September 10, 2020

Consumer behavior


McKinsey conducted a survey across 12 countries in July to understand consumer’s sentiment and behavior due to a COVID-19 crisis. People of China and India were the most optimistic about country’s economic recovery after pandemic (the difference between very optimistic and very pessimistic answers were 40% to 50%), the US and Germany were in the middle (20% and 5% respectively), while other countries showed pessimistic results (-5 to -30%...). Consumers in Korea (46%) and India (45%) demonstrated the biggest shift in changing to buy less expensive products to save money, while in China (34%), the UK (32%), the US (31%) and Italy (30%) also this shift was significant than in other countries (Germany, France, Spain, Japan). Shoppers increased researching brand and product choices before buying in all countries, but China (45%), India (40%) and Korea (35%) were at the top. People expected to increase buying products in all countries only in one category – grocery (0 to 29%). In other categories consumers over the world anticipate decrease in spending, except household supplies, personal care products and home entertainment in some countries. More people expected to make a portion of their purchases on-line post-COVID-19 than before. Over 60% of global consumers have changed shopping behavior (e.g., retailer, brand). Top 3 reasons for shopping a new brand are value, availability and quality. Also consumers had started caring about healthy and hygienic packaging and how companies treat their employees.

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