With the Covid-19 outbreak continuing to cause uncertainty around the world, UK marketers are delaying campaigns, pausing product launches and reviewing budgets. More than half of marketers are delaying campaigns or have put them under review as fears over the coronavirus escalates.
A survey from the UK has revealed that 62% of marketers have delayed or are reviewing their budget commitments in the midst of the pandemic. More than a third of marketers have said their company has already experienced lowered demand for its services, while more than half expect to see lowering of demand continue over the next two quarters. 32% expect a drop of more than 20% in demand.
Consumer Behavior Impact
Marketers are expecting to see significant changes in behavior among both consumers and business clients. Some 76% of respondents predict that consumers will delay major spending decisions. MarketingWeek article, states that 55% of marketers are preparing themselves for their customers to pause any service launches and 91% say clients are reluctant to schedule in-person meetings.
Marketers believe that changes in behavior due to the coronavirus will be wide-ranging and will change the way we consume media. Around 91% predict that consumers’ use of online services will increase and we will see a rise in social media activity and eCommerce usage.