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Coronavirus

Goals

Determine the percentage of brands that will be affected by coronavirus, the percentage of revenue lost due to coronavirus, and how consumers will use social media in crisis times, with a focus on the US.

Early Findings

Financial Impact

  • Industries affected by the decrease in demand due to coronavirus will be travel, especially the airline and cruise ship industry, sports and gyms, non-emergency/essential healthcare (dentist, non-emergency surgery, checkups, etc), and hospitality/restaurants.
  • Apparel, technology and other retail companies that import from China/Asia are seeing large disruptions to their supply chains.
  • US companies are estimating an impact on their business of 2%-9%, with most impacts on the first quarter.
  • While we were unable to identify a percentage of US businesses that will be affected, we were able to identify that the 2003 SARS epidemic, the most closely related event, decreased the global GDP by 0.1%, and negatively affected China's economy (where the outbreak was centered) by 1%. Experts are predicting a potentially worse economic hit from the coronavirus than SARS.
  • McKinsey is estimating that the coronavirus could decrease the US GDP by 23% — 74% of where it was expected to be prior to the coronavirus outbreak, and the global GDP by -20% — -60%.
  • McKinsey estimates that global GDP for 2020 will be between 1.5% and 0.5%, based on the impact of the coronavirus.

Social Media

  • Social media plays a significant role in communications after a disaster or during a crisis.
  • For brands in crisis, most consumers (53%) expect an announcement via social media less than an hour after the crisis has become apparent.
  • After Hurricane Sandy in NYC, individuals used social media to check on the evolution of the storm and warnings, the storm location and time, and activities of the government and high-profile figures.

Proposed next steps:

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