How Changes in Individual Spending Habits Under COVID-19 Impact SMEs in Sports Industry in Guangzhou
DOI:
https://doi.org/10.47611/jsrhs.v11i4.3390Keywords:
Individual Financial Habit, Sports Industry, Small-and-Medium Enterprises, Qualitative Data Collection.Abstract
Starting from 2020, life for everyone has shifted due to the unprecedented pandemic (Coronavirus, COVID-19), and so do SMEs (Small and Medium Enterprises). The purpose of the present study is to examine the relationship in what COVID impacts SMEs in Sport industry and whether structural changes have occurred for those firms due to the transformation of customers' spending habits. The study mainly focuses on a regional scale in Guangzhou, one of the cities in Guangdong Province, China. Five Interviews had conducted via phone call or personal meeting about the current situation of sport-related firms and their experiences about their past two years. Through those interviews, it can be concluded that SMEs in the Sports Industry have been devastating in the past two years, and most of them have to make structural changes to the structure of the firm to keep the firm functioning under current circumstances. Through past literatures, a social phenomenon has shown that people started to change their spending habits after COVID through reasons of anxiety and higher tension in their financial situation.
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