4 Nov 2022

Businesses coping post-pandemic but economic outlook causing nerves - survey

11:25 am on 4 November 2022
no caption

Photo: nito500/123RF

A survey of business owners indicates most have been doing all right financially since the pandemic hit, but are feeling nervous about the outlook for the economy.

The survey of 1800 businesses associated with business consultancy The Icehouse indicates 58 percent, representing a cross section of 25 major industries, saw an increase in annual revenue since the pandemic began in early 2020, while a third have reported significant increases.

In addition about two-thirds (65 percent) said the past two-and-a-half years had not resulted in a financial loss for their business.

However, 65 percent were concerned about the impacts of Covid-19 on their business over the next 12 months compared to 2020 and 2021. Seventy-four percent were feeling nervous about the economy.

Topping the list of concerns were staff and supplier cost increases, followed by government decisions and economic recession.

Icehouse chief executive Liz Wotherspoon said survey respondents provided some useful insights for policymakers to consider when addressing such things as labour market shortages, immigration and taxation.

"It's a pulse check. It is a start of a conversation that needs to be had about ... how we could do things differently and make their lives a bit easier," she said.

About half of the businesses surveyed (47 percent) and nearly a third (30 percent) employed more than 50 people with turnover ranging from $2m to $50 million.

Get the RNZ app

for ad-free news and current affairs