With assistance from Mustel Group, The Greater Vancouver Board of Trade has conducted a survey among its members to measure opinions on various economic issues of relevance to members, and specifically the impact of COVID-19 and government measures to assist businesses. A total of 134 members completed the survey from January 5-12th, 2021.
- Decreased sales volumes continue to be reported by over six-in-ten businesses as a result of the pandemic. Other significant impacts include increased operating costs, deferred or cancelled capital projects, reduced staff hours, layoffs and cancelled contracts or marketing projects.
- But on the positive side, four-in-ten have introduced or increased their online or digital presence. Some have also introduced new products and increased sales volumes.
- Those who have reduced their staff report on average laying off 70 employees.
- 44% of all businesses report sales decreases of 25% or more; 28% of businesses report losses of 50% or more.
- Seven-in-ten of businesses impacted by holiday spending report lower holiday season revenues compared to previous years.