Coca-Cola Amatil chief Alison Watkins has signaled the company will make cutbacks if Australia falls into recession and as sales volumes plunged 33% in April as the restrictions battered the traditionally peak trading periods of Easter and Anzac Day and Ramadan in Indonesia.

Writing for the Sydney Morning Herald on May 26, 2020, Darren Gray said the COVID-19 lockdowns had been disastrous to the company in Australia, New Zealand and Indonesia and Watkins admitted the pandemic has caused "significant volatility" for the company.

Coca-Cola Amatil said the easing of restrictions in mid-May generated a modest improvement in group trading conditions, with volumes down about 26 per cent in the first three weeks of May compared to the prior corresponding period. It reported that its alcohol sales volumes were down about 35 per cent in Australia in April as the strong trading periods of Easter and Anzac Day were hit by lockdowns.

Gray said the trading update follows an update in April when Amatil said it would cut costs by $140 million in 2020. At the time it revealed plans to freeze staff recruitment and cut spending on travel and consultancies by more than $50 million.