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<ul><li>While we appear to be in an era plagued by widespread panic – thanks to the inundation of information on social media and every known touchpoint, there also appears to be a positive wave of behavior change amongst societies that prove the resilience and adaptability of humankind.</li><li><keyword id="7856732" type="UNKNOWN" weightage="20" keywordseo="Abhinay-Bhasin">Abhinay Bhasin</keyword>, Director, Data Sciences at <keyword id="6368370" type="ORGANIZATION" weightage="20" keywordseo="dentsu-aegis-network">Dentsu Aegis Network</keyword>, South Asia pens down how amidst the projected negative climate by media in news surrounding the impact of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword>, he has seen a few rays of sunshine emerging in humanity. </li></ul>I am fairly certain by now you would have probably read the multiple reports on the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> disease (COVID-19) and reports by every known publication and enterprise in terms of its impact on business, the economy and on the general society. In case you haven’t, please crawl out from under that rock you’re under (or stay there since it might be a better way to be safe). At present there close to 400,000 reported cases of COVID-19. A majority of them outside China, with an impact to nearly every known line of business and economy. While governments and world leaders have taken to prioritizing measures to curtail the spread of the virus, there is no doubt that there is a need for policy makers and decision takers to prevent an economic fallout and to reduce widespread economic anxiety as has been recently witnessed in the US and other markets over a hoarding of essentials. While we appear to be in an era plagued by widespread panic – thanks to the inundation of information on social media and every known touchpoint, there also appears to be a positive wave of behavior change amongst societies that prove the resilience and adaptability of humankind. This discourse will attempt to throw light on those positive and negative impacts on the society and global economy that emerge from the climate created by the onset of the virus and the mitigation steps that inundate the media of today. Let’s Take Stock of What’s Going On Early estimates reveal the global economic impacts to be in the range of USD 1-2.7 Trillion in terms of GDP loss. The OECD (Organisation for Economic Cooperation &amp; Development) has forecast global growth of a mere 2.4% in 2020 (down from the earlier estimate of 2.9% from November of last year. This could probably mean the slowest growth rate of the global economy ever since the global economic recession of 2009. Cancelling of major sporting events, lockdown of borders and cities, declining consumer confidence, global store closures by brands such as Apple, Nike etc and potentially severe retail traffic declines have already taken its toll on economies, creating ripple effects in society and especially impacting livelihoods of daily wage earners and workers. In turn, stress on key industries that have already been on a downward spiral such as the aviation industry and the automotive industry (especially in India) come under further pressures as production and mobility further reduce due to precautionary measures. The global travel economy itself is projected to be hit by nearly USD 850 billion dollars in revenue loss. This causes widespread ripple effects on the ancillary industries associated with these sectors. Is it all Doom &amp; Gloom? Amidst the projected negative climate by media in news surrounding the impact of COVID-19 emerge rays of sunshine in humanity. Videos going viral online featuring Italian neighborhoods coming together on balconies and singing songs together – highlight the strength of communities in combatting national challenges. Heroic images of doctors and nurses tirelessly working and staking their own lives to treat to infected patients and those in quarantine reveal the underlying spirit of not just their professions, but the everlasting spirit of hope. While yes – it indeed is a trying time until there is concrete evidence of COVID-19 showing signs of receding and coming under check and global economies bouncing back, the undying spirit of humanity with some of the best minds working on mitigating drugs, and some of the brightest and most successful leaders and companies committing to relief funds highlight the resilience of our species, while giving us all a chance to pause, rewind, recalibrate and move forward together as a unified force. - By Abhinay Bhasin, Director, Data Sciences at Dentsu Aegis Network, South Asia

