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.
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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