In order to seize the opportunity, Lamba said that businesses could start by adapting to social and conversational commerce. The global MMA data showed that 63 percent of Asia Pacific consumers interact with businesses through social commerce. This percentage was higher than in Latin America (58 percent), Europe and the Middle East (42 percent), and North America (35 percent)“Brands are connecting with these customers through Facebook Messenger, WhatsApp and other omnichannel social apps, which will be the thing of the future,” he said.He added that businesses could learn to innovate by continuing to engage in research and development even though they are cutting costs to survive the pandemic. Lamba said that during the 2008 recession, companies that spent money on R&D showed a much better return on investment and growth post-recession.The MMA questioned 500 people in 10 major cities namely Jakarta; Bandung, Bekasi, Bogor and Depok in West Java; Tangerang, Banten; Surabaya, East Java; Semarang, Central Java; Yogyakarta; and Medan, North Sumatra, from April 18 to 20.Topics : “People are postponing buying discretionary items until after the epidemic is over. This could be bad news for the automotive, electronics and also retail categories to some extent,” he said in a webinar on Monday.“The trend is especially true for big cities which are impacted the most by job cuts,” he continued, adding that the middle-income group in the Greater Jakarta area was reportedly reducing its spending by 36 percent, compared with 27 percent outside of the region.Consumers are increasingly worried as they expect the situation be the norm for 3.2 months, compared with the two months expectation they had last month. As such, the survey also revealed a 6-percentage point increase in consumer worries over financial security to 44 percent in April from 38 percent last month. Lamba went on to say that 67 percent of respondents believe their current Ramadan budget will be much less than last year with an average budget reduction of 43 percent. Meanwhile, 20 percent say they will spend the same amount and only 13 percent of consumers say they will spend more this Ramadan.He said that spending in the digital category was expected to bloom as both upper- and middle-income respondents say they will be spending more on mobile data and home internet subscriptions, as well as moving the holiday shopping toward e-commerce and other digital platforms.“What we already see happening is a lot of Ramadan activities such as breaking-of-the-fast gatherings are moving to online platforms,” he said, adding that consumers in the upper social economic sector would also spend more on gaming and movie streaming services. Many people still plan to buy Islamic goods and fashion items for the Ramadan fasting season despite an overall decline in consumer spending caused by growing financial insecurity amid the COVID1-19 pandemic, a survey has indicated.While fashion items remain on consumers’ shopping lists, purchases of recreational and luxury items such as jewelry and smartphones are expected to decline sharply, according to the survey conducted by the Mobile Marketing Association (MMA) and SurveySensum.SurveySensum founder and CEO Rajiv Lamba said that the overall value of the consumer’s Ramadan shopping basket was expected to go down by 32 percent with lower spending on leisure travel partly as a result of the decline in earnings and Idul Fitri holiday bonuses (THR).
Bill Signing, Economy, National Issues, Press Release, Public Health Harrisburg, PA – Governor Tom Wolf and Agriculture Secretary Russell Redding today commended the U.S. House and Senate for approving the federal Farm Bill, legislation that provides funding and guidelines for farm and food programs in the United States.“The Farm Bill is critical to ensuring that the agriculture industry and all who depend on it have access to the programs, supports, and services needed to continue operations,” said Governor Wolf. “Provisions that will protect our workforce, expand our opportunities, and preserve our industry are welcomed and appreciated. My administration has made significant investments in agriculture, and Pennsylvania is primed to capitalize on those investments. The addition of the passage of this legislation will further position us for future success.”The legislation contains a number of positive aspects for Pennsylvania agriculture. Two provisions are particularly notable. The first strengthens support for dairy farmers by offering reduced premiums and new coverage levels for milk produced under the new Dairy Risk Management program. The second removes hemp as a schedule 1 drug under federal law, allowing states to create programs for the cultivation of hemp for commercial purposes.“Support for Pennsylvania’s farmers – whether dairy, organic, or vegetable – is made readily available in the approved Farm Bill,” said Sec. Redding. “What’s more, the provisions found within the bill also include support for low-income Pennsylvanians, consumers, the environment, and our communities.”Redding also praised aspects of the final bill related to the Supplemental Nutrition Assistance Program (SNAP), which maintains current requirements for recipients, and includes language that would provide permanent funding of programs that support farmers markets and organic farmers. He also applauded increases in funding for conservation efforts and workforce and education opportunities, and continued support for programs that help rural communities and businesses thrive, including broadband access and local food systems. Additionally, the legislation includes protections for crop insurance, helping farmers purchase policies to protect them from devastating weather conditions. The Farm Bill also includes a significant increase in federal funding for farmland preservation nationwide through the federal Agricultural Conservation Easement Program (ACEP), with Pennsylvania poised to access these funds over the next four years.Finally, the bill includes $20 million for a Farm-to-Food Bank program modeled after Pennsylvania’s successful Pennsylvania Agricultural Surplus System (PASS). This program provides an efficient mechanism for the agricultural industry to donate safe, wholesome food products while being reimbursed for the costs involved in harvesting, processing, packaging, and transportation.Over the past four years, the Wolf Administration has invested more than $50 million in agriculture-related economic development projects; increased support for workforce development and agricultural education to help prepare students and workers for the thousands of anticipated job openings in the industry over the next decade; and signed historic legislation that has created new markets for farmers and lowered their tax burdens. The administration is working to expand broadband access to hundreds of thousands of Pennsylvanians, creating jobs while improving infrastructure statewide, especially in rural communities.Learn more about Pennsylvania’s strategies and investments in growing the agriculture and food industry at agriculture.pa.gov. Pennsylvania Applauds Bi-Partisan Approval of Federal Farm Bill SHARE Email Facebook Twitter December 13, 2018