Impact of the COVID-19 Pandemic on the Revenue of the Catering Industry: Taiwan as an Example

Hsin-Chieh Wu, Tin-Chih Toly Chen and Syuan Yu Wang

SAGE Open, 2024, vol. 14, issue 2, 21582440241241410

Abstract: Due to the impact of the COVID-19 pandemic, people have reduced eating out, resulting in a severe drop in the revenue of the catering industry. Health risks have become a major factor affecting the revenue of this industry. Predicting the revenue of the catering industry during the COVID-19 pandemic will not only allow practitioners to adjust their business strategies, but also provide a reference for governments to formulate relief measures. To this end, this study proposes a fuzzy big data analytics approach in which random forests, recursive feature elimination, fuzzy c-means, and deep neural networks are jointly applied. First, random forests and recursive feature elimination are used to select the most influential factors. The data is then divided into clusters by fuzzy c-means. Subsequently, a deep neural network is built for each cluster to make predictions. The prediction results of individual clusters are then aggregated to improve prediction accuracy. The proposed methodology has been applied to forecast the revenue of the catering industry in Taiwan. The results of the experiment showed that the impact of new deaths on the revenue of the catering industry was far greater than the number of newly diagnosed COVID-19 cases.

Keywords: big data analytics; fuzzy; catering industry; forecasting; COVID-19 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:14:y:2024:i:2:p:21582440241241410

DOI: 10.1177/21582440241241410

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