impact of covid 19 on consumers and producers
Answers
Explanation:
The outbreak of the COVID-19 virus has had a major impact on daily life and consumer behavior in China. When the epidemic peaked in China at the beginning of March, it led to the lockdown of regions and cities with a total population of 500 million people quarantined and a concurrent decline in production.
Despite the negative social and economic impact, the outbreak quickly led to an adjustment in people's behavior – from fear to action, to cope with the unexpected situation – and a shift in daily activities from offline to online.
Currently, the distribution of COVID-19 in China is beginning to stagnate. Consequently, first lessons can now be drawn from its effects and impacts, serving as a forecast for developments in Europe. Reply is able to provide data-based insights into current market developments in relation to Chinese consumer behavior using the China Beats insight tool.
LESSONS FROM CHINA
In Europe, the situation is changing daily, with cases continuing to increase. One of the first and most significant lessons that can be learned from developments in China so far, is that companies with a strong digital footprint are extremely well placed to respond to changing consumer behavior – with some companies managing to very quickly secure a place among their former major competitors.