With predictions of a very uncertain near future, at least from an economic point of view, all industries are walking on eggshells at the moment. How to face the post-Covid period with all the assets in hand. This is the question Mintel has tried to answer based on European data.
“In 2009, euro area GDP fell by 4%, the worst recession in Europe since the 1930s. It was not until 2014 that the situation recovered. This meant five years of tight budgets. In April 2020, Christine Lagarde, President of the European Central Bank, warned of a 15% drop in GDP,” Mintel explains in its introduction.
To make its analysis, the forecasting firm used figures from Italy and Spain, the European countries most affected by Covid-19.
On the Italian side…
According to Mintel, the coronavirus has put the Italians in a recessionary state of mind.
“As a result, the purchase of cosmetics will depend heavily on consumers’ budgets and they will probably be much more attentive to the discounts offered to them.”
23% of Italians report stockpiling and 51% explain reducing non-essential shopping.
Moreover, when asked what they plan to do once the social distancing rules are completely lifted, the majority of Italians say they want to spend time with their family or relax on holiday.
And 23% of Italians confess to spending less in terms of care.
… and the Spanish
In contrast to Italy, where the situation has risen to a crescendo, Spain has had to deal with an …
