Survey shows 53% of parts manufacturers report no business change due to COVID-19
Less than that – 39% – said they have made no adjustments to their business because of the virus.
According to the survey, 53% of respondents indicated that they have experienced no changes at their business as a result of COVID-19. Of the remaining respondents, 24% indicated there have been various ripple effects that could not be directly tied to COVID-19. Nearly 75% of these respondents stated the ripple effects were minimal or moderate. The most significant change discrete parts manufacturers have experienced is a change in supplier lead times, which was experienced by 24% of the respondents. These changes were moderate to major according to 90% of respondents.
Through the end of last week, a smaller percent of respondents (39%) stated their business had made no adjustments as result of COVID-19. Travel was the number one adjustment made by businesses with 34% of respondents indicating their business had adjusted travel plans as a result of the virus. More than two-thirds of respondents indicated that the change in travel plans was major. Also, businesses made notable adjustments by adding contingency or backup plans (26%) and changing trade show attendance/ participation (23%).