Small businesses have been particularly hard hit by the coronavirus pandemic — this has a ripple effect for employees, suppliers and those who market to these companies. 31% of small and medium-sized businesses have shut down in the last three months, according to a Facebook survey of more than 38,000 business owners and managers across in the U.S., published Monday. The chart above shows response rates broken down by sector.
Facebook’s State of Small Business Report indicated that the situation is worse for personal business (52% of which reported shutting down), hotels, cafes and restaurants (43%) and services like wellness, grooming, fitness or other professional services (41%).
On a more optimistic note, two-thirds of closed businesses expect to re-open in the future, including a slightly higher percentage of women than men (71% to 62%, respectively).