910. Since then, air cargo and private cargo shipping have played a crucial role in transporting time-sensitive and high-value goods internationally and domestically.

Over the years, air transport has also proven to be a key “connector” between the manufacturers and the consumers. In the midst of the COVID-19 pandemic, shipments that took too long to get from one point to another were quickly transported via air.

According to the International Air Transport Association (IATA), air cargo has played a pivotal role in delivering much-needed medical equipment (including repair components and spare parts) and medicines.

Air cargo has also kept the global supply chains functioning for time-sensitive materials. This was carried out by utilizing cargo capacity in passenger aircraft, dedicated cargo freighter operations, and relief flights to affected areas.

IATA added that airfreight had been used to transport a staggering $6 trillion worth of goods annually. This represents at least 35 percent of all global trade by value. However, it is less than 1% of the trade when measured by volume.

The imbalance between value and volume can be attributed to the fact that most of the products that are shipped via air have a high value. Within a given 24-hour period, air cargo providers around the world have:

-Utilized over 100,000 airplanes

-Transported over 20 million parcels

-Shipped a whopping $18.6 billion worth of cargo

Economic Benefits of Air Transport

The air transport industry has a massive and significant impact on other industries and is also considered a growth facilitator. It also affects the global economy’s performance by enhancing the efficiency of other industries across the entire spectrum of economic activity. This is also referred to as “spin-off” or catalytic benefits.

Air transport helps facilitate world trade.

Air transport has allowed countries to participate in the global market by giving them access to primary markets and allowing globalization. Air transport also helps countries to specialize in activities where they have comparative advantage. It also helps facilitate trade with countries that provide other goods and services.

Air transport has been indispensable in the tourism industry.

Air cargo is especially useful for tourism on the island and remote destinations. Tourism directly supports employment in airports and airlines. Spending of tourists and visitors that arrive by air also creates a significant number of jobs in the tourism space.

Air transport boosts global productivity.

Improved air transport links have been pivotal in helping global markets expand. As a result, companies can exploit economies of scale better. This reduces cost dramatically and, as mentioned earlier, allows companies to specialize in areas of comparative advantage.

As more markets open up, air services can introduce companies to more competition and encourage them to become more efficient in the process.

Air transport improves supply chain efficiency.

Countless industries utilize air transport to reduce delivery times as part of the “just-in-time” delivery systems. This will reduce costs and enable companies to deliver products to customers reliably and quickly.

Air transport encourages effective collaboration and networking.

Air transport has been helping promote collaboration and networking among companies from different parts of the world. An excellent transport infrastructure also encourages companies to spend more on development and research.

Final Thought

As the world continues to deal with the unprecedented impact of the COVID-19 pandemic, air transport will continue to play an increasingly vital role in keeping the world’s supply chains running smoothly.

__________________________________________________________________

Melissa Hull is the Content Marketing Strategist for Aviation Charters, a West Trenton, New Jersey-based private aviation company that provides on-demand aircraft charter, aircraft management, and aircraft acquisition services. Aside from her passion for writing, she loves to travel and read espionage books.

businesses
Archives, Global Trade Daily, Special Reports

U.S. States That Have Started Opening Up for Business

Leave a comment

After more than a year of living through the pandemic, most of the signs lately suggest that the U.S. has turned the corner in the fight against COVID-19.

Average daily case numbers nationwide have fallen by around 80% from their peak in the U.S., from more than 250,000 per day in early January to just under 50,000 per day in early May. After a bumpy initial rollout, vaccines are now available to all adults nationwide, and the U.S. averaged more than 2 million doses administered per day during March and April. While COVID-19 still presents risks—more contagious variants continue to spread in some parts of the U.S. and vaccine hesitancy has begun to slow down the number of doses administered—a return to normalcy for many Americans now seems closer than it has at any point since the pandemic began.

More states and local governments are responding to these encouraging developments by loosening or entirely lifting restrictions that have been kept in place to minimize the spread of COVID-19 during the pandemic. Meanwhile, individuals are increasingly resuming their normal lives, comforted by the protection of the vaccines and the diminished spread of the virus.

