Much of the long-term impact will depend on a market’s ability to create a stable, adjusted normal and navigate three exit scenarios.
Anticipating the long-term impact of Covid-19 testing
The impact of the current pandemic will be felt by countries, consumers, and businesses around the world for years to come. As countries ease restrictions in an effort to restart their economies, the evidence of significant structural, economic, employment, and policy effects will manifest in permanent, changed consumer behavior.
Companies will need to consider the implications of consumers’ changed needs and behaviors and reconfigure their strategies for the future, while still creating agile solutions for today’s environment.
The unemployment divide
COVID-19-related unemployment is dividing consumers. With future socioeconomic consequences weighing much heavier on spending decisions, the impact across consumer groups isn’t equal. Constrained spenders, or those whose incomes have been negatively impacted by COVID-19, will spend to survive, compared with insulated spenders, who may adjust situationally even though their incomes remain unchanged by the pandemic.
The consequences of the COVID-19 pandemic will persist into the future. Markets will ensure recessionary conditions, industries will be crippled. Populations, particularly the young, will face years of no and low employment.
—Scott McKenzie, Global Intelligence Unit Leader, NielsenIQ
Interested in more market-specific insights around the impact of COVID-19 on consumer behavior? Learn more about our global survey.