Brazilian consumers are seeing trends stick from the COVID-19 pandemic that began 8 months prior. Home-centered behaviors and routines have increased as people work remotely, homeschool, and conduct more activities at home. This has led to home improvements and searches for new homes. Digital fluency rose for all as people shopped online more. Consumer priorities are reframing around health, savings, and essential spending.

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Consumer Sentiment Latest Insights

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As daily deaths in EU increases and we get closer to a
vaccine, we ran a pulse check with Brazilian consumers
Sources: John Hopkins University; Ministério da Saúde; BCG analysis
Human to human
transmission
confirmed in China
Brazil first
death
Brazil closes
its borders
Confirmed Covid-19 deaths per M habitants throughout 2020
0
5
10
15
20
May
Jan Mar Jul Sep Nov
Gov. approves
emergency
financial aid
BCG Consumer
Sentiment
Survey - Wave 4
US-Europe
Travel ban
announced
Italy and England's
second lockdowns
Multiple vaccines with
90%+ efficiency
announced
And
Argentina
France
Brazil
Italy
UK
US
Wave 1 Wave 2 Wave 3

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What can we expect of 2021?
Brazilian consumers: 8 months
into the COVID-19 pandemic
The trends that seem to
be sticking to our new routine

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What can we expect of 2021?
The trends that seem to
be sticking to our new routine
Brazilian consumers: 8 months
into the COVID-19 pandemic

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Although death and fear still as top of mind, associations
to vaccine and insecurity gain relevance
Question text: “What comes to your mind when you think about the coronavirus?”. Similar responses categorized together.
Source: BCG COVID-19 Consumer Sentiment Survey – BR: May 10–11, 2020 (N = 1,318, weighted); November 6–12, 2020 (N = 1,503, weighted)
Top words that come to mind when Brazilians think about the virus (Free response, unaided associations)
#1
#2
#3
#4
#5
#6
#7
#8
Death
Fear
Disease
Vaccine
Insecurity
Worry
Sadness
Isolation
#9
#10
#11
#12
#13
#14
#15
#16
Distance
Pandemic
Health
Mask
Anxiety
Unemployment
Politics
Care
Rank
Nov
Δ# Rank
May to Nov
Rank
Nov
Δ# Rank
May to Nov
1
1
3
11
7
2
5
2
New
New
2
4
New
New
New
Death
Fear
Insecurity
Vaccine
Disease
Distance
Worry
Isolation
Politics
Sadness
Care
Pandemic
Health
Anxiety
Unemployment
Mask

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Wave 2
April
Wave 3
May
As the number of deaths in Brazil decreases, the feeling
that the worst is behind us has, for now, strengthened…
40
60
20
80
100
55%
83%
Note: Data points were interpolated between surveys.
Source: John Hopkins University; BCG COVID-19 Consumer Sentiment Survey; BCG Analysis
"The worst of coronavirus is still ahead"
Brazilian respondents who agree with the statement (%)
Covid-19 confirmed deaths in Brazil
Total daily deaths
0
1,000
500
Wave 1
March
Wave 4
November
Brazil USA
France
Wave 2
April
Wave 3
May
Wave 1
March
Wave 4
November

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… leading to a perception of higher financial security
Source: BCG COVID-19 Consumer Sentiment Survey – BR: November 6–12, 2020 (N = 1,503, weighted)
21% 14% 13% 19%
34%
28%
17%
27%
32%
25%
30%
41%
35%
30%
22%
18% 25% 21%
17% 15%
2%
3%
Brazil
4%
Class A Class B
1%
Class C
3%
Class D/E
Much higher A little higher Much lower
About the same A little lower
"Compared to 2020, how much will your total income be in 2021?"
(% of respondents)
"How do you feel about your financial situation in…
(% of respondents)
38%
51% 55%
May
47%
40%
November
33%
38%
Pre
Covid-19
39%
November
Secure
Insecure
… 2020?" … 2021?"
Survey
Field

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What can we expect of 2021?
Brazilian consumers: 8 months
into the COVID-19 pandemic
The trends that seem to
be sticking to our new routine

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8 months into
the pandemic…
Enhanced home-centered
behavior and routines
10
New and reframed consumer
priorities
Increased universal digital
fluency
…We are seeing 3 main macrotrends
being consolidated

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Enhanced home-centered
behavior and routines

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The pandemic distancing measures led us to stay at
home and impacted our habits and daily routines
Source: BCG Analysis
Blurred work/ personal
life boundaries
"Homeschooling"
for all ages
Lack of in-person
interactions
Multiple screens
dominating our days
Virtual and flexible
ways of working
Increased eating
at home
Upgraded
multi-purpose
home

