Euromonitor launches data on coronavirus impact

Euromonitor International has launched today the ‘Voice of the Industry: Coronavirus Impact on Companies, Employees and Consumers’ report. Following the ‘Euromonitor Voice of the Industry: COVID-19 Survey’ launched in 2020, the new release is mainly focused on the impact of coronavirus on operations and employees, anticipated impact on sales and revenue and shifts in consumer spending habits.

According to the report, as of July 2020, 55 percent of companies are offering adjusted work hours, up from 46 percent in April, and 51 percent are allowing employees to voluntarily work from home, up from 40 percent in April. Moreover, as many as 71 percent of companies plan to expand remote working to adapt to or prevent similar risks in the future.

Respondents who think that reduced in-store shopping will become a permanent part of consumer life post-Covid jumped from 28 percent in April 2020 to 41 percent in July. Similarly, 28 percent of them  now think that consumers will permanently spend more time at home, compared with 15 percent in April.

There is some hint of optimism as well.  In April 60 percent of respondents said they expected a drop in company revenues due to Covid-19 over the upcoming six months. This decreased to 51 percent of respondents in July.

(WBJ)