This is all good news for the economy. Survey results from the Bureau of Labor Statistics show that more than half of U.S. businesses experienced reduced consumer demand as a result of the pandemic, leading to job losses and lost income. But as the COVID situation improves and restrictions are rolled back, policymakers and business owners are optimistic that economic activity will return to pre-pandemic levels this summer.

According to community mobility data that Google has collected during the pandemic, visits to retail and recreation establishments, transit stations, and workplaces (strong indicators of overall business activity) are still below their baseline levels from early 2020 but are moving in the right direction. Retail and recreation establishments are showing particularly positive trends, nearly returning to their baseline levels this spring with the drop in COVID cases and increase in vaccinations. Visits to transit stations and workplaces are down by around a quarter on average, a product of many workers continuing to work from home and forgoing business travel, but both categories have seen incremental increases since the start of 2021.

In addition to differences by type of establishment, reopening trends also vary significantly from state to state according to the Google data. One of the major reasons why states have reopened at different rates is that public attitudes toward COVID-19 became highly politicized throughout the contentious 2020 election cycle and beyond. This has affected both individuals’ behaviors and governments’ approach to public health restrictions: in general, more politically conservative areas have moved more quickly toward reopening and their politically liberal counterparts have shown more caution. Many of these more conservative states are also more rural and less densely populated, factors that also lower some of the perceived risks associated with COVID-19.

To identify the states that have reopened most quickly, Filterbuy researchers used data from Google’s COVID-19 Community Mobility Reports to create a composite index based on April 2021 visits to retail and recreation, transit, and workplace establishments. Filterbuy’s research team calculated the percentage change in visits to such establishments compared to a pre-pandemic baseline period of January 3 to February 6, 2020.

Here are the states that have started opening up for business.

State Rank Composite index Retail & recreation change from baseline Transit stations change from baseline Workplaces change from baseline

 
Montana    1     97.93 6.1% 14.6% -14.6%
South Dakota    2     97.23 5.6% 15.4% -13.6%
Idaho    3     92.47 6.0% 14.2% -16.9%
Arkansas    4     91.10 5.8% 13.2% -16.9%
Mississippi    5     87.03 5.3% 21.9% -19.0%
Iowa    6     85.00 5.4% -3.9% -15.8%
Oklahoma    7     83.63 2.5% 11.1% -17.3%
South Carolina    8     81.60 5.1% 13.8% -20.6%
Nebraska    9     78.17 1.9% 4.7% -18.1%
Alaska    10     77.50 2.8% -8.5% -16.7%
West Virginia    11     77.50 1.7% 6.1% -18.1%
Kansas    12     77.50 -1.0% 9.7% -17.7%
Missouri    13     76.83 3.1% 0.9% -18.8%
Alabama    14     76.83 1.2% 7.6% -18.2%
Wyoming    15     75.47 -4.6% 12.6% -16.7%
United States    –     N/A -8.3% -24.9% -25.7%

 

For more information, a detailed methodology, and complete results, you can find the original report on Filterbuy’s website: https://filterbuy.com/resources/states-that-have-started-reopening/

wine market
Archives, EU Trade, Global Trade Daily

The European Wine Market Overcomes the Pandemic Year with a Stagnation

Leave a comment

IndexBox has just published a new report: ‘EU – Wine – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

In 2019, after three years of growth, there was a decline in the EU wine market, when its value decreased by -2.8% to $35.3B. Overall, consumption saw a mild descent. The growth pace was the most rapid in 2017 with an increase of 3.8% year-to-year. Over the period under review, the market attained the maximum level at $38.9B in 2013; however, from 2014 to 2019, consumption stood at a somewhat lower figure.

The countries with the highest volumes of wine consumption in 2019 were Spain (3.5M tonnes), Italy (3.4M tonnes) and France (3.3M tonnes), with a combined 61% share of total consumption.

From 2013 to 2019, the biggest increases were in Italy, while wine consumption for the other leaders experienced more modest paces of growth.

