LIA COVID-19 Impact Research on the Lighting Industry
Following the research back in April, The Lighting Industry Association (LIA) recently surveyed its members to establish the effect of the current lockdown on the lighting industry. Here are the headlines from the LIA COVID-19 Impact Research.
89% of its members reported their business remained open in some form with the most operative functions being sales (95%), dispatch (90%) and accounts (87%). The average capacity lighting businesses are running at is around 45%. Approximately 44% of staff are currently furloughed and only 4% reported that they had made any redundancies as a direct result of the coronavirus lockdown.
Many companies (69%) are reporting difficulties in obtaining raw materials or components with a variety of reasons down to late deliveries, shortage of shipping capacity and slow return to manufacturing capacity in China among the most common.
They also asked if members had attempted to access the various Government support schemes and 47% reported positively, however, many had experienced difficulty owing to the portals not being fully ready or lack of support from banks. On the subject of credit, 38% reported that their customers had either asked for or had simply taken extended credit with others reporting late payers deducting early payment discounts outside
the qualification period.
On a more positive note, 71% of LIA members reported having a recovery plan in place ready for the removal of lockdown measures.
Download the full PDF report here or view it at that LIA website.
From all of us to all of you: Stay safe!