The socio-economic impact of COVID-19: Cloudy with a chance of resilience

<ul><li>The <keyword id="7642375" type="COMPANY" weightage="20" keywordseo="data-sciences-division">Data Sciences Division</keyword> of dentsu India, has unveiled its latest Insights report, ‘The Next Normal: The Rise of the Contactless Economy' under its specialist consumer insights wing dentsu Marketing Cloud (DMC) Insights. </li><li>The report covers deep findings of the impact of a contactless world on consumer behavior and sentiment of the <keyword id="159493" type="PERSON" weightage="20" keywordseo="Gen-Z">Gen Z</keyword> &amp; Millennial audiences from <keyword id="153782" type="COMPANY" weightage="20" keywordseo="Urban-India">Urban India</keyword>.</li></ul>The Covid-19 pandemic has had a profound impact on people's lives. There have been many changes in human behaviors, how we communicate, work, and consume. The Data Sciences Division of dentsu India, has unveiled its latest Insights report, ‘The Next Normal: The Rise of the Contactless Economy' under its specialist consumer insights wing dentsu Marketing Cloud (DMC) Insights. The report covers deep findings of the impact of a contactless world on consumer behavior and sentiment of the Gen Z &amp; Millennial audiences from Urban India. With businesses and individuals scrambling over the past year to adjust to extraordinary circumstances, increased vaccination presents somewhat of a light at the end of the tunnel. In many ways, the year 2021 will be a year of transition as we battle our way through the devastation caused by the pandemic and look toward a future. A zero-touch and more consumer conscious world has promoted the rise of a 'contactless economy' shaped by a virtually connected ecosystem. Key highlights of the report: <ul><li class="m_-3406908789372116735MsoListParagraph">Willingness to try lesser-known brands: 70% expressed a willingness to purchase products from a lesser-known brand.</li><li class="m_-3406908789372116735MsoListParagraph">The Growing Virtual Wallet: Close to 60% of transactions of our surveyed audience claim to be fulfilled via virtual wallets. 23% via credit and debit cards and the remaining through cash. Google Pay enjoys a lion’s share with PayTM being second.</li><li class="m_-3406908789372116735MsoListParagraph">Online Certifications: 59% claim to have done an online certification. A trend likely to continue post lockdown.</li><li class="m_-3406908789372116735MsoListParagraph"><keyword id="48379" type="COMPANY" weightage="20" keywordseo="Ayurveda">Ayurveda</keyword>: 49% of the surveyed pool have a reliance on Ayurveda to meet their immunity needs. </li></ul>Commenting on the launch, <keyword id="1376695" type="PERSON" weightage="20" keywordseo="Gautam-Mehra">Gautam Mehra</keyword>, Chief Data Officer (<keyword id="119132" type="COMPANY" weightage="20" keywordseo="Asia-Pacific">Asia Pacific</keyword>) &amp; CEO dentsu <keyword id="2520956" type="COMPANY" weightage="20" keywordseo="programmatic">Programmatic</keyword> said, “While the world grapples with the impact of the covid-19 pandemic, there is widespread uncertainty. However, in an ‘at home’ economy, the only assurance is that a next normal is being created, promoted by a hyper-connected world. Pegged to globally reach a $3trillion size by 2025, the ‘at home’ consumption economy has been fueled by the need for consumers to look at digital channels to maintain normalcy in their lives – be it to connect with friends and family virtually, purchase necessities, subscribe to content or discover and learn new skills. Millennials and Gen Z consumers, being digital natives, have been better equipped in adapting to a virtual world with demonstrating a greater adoption of cashless payments and an openness to discover and try new brands.” “The Next Normal has given rise to a hyper-connected virtual world fueled by better internet connectivity promoting an increase in online consumption and fulfillment of the needs within a contactless world. Being tech-natives, Gen Z and millennials will form a cornerstone of new age marketing and brand engagement given their growing spending power and digital literacy. A virtual world has given rise to human experience platforms. With the virus hitting home, there has been a hyper awareness of health and safety amongst Millennials and Gen Z audiences. This report builds on the commitment of DMC Insights to deliver industry leading insights on this demographic covering their impact on various aspects of consumption and growth,” added <keyword id="7856732" type="UNKNOWN" weightage="20" keywordseo="Abhinay-Bhasin">Abhinay Bhasin</keyword>, Vice President (Asia Pacific) and Head of DMC Insights, <keyword id="10032656" type="COMPANY" weightage="20" keywordseo="dentsu-international">dentsu International</keyword>. The report has been unveiled under the unit’s specialist research wing – DMC Insights. The dentsu Marketing Cloud (DMC) Insights offers an expertise-led model to assist dentsu Data Sciences research &amp; insights, consulting and practice teams in delivering differentiated values to our clients.

70% Gen Z & Millennial audiences from urban India are today willing to purchase products from a lesser-known brand: Dentsu Data Sciences

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The socio-economic impact of COVID-19: Cloudy with a chance of resilience

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70% Gen Z & Millennial audiences from urban India are today willing to purchase products from a lesser-known brand: Dentsu Data Sciences

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