GlobalData : UK foodservice to see critical boost should Pfizer’s COVID-19 vaccine come to fruition, says GlobalData

02 Dec 2020
UK foodservice to see critical boost should Pfizer's COVID-19 vaccine come to fruition, says GlobalData Posted in Consumer

Following today's news (Wednesday 2 December) that the UKhas approved the COVID-19Pfizervaccine;

Carmen Bryan, Consumer Analyst at GlobalData, a leading data and analytics company, offers her view on how this will impact the UK's foodservicemarket:

'UKfoodserviceprofit operators overall have seen sales fall tounder $71bn in 2020, against an initial pre-COVID forecast of $104bn. Operators in this sector have been pleading for more government support for months, and while this news may not be the helping hand they expected, it is a light at the end of a very long and dark tunnel.

'As of November, *over two thirds of consumers have stated that they continue toeither eat dinner outside of the home less often or have stopped altogether - with similar patterns occurring for other meal occasions. For those unable toadapt toa delivery format, this has obviously proved detrimental.

'In 2021, we may seethe new normal of homebound consumers reverse after herd immunity is achieved. That said, the vaccineis not a miracle cure-all for the economy. Although this news may temporarily lift spirits, especially as Christmas is just around the corner, there is still a long road ahead and it remains imperative for operators toreaffirm safe dining practices in the near future.

'Notably, consumer sentiment is likely tobe mixed. *According toGlobalData's consumer survey, when asked how they feel these days, one in three UKconsumers stated anxious - the highest response out of 19 options - while many have mixed emotions (26%). The public is sensing the political and economic undertones of the vaccine's approval, as countries race toreverse the economic ramifications of the pandemic. This may lead some tobe skeptical, and subsequently wish towait and act with caution before opting in for treatment.'

* GlobalData 2020 Coronavirus (COVID-19) Recovery Consumer Survey Results - UK- Published 10 November, 2020