In value terms, the largest wine markets in the European Union were France ($9.5B), Italy ($6.2B) and the UK ($4B), with a combined 56% share of the total market (IndexBox estimates). These countries were followed by Germany, Spain, Portugal, the Netherlands, Belgium, Greece and Romania, which together accounted for a further 34%.

The countries with the highest levels of wine per capita consumption in 2019 were Spain (74 kg per person), Italy (57 kg per person) and Portugal (51 kg per person).

European wine markets are mature, with no significant growth in consumption. The quality of European wine is highly valued all over the world because the EU countries are the main exporters of wine in the world market. Italy, Spain and France together supply 80% of all wine exports to the EU, shipping both to other European countries and outside the EU.

Overall, the EU wine market was expected to grow at a moderate pace amid weak population growth and continued relatively high incomes, as well as increased tourism. However, in early 2020, the global economy entered a crisis caused by the outbreak of the COVID-19 pandemic.

The COVID-19 pandemic has triggered a notable transformation of markets in the EU, in particular the wine market. The pandemic  affects various market parameters: macroeconomic performance, sales channels, supply chains, consumer behavior, and prices.

Despite favorable weather conditions, the EU’s grape harvest remained below average in 2020 as producer associations and national governments limited production to mitigate the negative impact of the pandemic on the wine market. Preliminary data shows that despite improving performance in the second half of 2020, overall a slight decline could be expected in terms of the annual wine production in the EU.

Inventory management problems and the state of traditional distribution channels represent a great uncertainty in the current market environment. According to available estimates, about 30% of the wine market in volume terms and 50% in value is accounted for by the HoReCa segment (hotels, restaurants, cafes), which were most affected by counter-pandemic measures. The situation was aggravated by the closure of borders, which led to an unprecedented reduction in tourism, the role of which in the GDP of the main wine-producing countries was quite large.

Significant volumes of wine are sold in specialized stores, which were also closed during the quarantine period. Although the growth in wine consumption in the supermarket sector increased slightly, it did not compensate for the decline in other sales channels. Reduced demand for wine has worsened the position of distributors and importers in foreign countries, exacerbating the negative impact of the pandemic on the European wine industry.

With the easing of quarantine restrictions, the demand situation should have improved slightly, but in general, it is expected that a full recovery of export supplies and the work of the HoReCa sector in importing countries will take a long time. In addition, consumer incomes have declined in many countries due to the crisis, exacerbating price competition.

On the one hand, winemakers’ unions seek to reduce their wine production to save on storing unsold bottles, and on the other hand, wineries need a higher yield to cover their financial costs. Therefore, in 2020, there is an imbalance in the European market due to a decrease in wine sales and a high level of wine stocks, which additionally pushes prices down and thereby aggravates the financial problems of market players.

Against this backdrop, there is a serious threat that small family vineyards will go bankrupt, as they do not have the means to pay wages and other expenses, which could lead to their purchase by large international groups. To mitigate the negative effects of the crisis, the EU has taken temporary measures to deviate from certain competition rules, namely, industry operators are allowed to self-organize and implement market-based measures at their level to stabilize the sector and with regard to the functioning of the internal market for up to six months. For example, it is allowed to plan joint promotions, organize storage, and jointly plan production.

Given the above assumptions, the EU wine market is expected to stagnate or shrink slightly in 2020 compared to the previous year. Over the medium term, as the economy recovers from the effects of the pandemic, the market is expected to grow gradually at an expected CAGR of + 0.6% between 2019 and 2030, which is projected to increase the overall market size. to 14.8 billion liters (IndexBox estimates) by the end of 2030.

Source: IndexBox AI Platform

long beach
Archives, Departments, Executive Getaways, Global Trade Daily

SURF’S NOT UP: LONG BEACH, CALIFORNIA, HAS NO WAVES BUT PLENTY OF ACTION  

Leave a comment

Moving into her university dorm room in the foothills of Los Angeles County, an incoming freshman who hailed from Southern California’s Inland Empire asked her new roommate where she was from.

“Long Beach,” the young woman answered.

“Oh, so you live by the beach?” inquired the inlander.