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Remote working models were valued by employees and
might be definitive for some companies
14%
17%
22%
22%
23%
24%
25%
32%
86%
83%
78%
78%
77%
76%
75%
68%
Working from home
Shopping products online
Virtual classes
Shopping F&B online
Order food delivery
Virtual chatting
Not enjoying Enjoying
Internet banking
Anticipated percentage of workforce in remote
working models by end of 2021 on global BCG clients
Virtual meetings
Sources: Workforce of the Future – September 2020 (BCG facilitated 5 C-suite roundtables, conducted 30 client discussions and collected more than 20 surveys from top
clients worldwide); BCG COVID-19 Consumer Sentiment Survey – BR: November 6–12, 2020 (N = 1,503, weighted)
People enjoyed and got used to in-home online activities
Feelings about activities they are doing more of (% of respondents)
20%
27% 27%
13% 13%
81-100
21-40
Percentage of workforce (%)
0-20
Percentage
of
respondents
(%)
41-60 61-80
Median: 45% in remote
working models in the future

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14
As a result,
many families
are rethinking
their homes or
even buying new
residences
53%
of home improvement retailers
declared sales increased on 3Q
vs 2019
Social-economic class C
consumers changed something in
their homes during the pandemic
39%
+8%
Growth of residential units' sales
year to date reaching record
levels
Sources: Abramaco; Consumoteca; Brain; BCG Analysis

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Increased digital fluency
for everyone

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Number of new customers on Brazilian e-
commerce
Many consumers
bought online for the
first time…
… overcoming historical socio-
demo penetration barriers
Sources: Webshoppers e-bit/Nielsen 42nd edition; Neotrust; CETIC – Painel TIC Covid-19
+5.8M
+5.7M
2Q20
2019
+5.3M
1Q20 3Q20
+1.6M
39% 41% 37%
18%
70% 67% 64%
44%
C
60+
Women DE
2018 2020
% of those who People who ever made purchases on
the internet
(% of respondents)
National
average
(66%)
11.5M
Brazilians joined e-commerce
during the pandemic

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E-commerce reached new records and sustained high
levels despite Brick & Mortar reopening
E-commerce share of total retail sales (%)
Sources: Câmara Brasileira de Comércio Eletrônico - MCC – ENET; IBGE - Pesquisa Mensal do Comércio; Webshoppers e-bit/Nielsen 42nd edition
E-commerce 1H20 sales growth vs 1H19 across regions (%)
Jan Jul
Feb Jun
Mar May
Apr
12.6%
Aug Sep Oct
7.6%
9.6%
Nov Dec
N
NE
SE
107%
CO
S
47%
93%
45%
39%
25%
2018 2020
2019 Total BR Growth
Contribution
Share of BR
e-commerce
7%
11%
47%
7%
6%
29%
53%
17%
5%
18%

17. 18
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Digital media influence on consumer
journeys is increasingly higher
During Covid-19, what was the best communication and relationship channel between
brands of the following sector and you? Top 5 answers for each sector
Grocery
WhatsApp (22%)
Television (16%)
Website (14%)
Apps1 (8%)
Street advertising (9%)
Food & Beverage
Grocery stores (23%)
Television (16%)
WhatsApp (14%)
Instagram (11%)
Apps1 (10%)
1. Includes both owned and shopper apps (e.g. Rappi, iFood); 2. Includes supermarkets, drugstores and stores in general
Source: BCG Consumer Sentiment Survey – BR: December 2019; November 6–12, 2020
Apparel
Instagram (29%)
Website (12%)
Facebook (12%)
Shopping/stores (11%)
WhatsApp (9%)
Packaged Goods
Stores2 (35%)
Television (19%)
Instagram (10%)
YouTube (7%)
WhatsApp (6%)
Travel & Tourism
Electronics
Website (27%)
Apps1 (15%)
Television (12%)
WhatsApp (12%)
Instagram (10%)
Instagram (19%)
Website (17%)
WhatsApp (16%)
Facebook (14%)
YouTube (12%)
Share of consumers
mentioning digital
channels influence
59%
Average of % for sectors
2019
2020 69%

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71% are Gen X
or older1
Brick & mortar now faces competition for customer's
preference on groceries as online gets stronger
37% 37% 35% 43% 33% 36% 37% 41% 36% 37%
27% 29% 30% 26% 30% 27% 27% 24% 29% 28%
Online
B&M B&M
Online B&M B&M
Online Online B&M Online
Note: Question text: “Thinking about your next purchases, how much do you expect your spending to change on the following channels...?"; Cash & Carry (e.g. Tenda, Atacadão, Assaí),
Hypermarket (e.g. Carrefour, Extra, Walmart, Zaffari), Supermarket (e.g. Pão de Açúcar, Dia, Mambo), Proximity supermarket (e.g. Carrefour express, Minuto Pão de Açúcar, Dia %, Todo
dia), Neighborhood supermarket (unbranded)
Source: BCG COVID-19 Consumer Sentiment Survey, Nov 6-12, 2020 (N = 1,503, weighted)
Consumers' spending intention for 1H2021
(% respondentes)
Neighborhood
supermarket
Cash & Carry Hypermarket Supermarket
Proximity
supermarket
Plan to
use more
Plan to
use less In NE it is
50%

