C-19 Impact by Foodservice Segment Forecasting Tool!
NAFEM’s collaboration with research company Datassential has afforded all members access to a new tool developed to help the industry gauge the impact of COVID-19 on foodservice industry market segments.
Datassential and IFMA (the International Food Manufacturers Association) have constructed a web-based foodservice industry mapping tool so you can review data and see the impact, by industry market segment, of COVID-19 on the industry. You can use this tool across your organization to measure the impact of the change on your business and to plan for the future, by inputting your own share of (or own sales into) each market segment. It’s web-based, but you also have access to an excel version. Datassential recommends you use the web-based version for the most up-to-date information.
How did they create the tool? As a leading food and beverage insights company that constantly queries consumers and operators about food and flavor preferences, trends, opportunities and issues, Datassential worked with IFMA’s Operator Councils to establish data benchmarks. IFMA’s Operator Councils represent a cross-section of industry leaders across all foodservice segments such as QSRs, casual dining, schools, college & university, retail, grocery, and more. Included in the tool is performance numbers for 2019, and the forecasted industry performance – again by segment – for 2020. They then established a start date, the day in which the pandemic impacted business, which for the purpose of developing this tool, was March 15. From there, you can see the expected impact from what was originally thought to be 2020 numbers. Included in the calculations is an anticipated resume date – the date when a significant effort begins to bring the economy back on line, which in this tool, they’ve established as May 18.
Interestingly, they also have anticipated comments from the medical and scientific community of the potential for a second wave of the virus in September, and the tool includes estimates for the anticipated additional impact a second wave would have on an already challenged industry comeback.
We are excited to have access to this tool, and very grateful to Jack Li, Datassential’s managing director, and his team, and IFMA, for creating and sharing this with the industry. Jack, you’ll remember, was a keynoter at our recent Annual Meeting & Management Workshop in Miami in February. Again, it’s a real-time tool, so updates will be made as foodservice segments across the country adjust to the new normal.
Get the tool: https://apps.datassential.com/covid19/.
Access also is available through the COVID-19 Resource section on NAFEM’s website, and in the Members Only section of the website under Resources. We’ll also post it into our Members Only Facebook Community Group.
Let NAFEM know if you have any questions.