The news we all haven’t been waiting for has arrived. The UK is officially in recession for first time in 11 years. And so, the economic consequences of the Covid-19 lockdown start to unravel.
2020 has already proved turbulent for international corporations and small businesses alike. Household names across a number of industries are already cutting jobs, while the chancellor’s bounce back loan for small businesses had 69,000 approvals in the first 24 hours.
What happens next?
We all have a lot to digest. And answers to difficult questions might not yet be there to find. The narrative that accompanies this recession is going to take years to play out in full. For now, business and consumers alike will be thinking about the impact all of this has on them, today.
This sort of thinking will likely lead to reactive behavioural and economic changes, the fall out of which is yet to be decided.
We uncover the changes
Since lockdown, my team and I have spent many a zoom call discussing the Covid-19 crisis and what it means for the job that we do. What it means for how companies and consumers interact with each other. And what it means for consumer mindsets. Might all this lead to a re-thinking of society? What long term behavioural change might a Covid-19 driven recession be a catalyst for?
We’ll be revealing our observations regularly in our blog mini-series: Rethinking in a Recession, where we’ll look at key sectors and trends and suggest what marketing teams can do to react, adapt, survive, then thrive. And we’ll be gathering this and more insight in our next whitepaper, arming you with more knowledge on tackling this downturn – watch this space.
We’ll be covering:
- What we can learn from the past – if there are lessons that can help rebuild momentum faster for businesses and marketers.
- The rise of subscription models – can they cut through ahead of other, more traditional, means of buying?
- Climate change – how this impending issue affects customer behaviour.
- Self-care – why this sector is booming and what’s motivating this.