Honolulu, Hawaii 2020-11-20 08:24:05 –
The Anthology Marketing Group’s research division conducted two polls across the state. Hawaii Business Magazine October and November: BOSS survey of 413 local business owners and senior management, and 808 poll of 502 civilians. This is what we have learned.
You already know the big picture.These two studies provide some details about what happened to businesses and people during the first eight months of the pandemic, and what the new normal looks to them.
These surveys also provide better ideas about what the general public, business community, and tourism industry predict as the future path.
Start in the future and return to the present.
BOSS Optimism Index
The BOSS Survey’s Optimism Index is based on questions about what business leaders think about the near future of Hawaii’s economy. Will the overall regional economy improve, worsen, or remain the same next year?
The BOSS survey was started in 1998 with an index of 100. In the 23-year BOSS survey, the April 2020 survey was the third time the index fell below 100. Previously both were in the depths of the Great Depression. As you can see, the latest survey shows that the index has jumped, but well below 100.
In the BOSS survey, we asked 413 business leaders: Which of these three statements is closest to your feelings about Hawaii’s economic outlook for next year? Here’s the answer to companies in the visitor industry and all others.
I also asked more personal questions. How confident is your company that it will survive for the next three years?
Of course, if your company is already out of business, we can’t answer this question for the next three years. The tourism industry is clearly more at risk of going out of business than other local industries.
What is the best representation of your company’s spending plan for next year?
In both surveys We asked respondents to estimate when they believe the local economy will recover to levels comparable to 2019.
Let’s further compare the reaction of business leaders to the general public. Respondents to both surveys say Hawaii will have about 10.4 million visitors in 2019, and the state’s Department of Business, Economic Development and Tourism, DBEDT, said Hawaii will have about 2.9 million visitors this year. I predict that there will be.
Respondents were then given a set of forecasts for the total number of visitors Hawaii will visit in 2021 and were asked: Which scenario do you think is most likely? Business respondents were divided into those who were in the visitor industry and those who were not.
Asked the respondents In what year Hawaii will see about 10 million visitors again.
Again, it was the tourism industry business leaders who were unlikely or likely to predict a rapid recovery to 2019 numbers.
Key business indicators
Maybe apart from that, there’s no surprise here 3% Among the companies in the visitor industry, he said he enjoyed greater profits this year.
The following revenues are: Compare your business revenues in the second and third quarters of this year during the pandemic time limit with those in the second and third quarters of last year.
The answer may seem obvious, but what’s interesting is the percentage of companies that answered “no.” Has your business been influenced by COVID-19?
Asked the respondents If they are worried that they or someone in their family is infected with the COVID-19 virus. For many of the questions below, the answers between visitor industry leaders and other business leaders did not change much, so we combined those answers.
Impact on childcare
Respondents with children in their families I was asked to choose the answer that best describes my personal situation regarding childcare and schooling during a pandemic.
People employed at home with children They were asked how their children’s school education and childcare affected their work.
Next, These respondents were asked which of the following three statements best describes their work routine, as it is particularly relevant to working from home.
More for those who work from home During the pandemic, we were asked to evaluate the overall experience related to efficiency and effectiveness more than before.
BOSS survey methodology
BOSS stands for Business Outlook and Sentiment Survey. The BOSS survey was conducted by the research team of the Anthology Marketing Group.They have a list of local companies purchased from third-party business sample providers Hawaii Business Magazine A list of yellow pages classified as the Top 250 List.
The company sample is layered based on the number of employees. SMEs were divided into two subgroups. Companies with 2-9 employees were designated as “very small” and companies with 10-49 employees were designated as “small”. Mid-sized companies are classified as “large companies” with 50 to 99 employees and companies with 100 or more employees. The goal is to complete interviews with executives who lead 50 companies in each of the large and medium sized sectors, with 300 interviews falling into two SME categories. The data is weighted to reflect the appropriate percentage of each corporate segment based on the number of employees reported by the Hawaii Department of Labor.
From October 21st to November 4th, 2020, a total of 413 random interviews were conducted on all major islands. The data was weighted to reflect the appropriate proportion of each corporate segment based on the number of employees reported by the Hawaii Department. Of labor. Samples of this size have a margin of error of plus or minus 5.0 percentage points with a 95% confidence level.
The secondary goal was to complete interviews with people from 100 companies. They explain that their company draws a significant portion of its tourism revenue. A total of 119 tourism industry companies were surveyed.
2 Local Surveys Ask About Today and Tomorrow Source link 2 Local Surveys Ask About Today and Tomorrow