The March 25 edition of Paver Express reported on the first COVID-19 Impact and Implementation survey results from Industry Insights. The follow up survey indicated some interesting trends in how COVID-19 is impacting businesses.
When participants were asked, “What level of impact to revenue do you expect the coronavirus will ultimately have on your company this year?,” the first and second survey both showed over 92% of all respondents felt there would be a negative impact as shown by the first two columns. However, from the first to the second survey, approximately 10% of respondents changed their response from somewhat negative to very negative impact. When you consider the ICPI members responses, as shown in the third and fourth column, the change from somewhat negative to very negative is even greater with an 18% increase. The other interesting change is that 11% of the ICPI members now feel there will be no impact to a slightly positive impact on their revenue. Looking at the last two columns in the chart, it is obvious the optimistic outlook is coming from the contractor members.
Attached is the Executive Summary for all respondents. Greater detail is provided in the spreadsheet, which includes changes in responses for all participants, as well as responses from ICPI members grouped as manufacturers and non-manufacturers.
The online survey was fielded between Monday, April 6 and Wednesday, April 8, 2020. A total of 1,522 responses were received from members of 30 different associations, with 28 of the respondents being members of ICPI. Industry Insights will be conducting the survey again to measure the changes in attitudes and actions.
The survey and subsequent report were executed, compiled, tabulated and analyzed by Industry Insights, Inc. Industry Insights, headquartered in Columbus, Ohio, is a professional research and consulting firm providing management and marketing services to trade and professional associations and their members. They specialize in industry operating surveys, compensation studies, educational programs and customized research services.