Governments around the world are edging toward plans to exit their lockdowns. These may be at different speeds and in different ways, but food businesses just like many others are asking what the future holds.
Nielsen has identified three distinct time horizons for global market regeneration beyond Covid-19. The information, data and measurement firm said businesses can Rebound, Reboot or Reinvent as they confront expected unprecedented recessionary conditions.
A lot of what will transpire will be determined by consumers’ behaviour, their demand in terms of what, where and how they will make purchases. The impact of Covid-19 will be profound and more far reaching than anything we’ve seen in our lifetimes.
The UK has been designated by Nielsen as looking at a ‘reboot’ scenario – a delayed recovery towards the end of the calendar year, and businesses must therefore adapt to customers’ behaviours in the meantime.
The government has indicated that we are looking at a long path back to normal. Many restrictions are still in place – and this explains the delayed transition the UK will see.
It will be interesting to note how food businesses ensure that they are well prepared to make the changes to address demand from shoppers.
We’ve not been here before (particularly with so many people furloughed and facing the prospect of unemployment so quickly, and an ongoing health crisis).
It’s going to take some reassessment of priorities to establish what services can be provided long-term.