COVID-19: TRACKING THE IMPACT ON FMCG, RETAIL AND MEDIA (NIELSEN GLOBAL INSIGHTS)
Tue, 31 Mar 2020
As the novel coronavirus (COVID-19) sweeps the world, consumers are dramatically changing their media consumption purchase behaviours. Nielsen is tracking these changes and establishing clear navigation beacons for companies trying to understand the changes and plan for what comes next.
While things are still early and some regions continue to see COVID-19 cases, markets can look to China for indicators of purchase trends after the height of exposure. A month after the crisis peaked, life is slowly starting to return to a new normal. Travel restrictions are beginning to relax, people are returning to work, many factories have reopened, e-commerce and food delivery peaks are stabilising, and many stores are reopening.
Retailers are upgrading their product assortment to meet consumers’ newly emerging needs, and leveraging e-commerce and social media, as well as promotional tactics, to encourage consumers to return to their normal shopping patterns. However, some long-time purchasing habits may be permanently changed. Some retailers were adversely impacted, but those who were able to pivot quickly came out ahead and are changing the retail landscape.
“THERE IS AN EMERGENCE OF A NEW RETAIL ENVIRONMENT. CONSUMERS WHO MIGHT HAVE BEEN HESITANT TO EMBRACE ONLINE SHOPPING PREVIOUSLY, OLDER GENERATION CONSUMERS OR FOR FRESH PURCHASES, HAVE NOW TRIALLED IT AND EXPERIENCED THE BENEFITS SO WILL UNLIKELY REVERT TO THEIR OLD PATTERNS.”
RYAN ZHOU, VICE PRESIDENT CPG, NIELSEN CONNECT CHINA
To better understand how the retail landscape in China has changed since the coronavirus outbreak, Nielsen surveyed more than 10,000 retailers in the market.
Nielsen will be updating the Covid-19 Global Insights Page on a daily basis so please check in for more information. The Nielsen team will be providing updates on the local market as well. Watch this space for more details.