IBISWorld’s analysts constantly monitor the industry impacts of current events in real-time – here is an update of how this industry is likely to be impacted as a result of the global COVID-19 pandemic:
Global quarantining procedures have resulted in reduced industrial and manufacturing activity and overall global trade. Since less goods are being produced and downstream demand has declined, demand for the Freight Packing and Logistics Services industry is likely to be suppressed in the short term. For more detail, please see the Current Performance chapter.
An economic slowdown resulting from the COVID-19 (coronavirus) pandemic will likely constrain business activity and restrict consumer spending. As a result, lower demand for products produced by upstream industries may lead to subdued demand for industry services. Employers are anticipated to reduce workforces in response.
Industry performance will likely receive support from the growing presence of online retailers. Since more consumers are confined to their households, they have been more inclined to purchase items online, a trend that is likely to continue moving forward.
Note: The content in this report is currently being updated to reflect the trends outlined above.