There’s no dubiety about the Coronavirus that is impacting many businesses around the globe. As restaurants are still in a transit post, lockdown measures consumers shift towards consuming food from home. They are purchasing more fresh food products as a precautionary gauge for their wellness.
The Coronavirus has put a massive impact on food consumer shift that we’ll ever see, with restaurants performing off-premises sales as the people are appalled towards their vulnerability. The effect can be observed by understanding as hotels aren’t allowed to service, the school and college cafeterias. Food stalls such as food hawkers and street food providers who used to make a living through these services stop to function.
The major drawback for these small vendors is the shift in the behavior of the consumers from now remains changed as they are fulfilling in preparing their requisites from home.
However, traditional meals like breakfast, lunch, and dinner haven’t much changed, except for the fact that people shift behaviorally as the kind of foods consumed has changed drastically.
People have become more concerned with wellness, and with wellness, we mean immunity. People are consuming salads more than ever, easy eats like soup, deli meats, and homemade bread are among the significant choices. Contrastingly another category of food known as convenient meals foods that are processed to enhance ease of consumption such as frozen pizzas and appetizers are now consumed as a meal for dinner.
To come to an ordinary consensus people are trying to recreate restaurant experiences as we see trending searches for recipes replicating KFC fried chicken or over fried chicken tenders, as they tend to make this familiar memory to relate to the situation.
In terms of consumer problems, it is that in every crisis, there is to be an opportunity as the consumption at home will increase for people in the coming ahead period. Consumers will be heading for the food path full of variety which not only raises their interest by an eagerness to explore new flavor.
Moving forward understanding the similarities between the 2007-2009 recession with the current situation; however, there also are several differences we need to keep in mind to comprehend whats’s coming ahead. As in terms of the dispute, we are seeing many more people out of work than we did in the previous recession, unemployment is exponentially higher, this impact has still not experienced is because people are still living it off through their cash reserves.
There are possibilities that a second wave will occur in consumer behavior changes as they sweep down their cash reserves. Another significant difference is that people now have a shelter, so there is going to be much cooking done in the home itself. To be said, the Coronavirus has hit the restaurant franchise hard as these food businesses are very crucial and do not have a lot of cash reserves. The food industry employs more than 15 million people in the United States and many of them have either already lost their jobs or are worried about losing. The National Restaurant Association estimates that the second quarter of the 2020 year sales will decline by $225 billion.
The challenge in demand is still a mystery as to if after the lockdown will benefit the interest of the foodservice industry who are the incredibly capital-intensive business. With catering being a significant chunk of revenue, the prohibition of gatherings by the government has taken a toll on them.
We are hopeful that the efforts of developing a vaccine against Coronavirus get to us soon, and we overcome these challenges.