Times are extremely hard across the globe. Prayers to the people and businesses affected by this darn plague. Going back to the mid 1800s, no global illness has ever caused a depression or recession. With many states heading into Phase 2 or Phase 3, and venues such as restaurants, schools, and offices reopening, recovery seems well on its way.
COVID-19 has some economists believing the world will not fully recover “financially” until the year 2026. Others believe we will rebound as soon as next year, if not sooner. Estimates of a 20% improvement in GDP in the fourth quarter gives us all hope.
Unemployment is now down to 9%, much lower than experts predicted, going into the fourth quarter. All market indicators appear to be heading in the right direction, especially the various stock market indicators.
Still, what do you do as a small or mid-size business as you plan for the fourth quarter and beyond? Many larger organizations have the tools, analysts, and financial stability to better predict long term trends. GB is here to help small and mid-size businesses.
STATISTA, a GB partner vendor, has the primary and secondary research to help your small and mid-size business plan for the remainder of 2020 and beyond, as does another vendor partner, ESRI, which forecasts Census studies such as the American Consumer Survey. However, most small firms cannot afford these services. GB Insights uses these databases to analyze trends and pass that knowledge on to clients at significantly reduced prices. GB is here to help small and mid-size businesses make better decisions based on data rather than gut feel.
“Industries hit especially hard by the pandemic are travel and tourism and the leisure industry. A drop in stock prices for airlines, travel agencies, hotels, and restaurants indicates that not only is the current state difficult for these sectors, but it is also difficult to forecast when people will feel confident enough to engage in such activities again.“ STATISTA
“Increased online purchases, take-out, and delivery service trends may be here to stay. Airlines may have to adapt to a new normal, eliminating the middle seat for good. Restaurants are not yet able to seat as many customers as they once did. The same holds true for gyms, large sporting events, and concerts.” STATISTA GB will continue updating these forecasts as information allows
But America has not lost all. American ingenuity always lives on through difficult and adverse times. The future is ours for the taking. New markets will again begin to take hold. This is evident by the way organizations have adapted to and transformed their businesses in order to help people stay connected and increase productivity. Reinvesting in technology such as the advent of 5G networks and AI capabilities is proving to be more critical than ever as is the transition from legacy IT to cloud computing and the expansion of retail and banking into the mobile space.
Innovative thinking is the one constant that we have in this country. Car manufacturers redesigning their facilities to make ventilators, and manufacturers converting their plants to make masks or hand sanitizers, are part of the American spirit that helps us survive this sudden wave of disruption. Tesla, for example, is moving forward with amazing-looking vehicles including the recent launch of a Tesla Roadster to Mars.
GB Insights will be there to help you accomplish and achieve your next grand gesture. Check out the information GBA and MVP reports can provide, ranging from such industries as solar panel trends, hydroponic and aquaponic agriculture, as well as green toilets, women’s linen garments, and fudge processing manufacturing trends.
All GB market assessment reports have been updated with the most current information available to help you revise your sales and marketing trends.
It is our belief that there is a built-up demand for all types of products and services. As society returns to normal, it is GB’s take that those companies that are the bravest, and return to market the quickest, will be the ones reaping the greatest rewards.
GB Insights’ reports can help you move forward in a post-COVID world.