3 cs of Corona virus – During the next few weeks demand for many products and services will drop, even as demand for other, ‘survival’ goods rises. Necessities include anything required to make life better in quarantine, which is not too hard to guess. Depending on their financial status people invest in more data, more in-home entertainment, snacking, deep freezers, ready to eat foods, air-conditioning and so on.
Since it is a very uncertain time income-wise people at all levels will postpone purchases whether it is of cars or homes or new clothes or mobile phones. Phones dropped 56% last month.
Even if retail shops stay open – and folks like Apple and Nike – proactively close worldwide, very few people will shop for non-essentials as they are scared. So. Assume a 2 week shock, followed by repercussions for around 3 months. As a business you should conserve cash as much as possible. In a non-essential category, you should look to build relationships with your customers and invest in long term brand salience.
Read 3 Cs of Marketing here