A puzzled look came over the young roomie before she replied, “There ain’t no beach near my house.”

Though it’s the second word in the city’s name, there is no beach in Long Beach if waves crashing into white sand ala scenes from the Baywatch television series are what come to mind. Although surfing in California is believed to have started there in 1911, a 2.2-mile-long breakwater built in 1949 to protect the U.S. Pacific Fleet has halted strong wave action along the Long Beach coast ever since. Shoreline? More like a lakefront.

However, there are large swaths of retail, dining, lodging, attraction and entertainment development facing much of the Long Beach coastline or within a couple of miles of it. This makes the city of Long Beach—a.k.a. “The LBC”—an ideal spot for business gatherings large and small hosted by companies, associations and industry groups, many of which book the Long Beach Convention Center, whose grounds include Long Beach Arena and Long Beach Performing Arts Center, both of which attract national touring acts.

Of particular interest to those booking conventions for shipping, logistics and other supply chain professionals is the nearby Port of Long Beach, which is the second busiest port in the country and, when coupled with the neighboring Port of Los Angeles, a part of the ninth busiest port complex in the world. Indeed, the port and/or its Harbor Commission routinely holds events inside the convention center—and yes, of course, tours of the port facilities make the itineraries.

If you know nothing of Long Beach, California, and perhaps more about Long Beach, New York, you may be surprised to learn that the one on the Left Coast, with its 463,218 population, is about 14 times larger than its East Coast counterpart. As you’d expect of a city that’s bigger than the likes of Minneapolis, New Orleans and St. Louis, this one has its own airport. Indeed, Long Beach Airport (LGB) is far closer and much more convenient than Los Angeles International Airport (LAX). UPS Airlines and FedEx Express serve the cargo side, and Delta, Southwest, American Eagle and Hawaiian Airlines are the passenger carriers. Alas, JetBlue’s long tenure ended in October in a dispute over expansion plans.

The convention center is encircled by the best lodging in town, including The Westin, The Hilton, Courtyard by Marriott, Renaissance Long Beach and the Hyatt Centric The Pike. But those who are tired of the usual corporate suite should look to the other side of the Los Angeles River from the convention center. There you will find the Latin-inspired, waterfront Maya Hotel, which is set within 14 acres of tropical gardens. The Hilton/Double Tree property features an open-air patio restaurant and pool deck with fire pits and cabanas that let you unwind from a day of breakout sessions. If you’re worried about being too far from the convention center action, the Maya is just a five-minute walk from water taxis bound for downtown Long Beach.

Also on that side of the river channel is perhaps the most unusual hotel around: The Queen Mary. Construction began on the former RMS Queen Mary in 1930, and after retiring as a luxury liner in 1967, the ship docked at its permanent location in Long Beach Harbor, where its staterooms now serve as hotel rooms. The cruise-ship spirit is maintained with fine dining, parties on the decks and an actual, uniformed captain. And according to legend: ghosts!

Other attractions include the Aquarium of the Pacific, the Belmont Shore district and The Pike, which opened as an amusement park in 1902 and was famous for its Cyclone Racer roller coaster that ran on tracks over pilings that were built on the water. The coaster closed in 1968, but it has since been replaced by a tamer version that looks retro but actually meets strict California safety regulations. The Pike area includes more shops, stands, restaurants, a comedy club and an outlet mall, making it a great place for long strolls and people watching.

Food choices abound in Long Beach, whether you seek the tried and true or the one-of-a-kind. Many of the latter can be found on Second Street, Retro Row (Fourth Street) or tucked away all over town. (Assignment: Get yourself to Roscoe’s House of Chicken and Waffles.) If you have access to the company credit card or want to impress a client, here are three recommendations:

Fuego, 700 Queensway Drive, Long Beach. At Hotel Maya is this restaurant serving scrumptious Latin-style seafood. It’s better to eat outside because of the equally stunning setting and views of the downtown skyline. However, indoors is also an option that you will especially want to take up if it is a chilly night or the rare time it rains. You can’t go wrong with the Crab Cakes, Lobster Mac or Lamb Chops, but do consider a later flight if you are leaving Sunday so you can return to graze at Fuego’s five-star brunch.

