The Covid-19 crisis has been exceptional in both its scale and duration. Retailers could not have anticipated the business impact, with many of those that were already suffering from eroding margins reporting 70-100% reduction in sales over the lockdown period.
For grocery and online however, it’s been a different story, with an overall 26% increase in sales across the board. And for the tech sector — which analysts predicted would fall furthest in a recession — the big four global tech giants, Google, Apple, Facebook and Amazon (GAFA) managed to prove them wrong. Even as the US reported one of its worst quarters ever on record, The Big Four reported a combined $205 billion in revenue and $28 billion in profits in the second quarter.
+INFO: The Drum