IWSR to launch risk assessment model for coronavirus
Drinks analyst IWSR is set to provide the liquor industry with data-driven insights to mitigate risks as the threat of the coronavirus continues to unfold.
In response to industry demand for greater clarity during global threats, IWSR has revealed plans to launch the IWSR Coronavirus Risk Assessment Model (CRAM).
This tool will quantify and forecast the impact of key global events, giving industry leaders data-driven insights and situational forecasts to navigate the situation and manage risks.
Available from Q2 2020, and updated quarterly, the IWSR Coronavirus Risk Assessment Model will quantify the virus’ impact to the global beverage alcohol market, including scenario forecasts for the short, medium and long-term.
IWSR will leverage its global analysts’ extensive network of over 1,600 local contacts to quantify and forecast the impact of the coronavirus on alcohol consumption by key categories, markets, price segments and channels.
IWSR’s local market knowledge will be bolstered by its access to industry insights, historical trends and data from the impact of previous global crises, and consensus forecasts from financial institutions.
Mark Meek, IWSR CEO, said: “In this rapidly evolving situation, the IWSR Coronavirus Risk Assessment Model will give industry leaders the clarity needed to confidently respond to a serious event with global implications. Early reports indicate that the revenue and profit impact to the industry will be in the billions of dollars. Initial signs are that global travel retail and on-premise sales in China have suffered a severe downturn, and that other affected regions, such as Northern Italy and South Korea, are starting to see a similar impact. The e-commerce channel is already seeing increased activity as public transport and normal day-to-day activities, such as school and office attendance, are curtailed in several markets.”
Meek added: “At the IWSR, we have always seen ourselves as an integral partner to the industry, and therefore will be producing and providing the IWSR Coronavirus Risk Assessment Model at no additional cost to our loyal customers. We will work with brand owners, financial institutions, retailers, and industry agencies to provide a comprehensive understanding of the current and future impact of the coronavirus, with the aim of helping to see industry leaders through the threat.”
Initial markets covered by the IWSR Coronavirus Risk Assessment Model will include global travel retail, China, South Korea and Italy, with other key markets to be added if required.