Michael’s on Naples Ristorante, 5620 East Second Street, Long Beach. Given the number of awards, accolades and smash reviews the Italian restaurant has picked up since opening in 2008, you might assume it’s a button-up, fine-dining establishment. Actually, the vibe is casual and, if you desire (and you really should), al fresco. Over in the kitchen, ingredients are farm-sourced and everything is made from scratch, whether it’s the pastas and sauces or the mozzarellas and gelatos. Michael’s also has on Naples Island a pizzeria, which Zagat rated as the nation’s best in 2013, as well as Michael’s downtown that is a hybrid of the ristorante and the pizzeria. Even if you’re hotel/convention-bound downtown, you’ll want to make the trip because Naples has canals that are lined with quaint (multi-million-dollar) cottages. You can pass by them on foot, but it’s better to see them from the water on a rented kayak or paddleboard. You can even hire a gondolier.

Parkers’ Lighthouse, 435 Shoreline Village Drive, Long Beach. Years ago, my wife and I decided in the early evening of New Year’s Eve to grab a quick bite inside the steak and seafood restaurant, partly because their hot and silky New England Clam Chowder is to die for, partly because of the endless options from the Wine Spectator Award of Excellence winner’s two-story wine cellar, and mostly because of the spectacular views. We got a table for two on the top level, right up against the glass on the lighthouse side facing Rainbow Lagoon, which is cradled by another must-experience: the Shoreline Village shopping, dining and entertainment area. Little did we know we were in for a motorcyclist practicing before his nationally televised jump over the water at midnight. We got home in time to watch the successful feat. Talk about a rocking during a New Year’s Eve!

Wait . . . I forgot about dessert. Any night out should be capped with a stop at Long Beach Creamery, 4141 Long Beach Blvd., Long Beach. Warning: The decision between the Whiskey Vanilla, Burnt Caramel and Midnight Oolong ice creams is impossible. And there ain’t no beach near Long Beach Creamery.

travel
Airports, Archives, Global Trade Daily

The Role of a COVID-19 Vaccine in the Travel Industry

Leave a comment

Hope got rekindled in the heart of individuals, organizations, and nations following the news of producing a potent vaccine that could help end the COVID-19 menace. There has been a recorded increase in the travel industry’s activities with the renewed energy in people to resume travels.

Nations that earn primarily from the participation of foreigners in business, investment, tourism, and so on are hopeful that they can restore their economy and improve their citizens’ living standards when the virus’s vaccine is in use.

As we are expectant of the proper circulation of a vaccine, we should take a moment to analyze the changes the pandemic outbreak has made in our lifestyle, particularly traveling habits.

Ways in Which the Pandemic Outbreak Positively Affected Travels

As much as COVID-19 has presented us with significant challenges, the pandemic outbreak did not leave us without some blessings. In response to the deadly virus, several changes got incorporated, which has improved traveling for good.

The continuation of these changes despite the vaccine’s availability will do both the travel industry and passengers a great deal of good. These changes and policies adopted include the following:

Flexibility

Airlines became a lot more flexible with their payment and refund policies since the outbreak of the COVID-19 pandemic. Various airlines offered a full refund of fares for booked or paid flights to countries with travel bans. Several airlines employed different means to make payment a lot more comfortable for their passengers.

Maintaining flexibility, regardless of the vaccine, could change travel for good. Not to be too hopeful, these airlines might withdraw some of these leniencies, but many would remain.

Traveler’s Behavior

Travelers now prepare adequately for travels. It makes it a lot easier for airlines to control boarding. People are more careful about their health and, as such, are more responsive to regulations. This habit has been a good chance for travels since the onset of the pandemic.

Health and Safety Protocols

The airline now prioritizes safety and health protocols. Airplanes are now well cleaned and sanitized to ensure a virus-free environment.

One would also notice a very high degree of orderliness at the airport due to the social distancing protocol. People do not have to crowd themselves in the queue, making traveling a lot more stress-free for passengers.

