The latest updates on how the Coronavirus pandemic is impacting performance, digital advertising and more all in one place. Here’s what been making the headlines this week:
Global brands to halt ad spend for six months
In response to the global pandemic, global brands are set to cut ad spend for even longer – for at least six months, according to research from the World Federation of Advertisers.
From the survey, 52% of marketers at these companies said they’ll now hold back ad spend for six months or more, while 89% of large multinational companies have deferred marketing campaigns this month, up from 81% in March.
New platform to offer discounts to NHS staff
Earlier this week, discount website VoucherCodes.co.uk launched a new gated offer platform that provides NHS staff with exclusive discounts from a host of leading retail brands including Miss Selfridge, Boden and Bensons for Beds – a great plan to thank those working on the frontline against the Coronavirus pandemic.
Employees’ welfare a top priority in what consumers buy
Meanwhile, in a study from PR agency MWWPR found 84% of consumers said how companies prioritise their employees’ welfare during this period of change will become a more important factor on what they buy, while 81% said businesses have a responsibility to help solve social or policy issues, even those outside their product category or industry.
Increase in shopping demand for loungewear
As we grow more accustom to working from home, new research from Epsilon-Conversant has found that demand for loungewear and casualwear has skyrocketed by 49%, showing that retailers highlighting their most lockdown-friendly stock can reap the rewards. According to the year-on-year comparison, homeware purchasing has also risen by 41% during March and April as consumers turn their eyes to home improvements.
Twitter CEO allows staff to work from home permanently
Whilst on the topic about working from home, Twitter CEO Jack Dorsey emailed employees on Tuesday telling them that they’d be allowed to work from home on a permanent basis. The company confirmed in a statement to CNN Business that “If our employees are in a role and situation that enables them to work from home and they want to continue to do so forever, we will make that happen.”
Will we see other companies following suite as we continue to work from home?
Advertising and social media facing trust issues
Earlier this week, a study from Kantar Dimension revealed a growing mistrust among consumers towards both advertisers and social media platforms at the moment. The report, referenced in The Drum, surveyed 8,000 people in eight markets, including the US, UK and China – with the resulting finding advertising to be the least likely source people would use to garner information about a business, with just 14% saying they trust advertisers in this respect.
UK Agencies experience 33% revenue drop due to COVID-19 impact
With businesses across the world in all sectors feeling the impact of the economic changes and consumer spending due to the Coronavirus pandemic, a new study from platform Deazy found more than 200 small and large UK agencies have experienced a drop of revenue by a third (33%) on average due to the COVID-19 impact.