Retail demand drops 86% as per Amperity’s crisis tracker.
This article states that the global economy is anticipated to suffer a loss of $2.7 trillion due to the pandemic. Data from Statista provides that ad spends across all channels could decrease up to 50%. Further, a $26 billion loss in revenue for the advertising industry as of early March 2020 is forecasted.
Traditional out-of-home advertising declined 51% in March/April. Social media and paid search recorded lower declines with 33% and 30% respectively. Online sales were also impacted, with revenue drops by 70%, as per Amperity.
However, media consumption has risen, with users watching more news, shows and spending longer durations on social media. Businesses are advised to focus ad spend on “resilient channels” like social media, search and email to survive the impact of the pandemic.
[4 minute read]