Expected Positive Impacts of the COVID-19 Vaccine

With a proper circulation of the vaccine, where everyone can have access to vaccination at an affordable price, travel will experience a significant change for good. Considering how much influence the pandemic outbreak had on our traveling habit, we expect to record the following changes:

Improved Travel Experience

With the release of the COVID-19 vaccine, traveling will be a lot easier. Several boarding protocols that stress out travelers, like getting tested for COVID-19, maintain social distancing at the boarding gate, arriving at the airport many hours before take-off time, may be relaxed. We can finally return to a more comfortable process with the provision of the vaccine.

Cheaper Fares for Travelers

With the vaccine, airlines can allow more passengers on board a flight. It will help reduce flight fares as more people can share the burden of transportation cost per trip. A lesser fee will make transportation more affordable, and people can plan for more trips than before.

Assurance of Safety

The major discouragement with travels was the fear of safety. Several travelers canceled their trips except when it was inevitable. The vaccine would mean that people can now tour the world without fear of contracting the coronavirus disease. They also do not stand as a threat to others’ safety while visiting new places, so long as they have the necessary vaccination.

Reduced Cost on Maintenance of Health

People now have to spend less on maintaining their health with the vaccine. Airlines can also reduce the cost of ensuring a highly hygienic travel environment by the COVID -19 standard. Several regular travelers had to forfeit planned trips because they cannot afford the potential cost of maintaining their health condition if they probably got down with the virus. With this out of the way, traveling will become much more feasible.

Even with the hope of a new vaccine, we have to ensure that we plan adequately for safety ahead of a trip. It would be best if you had all you will need while in another geographical location. You must get an international driver’s license in the likelihood that you will have to drive yourself around while on your trip.

Significant changes have begun already, with the news of the vaccine around the corner. We all cannot wait to experience our world once again, without the fear of a pandemic.

Entrepreneur
Archives, Global Logistics, Global Trade Daily, Special Reports

From Employee To Entrepreneur: Becoming Your Own Boss in 2021

Leave a comment

Maybe you’ve dreamed of launching your own business for years but couldn’t summon the nerve – or the capital – to pull it off.

Perhaps 2020 proved disastrous to your career aspirations when the company you worked for downsized or shut down altogether – and out the door you went.

Either way, 2021 could be the time to ask yourself this question: Are you ready to go from employee to entrepreneur?

It’s an easy question to ask, but a more difficult one to answer, says Adam Witty, himself a successful entrepreneur and the ForbesBooks co-author of Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant.

“Maybe for someone who lost their job this year, it’s an easier call because they aren’t giving up something to make the move,” says Witty, who also is the founder and CEO of Advantage|ForbesBooks (www.advantagefamily.com).

“For them, this might be the perfect opportunity to finally give in to any entrepreneurial urges. But leaving full-time employment with its relative security, regular paycheck, predictable infrastructure and perks is a different matter and requires a certain kind of courage.”

After all, success is not guaranteed. About 20 percent of small businesses fail in their first year, and half succumb by year five, according to the Bureau of Labor Statistics.

But for those considering taking the plunge, Witty has advice:

Look before you leap. Starting a business requires a certain amount of risk, but that doesn’t mean you should be foolhardy. “While I agree you have to commit to any endeavor for it to succeed, I’m also pragmatic enough to know that the risk must be balanced.” Witty says. “Have a comfortable safety-net before you jump. Chances are, debt will outweigh income at the beginning. So, for those currently employed, take advantage of the income from your full-time position before you cut ties.”

Consider doing what you already know. For many entrepreneurs, success can be attributed to the fact they started a business in a field they were familiar with because they worked in it or already had expertise in it. “They had seen their industry from the inside and acquired a keen understanding of both its potential and its constraints,” Witty says. “That’s not true for everyone, but in the cases where it is true it definitely can make for a more solid transition, and increase the likelihood of success.”

