Covid and Its Impact of Brand Marketing Strategies
The outbreak of the Covid pandemic in March 2020 has caused global economic and social challenges for brands globally. It has decimated the global economy and ushered in a once-in-a-generation challenge for countries, corporations, and people all over the world. In this era of globalization, the economies of all countries are connected with each other through exports, imports, investments, financial markets, services, technology, etc. As the coronavirus is a global crisis, it has almost brought the global economy to a halt (Bloomberg Economics, 2021). The same sources predicted in March 2021 that the global economy will cost about $2.7 trillion for this coronavirus outbreak. BE also estimated that GDP growth in the first quarter of 2020 has slowed to 1.2% year on year—the weakest on record. When giant economies like US, China, Japan, Germany, Britain, France, and Italy are affected, the rest of the world will not be spared from the blow as these economies carry almost 60% of world supply and demand in terms of GDP, 65% of world manufacturing and 41% of manufacturing exports, as per a report of the World Trade Organization published in 2020.
However, the Covid outbreak has also provided distinct opportunities for some corporations to leverage their resources and take advantage of the prevailing situation, make huge profits, and grow financially stronger. Some industries have witnessed exponential growth during this pandemic period.