In 'normal' times, Charlotte consumers would be expected to rack up $49.6 billion in annual retail sales. Of course, since the onset of the Coronavirus crisis, nothing has been normal.
But as Gordon Borrell, CEO of Borrell Associates, explained to members of the Charlotte area small business community via teleconference, consumers are still spending. This, it turns out, is normal.
Mr. Borrell shared research from Ibis that demonstrates during every type of crisis, including depressions, recessions, floods, hurricanes, earthquakes, fires, and, now, pandemics, consumers still spend.
The business literature contains an abundance of examples of how continuing to market and advertise during an economic crisis can help a company survive and emerge from the episode even stronger than before.
Charlotte small business owners who do continue to advertise and market, however, should consider modifying their pre-crisis strategy.