Be adaptable. Witty says one thing that separates successful businesses from ones that fail is the ability to adapt to changing circumstances. “Being adaptable doesn’t mean just introducing a new product to your realm of offerings,” he says. “It requires constant attention to what’s going on in the world, analyzing your competitors, and most importantly, not getting too comfortable at the top of the pyramid. The business cycle is much like a StairMaster – once you get to the top, you have to keep climbing to stay up there.”

Ultimately, though, the only way to truly find out whether a person can succeed as an entrepreneur is to do it, no matter how unsettling that first step might be, Witty says.

“Making the shift from the steady life of a full-time employee to the unpredictable world of entrepreneurship takes smarts, guts and support,” he says. “But you’ll never know if it’s right unless you embrace the risk.”

_________________________________________________________

Adam Witty, co-author with Rusty Shelton of Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant, is the CEO of Advantage|ForbesBooks (www.advantagefamily.com). Witty started Advantage in 2005 in a spare bedroom of his home. The company helps busy professionals become the authority in their field through publishing and marketing. In 2016, Advantage launched a partnership with Forbes to create ForbesBooks, a business book publisher for top business leaders. Witty is the author of seven books, and is also a sought-after speaker, teacher and consultant on marketing and business growth techniques for entrepreneurs and authors. He has been featured in The Wall Street Journal, Investors Business Daily and USA Today, and has appeared on ABC and Fox.

range hood market
Archives, Global Trade Daily, News

Rising Application in Residential Sector to Foster Range Hood Market Size by 2026

Leave a comment

Increasing concerns regarding food safety and hygiene around the world are driving the range hood market growth. The development of new restaurants and hotels in Europe and the Asia Pacific is fueling product demand. Several restaurant owners are using kitchen hoods in order to follow food safety and restaurant hygiene guidelines put forth by local governments.

Range hoods are generally installed in commercial and residential kitchens for the removal of fumes, heat, smoke, airborne grease, and combustion products. Although the recent COVID-19 pandemic induced lockdown has caused restaurants, hotels, and cafes to shut down operations temporarily, estimates suggest that the range hood industry could grow substantially owing to the revival of the economy after the pandemic.

Given rising significance and demand, firms operating in the range hood market are developing new products that are rigged with advanced features. For instance, in 2018, major electronic goods company, Panasonic Corporation launched its new and enhanced chimney type range hood having modern features including an electronic soft-touch glass panel and a smoke duct adaptor. With such advancements, Global Market Insights, Inc., estimates that the range hood market may record over USD 9.5 billion by 2026.

Based on the product, the range hood market is divided into ceiling mount, wall mount and under a cabinet. Of these, the ceiling mount range hood segment is experiencing significant growth owing to increasing consumer inclination towards modular kitchens. Ceiling kitchen hoods are mainly made for modular kitchens with the nob or stove positioned in the middle of the kitchen, allowing multiple users to cook simultaneously. These hoods are available in various colors, shapes, materials, and sizes, which is boosting their popularity in modern kitchens.

In terms of application, the range hood business is bifurcated into residential and commercial. Out of these, the residential segment is anticipated to register the highest market share over the forecast period on account of the shifting preferences of consumers towards modern, advanced kitchen cleaning appliances over traditional cleaning systems like fans.

From a regional standpoint, the North American range hood market is witnessing increasing demand owing to the implementation of stringent government regulations on food safety and hygiene in hotels and restaurants.

While the global range hood market consists of firms such as Asko Appliances, KOBE Range Hoods, Zephyr Ventilation, Faber S.p.A, Broan Inc., Vent-A-Hood, Viking Range, LLC, Panasonic Corporation, Windster Hoods, CaptiveAire Systems, Fotile Overseas Kitchen Appliance, BSH Group, Samsung Electronics, Elica S.p.A, Miele, Inc., and Whirlpool Corporation. These companies are adopting different business strategies such as new product development and geographical expansions in order to enhance their market position.

Source: Global Market Insights, Inc.

tourism
Archives, Global Trade Daily, Special Reports

U.S. Cities Most Reliant on Tourism

Leave a comment

The Bureau of Labor Statistics reported that the U.S. unemployment rate fell to 8.4 percent during the month of August. This represents a sizable decrease from the record-high rate of 14.7 percent notched in April during the middle of the economic shutdown, but still millions of Americans remain unemployed.

