Coke loses fizz

ATLANTA, GEORGIA, Wednesday: Coca-Cola ad spending plunged by US$ 1.5 billion (NZ$ 2.2 billion during the Covid-19 pandemic. Over the last six years, Coke spent an average of US$ 4bn a year on advertising worldwide. 

According to data presented by TradingPlatforms.com, Coca-Cola adspend plunged to US$ 2.77bn in 2020 – a fall of 35%.

“The company was severely impacted by the closure of restaurants, bars, cinemas, and stadiums amid the lockdowns.”

The company was severely impacted by the closure of restaurants, bars, cinemas, and stadiums amid the lockdowns, which make up a significant proportion of its sales. Moreover, people stopped impulse buying of soda they usually did in convenience stores.

With a brand value of US$ 70bn, Coca-Cola was by far the most valuable soft drink in the world in 2020, beating out competitors, like Red Bull and Pepsi. Despite that, the company’s revenues dropped significantly amid Covid-19.

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