The decision to postpone the 2020 Olympics in Tokyo by a year will be met with relief by many of the consumer companies that sponsor the games, which can now focus on tackling the impact of the COVID-19 pandemic and planning for the 2021 event, industry observers said.

Domestic and international sponsors were expected to account for 64%, or $3.8 billion, of the projected $5.9 billion of total revenue generated by the games, according to data from the organizing committee for the Olympic Games. Top-tier consumer-facing sponsors include The Coca-Cola Co., Alibaba Group Holding Ltd., The Procter & Gamble Co. and The Swatch Group AG-owned Omega brand.

Japan is estimated to lose out on about $5 billion of inbound and domestic consumption in 2020 as a result of the postponement. Many companies will be forced to write off their marketing investments, but the early decision on the deferral means that much of it could be recouped in 2021.

Additionally, the move to retain the Tokyo Olympics 2020 name, despite the event now beginning July 23, 2021, will allow companies to save some of their marketing merchandise.

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"Most companies were very relieved with the decision to postpone taken four months to go. They were moving into their final stage; they were having to make important investments. That money is not wasted, and they were able to carry it through to next year," said Michael Payne, a former International Olympic Committee marketing director who now runs his own sports marketing company.

The International Olympic Committee, or IOC, said April 3 that it is assessing the financial impact of the postponement, adding that insurance will mitigate much of the event's risk. Jefferies analysts have reportedly estimated the insured cost of the event at $2 billion, including TV rights and sponsorship, plus $600 million for hospitality.

The committee said it is in talks with sponsors to minimize the damage.

For sportswear company Nike Inc. and TV manufacturers such as Samsung Electronics Co. Ltd. and Panasonic Corp., which planned major product launches to coincide with the games, the delay could necessitate redrawing marketing campaigns around new products.

"No company expected to go into a global lockdown. I think for many of the sponsors and partners, it was obviously very difficult to undertake the marketing for the Olympics against this difficult, unprecedented backdrop," Payne said.

New releases — such as Nike's Air Zoom Alphafly NEXT% running shoe, which was expected this summer — are likely to be delayed, while other sportswear companies may now face inventory issues brought about by the disruption, analysts said.

For Japanese carmaker Toyota Motor Corp., another top-tier sponsor of the Games, the postponement could mean delaying a major unveiling of its electric and autonomous mobility fleet.

Analysts are confident that Toyota can mitigate the impact and draw on an even larger platform of products in 2021. However, it may have to write off marketing expenses related to its "Start Your Impossible" ad campaign as a post-pandemic event may require a fresh narrative.

Other companies, including Procter & Gamble-owned Japanese skin care brand SK-II, may also have to scrap advertising campaigns.

The postponement of the Tokyo Olympics and economic downturn caused by the pandemic is likely to cause a dip in smart TV sales, which tend to grow around major global sporting events. Worldwide smart TV shipments grew 9.3% year over year in 2019, according to an analysis by Kagan, a media market research group within S&P Global Market Intelligence.

Kagan analyst Milan Ringol pointed out that the Games' postponement will further dampen demand at a time when consumers are reducing their discretionary spending.

Chinese sportswear company ANTA Sports Products Ltd., however, may only face minimal inventory impact from the delay as its main focus has been on the 2022 Winter Olympics in Beijing, said Ivan Su, a Morningstar analyst who covers Chinese sportswear-makers. Anta is also the official sportswear uniform supplier to the IOC through the 2022 games.

"Anta expects that people will pay more focus on winter sports in 2022, and as you know, winter sports gear is a lot more expensive than regular gear for running and tennis, so Anta is quite hopeful for 2022," Su said.

Su said the postponement will have a lesser impact on Chinese sportswear-makers, and the country's low per capita spending on sportswear — at $30 compared to $350 in the U.S. in 2018 — means there is plenty of room for growth in the market, especially with back-to-back Olympics events in 2021 and 2022.