The hospitality industry has been particularly hard hit by the COVID-19 pandemic. As of last year, over 14 million people (or 9.4 percent of all workers) were employed in accommodation and food services, which includes hotels, casinos, restaurants, and bars. However, the industry accounted for almost one-third of all job losses due to the pandemic. BLS data shows that the industry has gained back over 3.7 million jobs since April, but unemployment remains high, at 20.8 percent.

The share of workers in restaurants and hospitality varies considerably on a geographic basis. Popular destinations among tourists like Nevada and Hawaii have the largest shares of workers in the sector. Over 22 percent of non-farm workers in Nevada are employed in the accommodation and food services industry, while Hawaii has over 17 percent. Nebraska and Connecticut have the lowest shares of workers in accommodation and food services, both at 7.6 percent.

To find the metropolitan areas that are most reliant on tourism, researchers at seoClarity analyzed the latest data from the U.S. Bureau of Labor Statistics and the Bureau of Economic Analysis. The researchers ranked metro areas according to share of non-farm employment in the accommodation and food services industry. Researchers also calculated the total number of accommodation and food services workers, total (non-farm) workers across all industries, the overall unemployment rate in April, and the cost of living.

To improve relevance, only metropolitan areas with at least 100,000 people were included in the analysis. Additionally, metro areas were grouped into cohorts based on population size. In the report, small metros have between 100,000–349,999 residents; midsize metros have between 350,000–999,999 residents; large metros have at least 1,000,000 residents.

Here are the large metropolitan areas that are most reliant on tourism.

Metro Rank Share of employment in Accommodation and Food Services Total Accommodation and Food Services workers Total workers across all industries Overall unemployment rate (April 2020) Cost of living*
Las Vegas-Henderson-Paradise, NV 1 26.2% 270,600 1,034,100 34.0% 3.2% below average

 
Orlando-Kissimmee-Sanford, FL 2 14.0% 185,700 1,327,100 16.8% 1.3% below average

 
New Orleans-Metairie, LA 3 13.5% 78,900 583,400 19.0% 5.9% below average

 
San Diego-Chula Vista-Carlsbad, CA 4 11.4% 171,700 1,503,900 15.0% 16.4% above average

 
San Antonio-New Braunfels, TX 5 11.2% 121,300 1,078,700 13.3% 6.1% below average

 
Austin-Round Rock-Georgetown, TX 6 10.8% 120,500 1,116,000 12.2% 0.2% above average

 
Miami-Fort Lauderdale-Pompano Beach, FL 7 10.4% 283,700 2,718,100 13.4% 9.9% above average

 
Jacksonville, FL 8 10.2% 74,200 724,400 11.2% 4.5% below average

 
Riverside-San Bernardino-Ontario, CA 9 10.1% 155,200 1,541,800 14.7% 7.0% above average

 
Tucson, AZ 10 10.1% 39,500 389,600 12.8% 6.1% below average

 
Los Angeles-Long Beach-Anaheim, CA 11 10.0% 621,400 6,239,500 18.8% 17.1% above average

 
Virginia Beach-Norfolk-Newport News, VA-NC 12 10.0% 79,700 795,300 12.1% 3.0% below average

 
Tampa-St. Petersburg-Clearwater, FL 13 9.9% 136,600 1,384,700 13.2% 1.0% below average

 
Houston-The Woodlands-Sugar Land, TX 14 9.4% 295,700 3,156,200 14.3% 1.8% above average

 
Denver-Aurora-Lakewood, CO 15 9.4% 144,800 1,536,000 12.3% 4.9% above average

 
United States – 9.4% 14,142,600 150,939,000 14.4% N/A

 

For more information, a detailed methodology, and complete results, you can find the original report on seoClarity’s website: https://www.seoclarity.net/blog/us-cities-most-reliant-on-tourism

This article originally appeared on seoClarity. Republished with permission.