Significant increase in revenue in the business services sector
2020 was a year that was characterized by lockdowns. Due to the spread of the notorious COVID-19 disease, people had to practice social distancing. Throughout the year, this often led to the closures of cinemas, museums, theatres and sports establishments. But also, the business services sector felt these lockdowns. However, since the second quarter of 2021, growth has picked up again. And in the second quarter of 2022, growth was over 21% higher than the previous year; a record! (CBS, 2022). But what is this business sector, and where does the tremendous growth in this sector come from?
The business services sector comprises companies that offer services, often to other companies. Think of companies in accountancy, administration, ICT, commercials, cleaning, and travel agencies (Ondernemen met Personeel, 2022). The latter experienced the most extensive growth in comparison to the other fields. The sector showed an increase of over 135%. The management advisory sector and the advertising industry also showed significant growth, although not as big as in the travel sector (CBS, 2022).
The growth in the travel sector does not necessarily come as a surprise. In the prior year, the world was coming out of lockdowns. Many countries were even still closed. People were more hesitant about booking tickets and travelling. And the curiosity to explore was also back when the world started opening again. Moreover, during the pandemic, many companies decreased business activity. Because of it, they were hesitant to collaborate with 3rd parties, as business risks were higher due to possible deals not going through.
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