London’s arts and tradition sector is hardest hit by Covid-19

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Don-Alvin Adegeest |

Monday, February 1, 2021

As the Chinese New Year holidays hit Asia this week, the main travel and shopping celebration that many retailers have seen as a sales opportunity will bypass the UK. London, voted one of the best shopping destinations in the world in 2019, will remain closed to most international visitors. It’s no surprise that new research by London Mayor Sadiq Khan shows Covid-19 has hit the economy hardest in central London

London has lost nearly £ 1 billion a month since the pandemic broke out in 2020, with tourism spending falling by £ 10.9 billion. More than 26,000 jobs in the arts and culture sector are still at risk, and the night economy is also facing major challenges, City AM reported.

The impact is likely to create greater challenges in London than in other major cities such as New York and Paris, with fewer residents in central locations and more reliant on visitors.

The Mayor of London said: “When London thrives, the whole country thrives. It is therefore absolutely essential to support our city’s businesses in order to survive the months to come. With the right government support, more businesses will survive and what this report shows could rebound quickly once tourists and commuters return in large numbers. “

Decline in tourism

Khan commissioned the research to help City Hall and its partners understand the emerging trends that could affect the economy in central London. Many businesses and jobs in London’s sectors are threatened due to the growing need for home work, social distancing and a collapse in tourism. VisitBritain announced that in 2020, spending on foreign tourists in central London was £ 7.4 billion lower than the previous year and domestic tourism was £ 3.5 billion lower.

A Center for Retail Research (CRR) report released in January said 2020 was the worst for high street job losses in more than 25 years. Nearly 180,000 retail jobs were lost in the past year, up nearly a quarter from 2019, according to the CRR.