The restaurant industry has been one of the hardest hit by the coronavirus pandemic, with government shutdowns leading to an estimated 8 million unemployed restaurant workers and thousands of temporary and permanent restaurant closures. Yelp estimates that approximately 16,000 restaurants have permanently closed due to COVID-19 lockdowns, and some project that the industry lost as much as $80 billion in the first two months of shelter-in-place orders. Continue reading
Overall, the U.S. market for nutritional supplements is up nearly 15% so far in 2020 as consumers seek to protect their health with immune-enhancing products. All segments of the market increased by double-digit growth rates, with particularly high gains for vitamins A, B12, C, D, iron, magnesium, zinc, echinacea, and elderberry. Continue reading
About a decade ago, Staples started carrying select cleaning products in its stores to help offset declining sales and low margins on some office supplies being sold. These products were largely targeted at small- to mid-sized commercial end users in office and professional settings, such as office managers. Therefore, the product mix was mainly surface wipes and restroom cleaning products. Continue reading
Pre-pandemic, the next level in personalized beauty was artificial intelligence (AI) and augmented realty (AR) technology, as shown via countless displays at the Consumer Electronics Show in Las Vegas. Now, in this new era of social distancing, consumers are craving a human touch more than ever as shelter-in-place orders prohibit the physical shopping experience, and personalized beauty brands seem to be the perfect antidote to fill this void.
While the world contends with the novel coronavirus (COVID-19) and much of the United States shelters in place, there have been strong surges in consumer demand for hand sanitizers, hand soaps, and disinfectants. In fact, Nielsen reports that during the first week of March 2020, consumer sales of hand sanitizers were up 470% compared to the same week of 2019.* Some suppliers of hand sanitizers indicate they expect to sell typical annual volume within only two to three weeks during the pandemic. Continue reading
There’s nothing pretty to say about this: The U.S. cosmetics and toiletries market is on track to experience the sharpest decline ever recorded in the 60+ years Kline has been tracking the market due to the COVID-19 pandemic. So far, the 0.8% drop in 2009 during the last recession is the biggest market dip ever reported by Kline. The only other time Kline noted a market decrease was a 0.3% falloff in 1991 amid another recession.Continue reading
COVID-19’s short–term impact is, without question, greater than the 2008/09 recession. Will the industry’s post-pandemic performance mimic that of the previous “New Normal”?
Salons, along with all other non-essential businesses, will be closed throughout much of the United States for weeks, if not months, to come. While some stopgap and entrepreneurial measures are in place to help stave off business closures (e.g. DIY salon services/kits; virtual and mobile stylists), the economic impact is already significant and, like the pandemic itself, has yet to reach its peak. If the vast salon closures are in place even for only one month, the loss in industry service revenues will be an estimated $5.5 billion. With a recession beginning, consumer behavior and spending in 2020 will shift even more dramatically than it did in 2009.
As the coronavirus continues to spread across the world, the U.S. jan/san market may see an uptick in sales. This sector is made up of companies that specialize in infection prevention with disinfectants, sanitizers, hard-surface cleaners, and hand soaps and hand sanitizers that are crucial to preventing the spread of germs and maintaining clean facilities. Companies such as Ecolab, Clorox Professional, and Microban are offering guidance to their end-use customers on infection prevention and disinfecting. 3M and GOJO are trying to keep up with demand for their face masks and hand sanitizers, respectively. Continue reading