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What is the economic and social impact of the two initiatives reported by the text below. 1a. Tesco Superstores teams up with food-sharing app to try to reduce waste. 1b. People start selling their used clothes and stuff just to make money.

What is the economic and social impact of the two initiatives reported by the text below. 1a. Tesco Superstores teams up with food-sharing app to try to reduce waste. 1b. People start selling their used clothes and stuff just to make money.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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What is the economic and social impact of the two initiatives reported by the text below.

1a. Tesco Superstores teams up with food-sharing app to try to reduce waste.

1b. People start selling their used clothes and stuff just to make money.

Business report: According to Latham (2020), on her BBC report about consumer behaviors, she reported about consumers' behavior shift during the time of the unprecedented covid-19 pandemic. She added to her report that many people started to initiate their own ways of lifestyle just to sustain their daily needs by producing their own organic foods at home through revolutionizing home-made products on organic fruits and vegetables, all have been produced in the form of organic farming. She emphasized on her report about two initiatives such as Tesco Superstores teams up with food-sharing app to try to reduce waste and people start selling their used clothes and stuff just to make money. According to Zypmedia (2020) on their survey on Consumer Sentiment for Small Businesses During COVID-19, local businesses and the consumers that rely on them have been hit hard by this pandemic, however, based on their study, the good news is that consumers are actively trying to support them in the darkest days of lock down as well as looking forward to their re-opening. More than half of consumers ranked restaurants & nightlife as number one for re-opening followed closely by arts & entertainment and shopping & retail. They further emphasized that highly loyal local customers have stayed loyal during the pandemic, but it has caused roughly 15% of the less loyal ones to drop spend anywhere from 50-100% during the pandemic. Throughout their survey most respondents were very loyal to local in an effort to support their local community and economy.
Transcribed Image Text:Business report: According to Latham (2020), on her BBC report about consumer behaviors, she reported about consumers' behavior shift during the time of the unprecedented covid-19 pandemic. She added to her report that many people started to initiate their own ways of lifestyle just to sustain their daily needs by producing their own organic foods at home through revolutionizing home-made products on organic fruits and vegetables, all have been produced in the form of organic farming. She emphasized on her report about two initiatives such as Tesco Superstores teams up with food-sharing app to try to reduce waste and people start selling their used clothes and stuff just to make money. According to Zypmedia (2020) on their survey on Consumer Sentiment for Small Businesses During COVID-19, local businesses and the consumers that rely on them have been hit hard by this pandemic, however, based on their study, the good news is that consumers are actively trying to support them in the darkest days of lock down as well as looking forward to their re-opening. More than half of consumers ranked restaurants & nightlife as number one for re-opening followed closely by arts & entertainment and shopping & retail. They further emphasized that highly loyal local customers have stayed loyal during the pandemic, but it has caused roughly 15% of the less loyal ones to drop spend anywhere from 50-100% during the pandemic. Throughout their survey most respondents were very loyal to local in an effort to support their local community and economy.
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