By Kyle Cheng
In a recent survey conducted by SEMA, nearly 90% responded that they are “impacted short-term, but will get through it” or are “business as usual.”
The economic picture has weakened over the past month. However, the long-term effects of the situation remain unclear. Economists are debating the financial impact of the Coronavirus on the world's economy, but growth in the fourth quarter, while uncertain, is likely to be robust.
The final two weeks of March brought an unprecedented jump in unemployment numbers, with most of the job losses related to forced government closures and an extreme decline in travel. Consumers are worried by uncertainty about the future and the potential impact of the coronavirus, which is affecting spending for the short-term.
With that said, most companies within the specialty-equipment industry maintain a positive outlook. In a recent survey conducted by SEMA, nearly 90% responded that they are “impacted short-term, but will get through it” or are “business as usual.” Bottom line, the specialty-equipment industry is open for business.
To learn more, download the April “SEMA Industry Indicators Report,” now available for free at www.sema.org/research.