At a Glance:
In the U.S. as of April 2, CDC reported:
Across the globe as of April 3, Johns Hopkins University reported:
U.S. dairy farmers are dumping milk. Despite strong demand for basic foods like dairy products amid the coronavirus pandemic, the milk supply chain is experiencing disruptions that are preventing farmers from getting their products to market (April 3). Food Institute Focus
To make up for the loss of sales, some restaurants are turning to retail operations. Restaurants are selling and bundling in-demand consumer products, like toilet paper and gloves, with food and drinks for additional revenue while helping out their communities (April 2). Food Institute Focus
Supermarkets' full-year operating margins will probably be flat due to higher labor and logistics bills, according to Bernstein. It expects comparable sales growth at U.S. grocers will be 3.9% for 2020, up from a forecast of 2.5% before the crisis. As the outbreak intensifies, retailers will need to invest in higher wages and paid-leave benefits, as well as making new hires and incorporating protective measures (April 1). Food Institute Focus
Coronavirus is expected to shrink economy as Goldman Sachs Group Inc. anticipates the U.S. economy will shrink an annualized 34% in the second quarter, and unemployment will soar to 15% by midyear. However, economists expect a stronger recovery in the third quarter, with gross domestic product expanding 19% (March 31). Food Institute Focus
Profits before health? Amazon workers in Staten Island, NY, as well as Instacart workers across the U.S. are striking for coronavirus protection and pay. As the demand for online shopping and delivery increases, the employees are requesting stepped-up protective gear and supplies as they continue to work while most of the country is self-isolating (March 30). Food Institute Focus
The food industry is giving back during these uncertain times. Many foods and beverage companies are doing their part to help others during COVID-19 by supporting the healthcare field and lending a hand to other businesses, as well as their own employees (March 27). Food Institute Focus
Restaurants are taking a hit. Nearly 3.3 million Americans applied for unemployment benefits last week, more than quadruple the previous record set in 1982. As job losses mount, some economists say the nation's unemployment rate could approach 13% by May. The food service industry is feeling the impact as restaurants are projected to have their worst year on record (March 26). Food Institute Focus
Food businesses are lending a helping hand for the distressed public. With workers in the restaurant, sports, and entertainment industries heavily impacted by closures during coronavirus, companies like Amazon and Lineage Logistics are stepping up and offering employment opportunities. Additionally, other companies are providing services and products to ensure their customers are receiving necessary food items (March 25). Food Institute Focus
How Grocers’ Online Shopping Strategies are Being Impacted by the COVID-19 Crisis (April 9, 2020)
COVID-19 has changed the way many Americans shop for groceries today, driving a 192% increase in online orders for delivery and pickup services versus the summer of 2019. This has stressed supply chains, disrupted retail operations, and affected the customer’s shopping experience. And, while grocers are working hard to address these immediate issues, they also need to strengthen their omnichannel strategies to be ready for the new normal.
The Brick Meets Click/ShopperKit Online Grocery Shopping Survey conducted March 2020, in combination with other research from Brick Meets Click, documents how COVID-19 is impacting online grocery shopping in the U.S.
Learn what these insights mean in this webinar hosted by the Food Institute, along with guidance and perspective from Brick Meets Click and ShopperKit. Register here
Crisis Management – A playbook in the wake of Coronavirus (April 20, 2020)
As the country works to contain the coronavirus outbreak, many companies are finding themselves unprepared and are left wondering what they should be doing to protect their business and their employees. Join the Food Institute for a free webinar, outlining what your company needs to be doing during the current pandemic, in the event the coronavirus crisis worsens, or in the case of a future crisis. Speakers Dave Mustin of Marcum LLP and Paul Schuldiner of Rosenthal Trade Capital will discuss basic risk management, managing financial risk and supply chain risk. Register here
Sponsored by: Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China, and Ireland. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting, and assurance services; advisory, valuation, and litigation support; managed accounting services; and an extensive portfolio of specialty and niche industry practices. http://www.marcumllp.com/
Coronavirus cases are expected to increase at meat plants, farms, warehouses, and packaging factories, possibly threatening the world's food supplies. Food producers are stepping up their sanitary procedures, such as enforcing hand washing, spraying down plants and breakrooms, and wiping down doorknobs. Workers are covered in head-to-toe protective gear, shifts are staggered, and lunch breaks are taken alone, reported Bloomberg (March 26). Full Story
For the latest economic impact of the coronavirus pandemic, look to the expertise of the Food Institute. Monthly analysis of CPI, PPI, retail, and foodservice data is available to Food Institute members in our Economic Benchmarking portal. Learn more.
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Page Last Updated: April 3, 2020
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