McKinsey attempted to distill common consumer behavior shifts following the global pandemic across 42 countries. Excerpts from the most important findings:
- Despite pockets of reopening, net consumer optimism has decreased, and most consumers continue to expect a long-lasting impact from COVID-19.
- As incomes have declined, consumers are spending on essentials and not discretionary categories, with some exceptions in South Korea and China.
- Consumers are shifting to online and digital solutions as well as reduced-contact channels to get goods and services.
- Even though many countries have lifted stay-at-home restrictions, most consumers still feel the pull toward a “homebody economy.”
- Consumers want extra reassurance to resume day-to-day activities outside their homes.
- Consumers also want to see an ongoing emphasis on cleaning and safety
Full article: https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-global-view-of-how-consumer-behavior-is-changing-amid-covid-19
Image: Unsplash, Nick Fewings @jannerboy62
