Businesses in the Central Okanagan are facing calamitous times, according to a survey from the Kelowna Chamber of Commerce.
On Friday, the chamber released the survey regarding the novel coronavirus pandemic and its effect on local businesses.
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With just under 8,000 businesses taking part, the chamber said “the data paints a dire picture of what businesses are experiencing now and what they expect to be facing in the near future.”
According to the survey:
- 90 per cent of businesses are currently being impacted by COVID-19.
- Of those impacted, 83 per cent are seeing a drop in revenue, business, or deal flow.
- 91 per cent anticipate a further decrease in revenue in the near-term.
- 73 per cent of businesses expect their revenues will drop by 50 per cent or more, with nearly a quarter saying revenues will drop by 100 per cent.
- Half of the respondents say they will be temporarily shutting down their offices.
- 64 per cent of respondents expect to reduce their staff by over half, with a quarter saying they will be reducing their staff by 100 per cent.
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