The new Covid-19 variant “Omicron” has already raised eyebrows across the globe. Many countries have re imposed the restrictions such and have started to take proper precautions again. In India too, it has already made its appearance in some of the cities. Impact of Omicron will be seen on the national economy again.
As the cases are increasing there is an increased tension between the producers and consumers including the marketing and advertising sector. Companies are worried about their future plans and stock markets are also going a little down due to it.
Stay tuned with us to get into the real scenario and gain information for the same.
Experts say that while it is too early to predict the impact of Omicron but anything can happen depending on the real life conditions.
It is seem to be a matter of concern for the companies if the situation of full fledged lockdown occurs. Other experts are of opinion that people might get swapped to work from home mode and everything online which totally depends on the severity of the situation.
The first and second wave of covid19 impacted the advertising sector severely. Around 20% drop in Ad spends was seen . But soon the industries started to catch up with the new normal and toned up their loss as the vaccination rates were going up and cases were decreasing.
As predicted before, the ad spending till 2024.
Now as the Covid 19 variant Omicron hits the country, experts suggest that the expenditure in marketing and advertising sector likely to be undisturbed. The reason behind this is this time they are well prepared to face the future scenario.
According to Niti Kumar, COO, STARCOM, there are concerns about offices reopening and all but so far they haven’t seen any effects in the working and functioning of the sector. The clients have also not mentioned about the future losses and it is not affecting their spending or expenditure. Everyone is waiting to see how the situation turns out. She also adds that if the situation worsens, the companies are well prepared this time for what to do.
Ritesh Singh, Co founder and MD of #ARM WORLDWIDE said as far as the severity is not known it is not a concern. He also added that if we look to the Indian markets , as people are mostly vaccinated by now the impact will be lesser than the second wave of Covid.
The impact of this virus is very evident in stock market in the past few days but still we can’t predict anything until the final situation arrives. Earlier also we had a thought for upsurge in number of cases during festive season and there was increase in numbers but I don’t think it will affect the marketing activities, added Singh.
Adding more to this, he also talked about the digital spending on Ads, the smaller businesses have changed their platform to online mode and are trying to make the best out of it which will also depend on how the entire markets are going to respond. Here are the few ideas for marketing for small business owners.
Also read why focusing on mobile ads is better
By going through all the potential risk factors and the situations which may arrive in future we can conclude that the impact will not be very severe this time on the marketing and advertising sector because everyone is already equipped this time.