Proceedings of the 6th International Conference on Financial Innovation and Economic Development (ICFIED 2021)

Effect of COVID-19 on Quick Service Restaurant Industry in China and the US

Authors
Lin Li
Corresponding Author
Lin Li
Available Online 22 March 2021.
DOI
https://doi.org/10.2991/aebmr.k.210319.084How to use a DOI?
Keywords
Global economy, China, the US, Unemployment rate
Abstract

Since the worldwide breakout of COVID-19 pandemic, hundreds of thousands of people died and lost their jobs. The pandemic made almost all economies in recession, with negative GDP growth rate and high unemployment rate. As the top two biggest economies, China and the US are not immune to this pressure. The restaurant industry in these two countries, which is the very basic aspect of people to reflect consumption power, can be influenced significantly. Quarantine requirement prevents people from dining out, even ordering delivery. People and industries are frustrating about future economy growth. Therefore the purpose of this article is to provide information on the restaurant industry and quick service segment in both countries, trying to give out suggestions by investigating professional data and reports and conducting observations and interviews as these methodology can help explain the numbers on websites and could be realistic. Main data source for both countries will be the second-hand information published on the Internet. Observations and interviews will be conducted in China by the author and the objects will be traditional restaurants and their owners, especially quick service restaurant owners. Revenue loss, high unemployment rate, and increasing operational cost drag the quick service restaurant section into recession.

Copyright
© 2021, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 6th International Conference on Financial Innovation and Economic Development (ICFIED 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
22 March 2021
ISBN
978-94-6239-354-7
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.210319.084How to use a DOI?
Copyright
© 2021, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Lin Li
PY  - 2021
DA  - 2021/03/22
TI  - Effect of COVID-19 on Quick Service Restaurant Industry in China and the US
BT  - Proceedings of the 6th International Conference on Financial Innovation and Economic Development (ICFIED 2021)
PB  - Atlantis Press
SP  - 460
EP  - 468
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210319.084
DO  - https://doi.org/10.2991/aebmr.k.210319.084
ID  - Li2021
ER  -