With over 100,000 confirmed cases, coronavirus has been declared a global pandemic. The impact it has on the business world is far greater than what was anticipated.
The aftermath of coronavirus is reverberating in the form of an economic slowdown. COVID-19 has resulted in a decline in advertising and marketing, all across the globe.
There has been a shut-down in many countries owing to the dangling fears of coronavirus. Events have been put off, and shipments delayed. With the majority of flights canceled, the businesses that demand frequent travel are facing grim consequences.
Employees have been calling for work from home, pushing businesses to figure out a way to make it work, with minimum disruption. It’s not just been catastrophic for small businesses; big giants are also experiencing the precarious impact on sales and are expecting a negative cash flow.
With dwindling consumer demand and challenges in the supply chain, companies are ready to bear the brunt of COVID-19. Businesses are either reducing the marketing budget or reallocating it.
As per WHO, Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV).
The outbreak will bring down the global GDP growth and could push various countries into a downturn, causing recessions. With the economic disruption, coronavirus would hit the marketing industry really hard, if not contained.