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Some 54% of small businesses report being unsustainable due to the pandemic, but what hasn't come to light is the impact of the crisis on established brands. Disney's annual revenue fell 31%, hotels worldwide lost 42% of jobs, fashion brand Gucci fell 23%, and other luxury brands saw their revenue drop by as little as 90% year over year. In a recession, the question arises: How do you deal with a business crisis? This article will provide an in-depth look at the different strategies big-name brands are taking and provide insightful information to help you reassess your business during the difficult times of the pandemic. Impact on the brand While the entire industry has been affected by the virus, some companies have actually managed to increase sales during the crisis.
Luxury brands Versace, Jimmy Choo, Michael Kors announced an 11.9% increase in Q1 analysis, and Hermès Guangzhou flagship store accumulated sales of 2.7 million a day; this had a diametrically Customer Phone Numbers Data opposite impact on brands such as Gucci, Louis Vuitton, Givenchy, Bulgari and Fenty, which 's first-quarter sales fell 15 %. In addition, consumer behavior in response to COVID has fluctuated dramatically between the initial outbreak of the outbreak and the recent lifting of restrictions. What once started as mass panic buying is now slowly returning to normal pre-pandemic shopping habits. As the virus begins to subside, the US sees an overall 11% increase in retail shopping and hopes for further growth According to McKinsey & Compan.
A few months into COVID-19, consumers have seen a significant increase in online shopping across many categories.” Even non-essential categories such as skincare and cosmetics, clothing, jewelry and accessories have shown more than 15% expected customer growth. " In order to avoid the drag of the epidemic, you may be thinking, how did you deal with the brand crisis? Companies that thrive during a virus outbreak can be good examples of brand crises to learn about the strategies they implemented and how to avoid the negative impacts of COVID. Strategies for Coping with Shopping Behavior When determining brand crisis management to combat the impact of COVID-19, remember to try different approaches and develop a personalized plan to maximize your chances of success.
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發表於 2022-9-20 17:32:59
