How many companies will survive this change?
A significant change is underway. Only determined, proactive companies will thrive amidst this change; others will disappear. It doesn't matter how large or old the company is. Adapting to and accepting change is the starting point.
Before February 2020, manufacturing companies were completely different from what they are after May 2020 due to COVID-19 affecting the global economy. The game's dynamics are changing significantly. Consumers' priorities are about to shift dramatically. Safety, security, and basic food necessities have become the top priorities, pushing luxury products aside. Even those with enough money have started to be more cautious with their spending, focusing only on essentials. This is the problem; now, let's focus on the solution.
Lockdowns have led to an economic slowdown. Economic downturns result in reduced purchasing power, leading to lower revenues and profit margins for manufacturers. This affects both the bottom line (profit) and the top line (revenue). The most important economic factor is the price elasticity of demand.