Everyone knows a huge part of the branded promotional product and apparel industry relies on goods made in China. Many of our clients have asked how the Corona Virus will impact inventory. There is really no firm answer until more is known. Some key issues and questions we reported on back in February are still unknown:
Scientists are still trying to confirm how the virus spreads and just how far reaching it will spread globally.
How long it takes its labor force to be able to safely return to work. Many factories are on complete shut down since workers are unable to travel, or are beyond capacity to fill demand for certain goods.
What type of backlog will be created for goods and services.
What the global impact will be economically and will this result in a recession.
In recent weeks, the spread of the virus has now infiltrated most countries around the world and the United States is just beginning to feel the impact. Panic buying of health and anti-bacterial product is rampant.
- Public events are getting cancelled or limited to the number of attendees allowed
- Travel plans are being changed or cancelled. Travel restrictions are being implemented on a daily basis here in the U.S., and abroad with some countries closing travel to and from their region.
- Non-profit organizations are concerned about donations and funding
- Manufacturers and transportation companies are doing contingency planning for potential reduction in the available work force.
- Healthcare services such as clinics and hospitals are predicting shortages in available space, and first reposonders (police, fire, paramedic services, skilled nurses) are also gearing up for shortages.
We’ll all get through this. It’s a matter of being thoughtful and mindful – and a lot of hand washing. (Don’t forget to clean your cell phone and TV remote – contact us for the next availability of sanitizing wipes branded with your logo!)
Kris Belveal
Identify Advertising
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