Fitch revised its 2020 forecast for world economic growth to -4.6% from -3.9%. Its forecast for emerging economies (ex. China) dropped to -4.5% from -1.9%.

According to the International Labor Organization (ILO), more than one in six young people worldwide have stopped working since the COVID-19 outbreak.

-3.9%

GlobalData’s latest forecasts show a decline of 3.9% in consumer products for 2020 compared to baseline predictions, equivalent to $360.9bn in lost revenue.

Global logistics have been disrupted by the availability of staff, ingredients and materials. While some firms, both large and small, are switching production to alternative categories, others struggle to keep up with demand or the altered types of demand, such as altered consumer preferences and retail stocking policies, in particular the reduction in SKUs.

Social and corporate responsibility continues to be spotlighted, with recent studies highlighting that large majorities of consumers believe brands should help consumers in their daily lives and not exploit the present situation. Involving and engaging consumers with this process is a key mechanism to achieve this.

GlobalData's week ten consumer survey found that 33% of respondents are ordering food deliveries/takeaways from restaurants more often. Foodservice is expected to become more automated with the use of robotics and automated systems. Furthermore, contactless delivery operations will become the norm as consumers continue to selfisolate and perform social distancing.

A survey has found that the US restaurant industry has lost eight million employees, approximately two-thirds of the total workforce, due to the socio-economic impacts of Covid-19. The UK ONS reported that the accommodation and foodservice sector in the UK had the second-highest closure of all sectors, with 82% of respondents claiming that they had temporarily closed.