Promotional Industry Bearing The Burnt Of The Covid-19 Outbreak
Promotional Industry Bearing The Burnt Of The Covid-19 Outbreak
Every few years it seems as though there’s some kind of sickness or virus that rears its ugly head. For 2020, it’s been the Coronavirus (COVID-19), a respiratory illness that has spread across the globe. The coronavirus pandemic sweeping the world is having intense, deep-reaching impacts on public health, societal norms and economies throughout the world.
How COVID-19 affect the Promotional Goods Industry?
Travel restrictions affect Supply Chain – Widespread travel restrictions have been announced across the globe, meaning countries are under total lock-down, the usual movement of people into the country is restricted which leads to operational upheaval, temporary closures, supply chain disruption and steep drops in sales are among the most pressing issues in play.
China the epicenter of Corona-virus and the biggest Manufacturing Hub – Corona-virus is causing disruption and the industry is keenly feeling the effects of fallout from the disease. The truth is a ton of product that we use every day is made in China. China has the world’s biggest manufacturing hub and connects with global supply chains. Many raw materials are sourced from China and this is affecting the manufacturing process. Moreover with China being an integral part of the supply chain for many industries, including promotional products the shutdown of factories in China due to the corona-virus outbreak makes companies rethink the way they are operating.
How is the Promotional Goods Industry Coping Up?
The past couple of years have come with many challenges in commercial trade with China – tariffs being a huge part of those. The tariffs, however, seem to succeed in some of the ways they were intended – which was to rely less on goods from China and more on both domestic materials and production. Therefore, some were already utilizing resources outside of China for that reason by the time the virus reared up.
Impresario’s Strong Domestic Vendor Network
We bucked up before the outbreak of the virus as we started focusing on domestic sourcing. We believed India has great potential if factories could be trained properly while maintaining better control and management. Of course, in some cases, India cannot beat China, but we have come a long way and there is a lot that could be done from domestically with our creative and design team always heating our Idea Bank.
If you planned up your next promotion or are even pondering over the thought, drop us a line at contact@impresariopromotions.com to explore some amazing concepts.
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