IRI launches CPG Demand Index Forecasts on COVID-19 dashboard
New index further helps CPG manufacturers and retailers predict and navigate impact of COVID-19
IRI has announced the launch of the IRI CPG Demand Index Forecasts, a proprietary, fully automated forecasting solution that anticipates consumer demand at multiple time intervals through the end of 2021. The solution projects the impact of complex, interdependent factors on consumer demand, including pandemic persistence, lifestyle shifts, in-home versus out-of-home consumption patterns, consumer sentiment, channel shifts, unemployment, income growth and government events.
Incorporating forecasting and simulation capabilities from the most sophisticated machine learning algorithms, the IRI CPG Demand Index Forecasts is designed to select the best model from tens of thousands of options. The forecasts are for two distinct scenarios: best case (high) and worst case (low). A median point estimate is also provided. These forecasts are updated every week to reflect the latest market dynamics, such as reduced unemployment benefits.