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For "non-essential" sectors such as electronics and
apparel, the challenges may be even greater
Note: Question text: “Thinking about your next purchases, how much do you expect your spending to change on the following channels...?"
Source: BCG COVID-19 Consumer Sentiment Survey, Nov 6-12, 2020 (N = 1,503, weighted)
Drugstore
Dept. store
(electro & apparel)
Electronics store
Mono brand store
(apparel)
Multi brand store
(apparel)
Non-essential
Plan to
use more
Plan to
use less
Consumers' spending intention for 1H2021
(% respondentes)
25% 36% 22% 35% 24% 40% 26%
44% 29% 34%
30% 25%
45% 31% 39% 26%
50%
28%
45% 32%
B&M
B&M
B&M Online
Online B&M Online Online B&M Online

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Mobile channels drove online
growth overall…
1. Question text: How do you expect your spending to be on the following retailers and channels in the first
semester of 2021 in comparison to pre pandemic?
Sources: MindMiners & Exame; BCG Consumer Sentiment Survey – BR: November 6–12, 2020
Spending intention 2021/1
Net variation: More – Less than normal/pre Covid, p.p.
5
-4
-14
-9
6
2
0
6
5
8
-6
11
20
14
4
10
Apparel
Grocery Drugstore Eletronics
B&M Retailer Website/App
Shopper app Conversational commerce (CC)
… CC standing out as a
key online channel
47% of Baby Boomers expect to
buy more groceries through CC
27% of WhatsApp users have
already purchased on the app
4
Categories with more than 30%
of penetration amongst
Whatsapp users

21. 22
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1. Question text: "How often did you engage in the following activities in the past month? And in a typical month pre Covid-19?"
Source: BCG Consumer Sentiment Survey
Brazilians gradually
eating out again
Monthly frequency vs pre-covid
29.3%
15.1
Started to cook
41.9%
More
6.3%
The same
Less
7.5%
Still don’t cook
Increased home
cooking
Pandemic period vs, pre-covid
Slight growth in
food delivery
Monthly frequency vs pre-covid
+43% for Affluents
+40% for Baby Boomers
11%
May November
17%
81%
51%
-31% for Generation Z
-39% for Class C
May November
Home cooking remains strong and delivery sustains
slight growth, while people start to eat out again

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New and reframed
consumer priorities

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Living Expenses
Eating Habits
Consumers still expect to reduce their spending in 2021
in 28 out of 43 categories across different sectors
0%
-100%
60%
Preventive
Healtcare
Fashion
accessories
Medical
Procedures
Toys
and
games
Personal
Care
Vitamins
and
Sup.
OTC
drugs
Personal
travel
Education
Streaming
Tobacco
Products
Athletic
equipment
Fresh
food
Restaurants
Baby
Food
Insurance
Packaged
food
Food
delivery
Non-Alc.
Beverages
Canned
Foods
Makeup
/
Perfume
Frozen
Food
Business
travel
Alcoholic
beverages
Savings
Childcare
Home
décor
Elec.
HH
Appliances
Homecare
Products
Cars
Fabric
Care
Feminine
clothes
Pets
Prod.
&
Ser.
Fashion
&
Luxury
Mortgage/Rent
Electronics
Mobile
Electronics
Alter.
transportation
Public
transportation
OOH
Entertainment
Kids
clothing
Men’s
clothes
Shoes
Net variation of category spending intention versus Pre-Covid (%)
Health &
Wellness
In-house
Activities
Electr. &
Appl. T&T
Other
discretionary
Beauty, Apparel
& Decor
November (For 1H21)
Note: Question text: “How do you expect your spend to change in the next 6 months across the following areas?”
Source: BCG COVID-19 Consumer Sentiment Survey – Wave 3: May 10–11, 2020 (N = 1,318, weighted); Wave 4: November 6–12, 2020 (N = 1,503, weighted);
Pre-Covid: December 2019 (N= 2842, weighted).

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Living Expenses
Eating Habits
However, this intention is less intense than it was both
during crisis peak and before the pandemic
Note: Question text: “How do you expect your spend to change in the next 6 months across the following areas?”
Source: BCG COVID-19 Consumer Sentiment Survey – Wave 3: May 10–11, 2020 (N = 1,318, weighted); Wave 4: November 6–12, 2020 (N = 1,503, weighted);
Pre-Covid: December 2019 (N= 2842, weighted).
0%
60%
-100%
Medical
Procedures
Athletic
equipment
Vitamins
and
Sup.
Fashion
accessories
Personal
Care
Shoes
OTC
drugs
Insurance
Preventive
Healtcare
Cars
Education
Streaming
Fresh
food
Restaurants
Business
travel
Baby
Food
Savings
Packaged
food
Public
transportation
Mobile
Electronics
Food
delivery
Non-Alc.
Beverages
Canned
Foods
Frozen
Food
Makeup
/
Perfume
Alcoholic
beverages
Childcare
Homecare
Products
Fabric
Care
Pets
Prod.
&
Ser.
Home
décor
Toys
and
games
Mortgage/Rent
Fashion
&
Luxury
Electronics
Elec.
HH
Appliances
OOH
Entertainment
Personal
travel
Men’s
clothes
Alter.
transportation
Tobacco
Products
Kids
clothing
Feminine
clothes
Net variation of category spending intention across multiple surveys (%)
Health &
Wellness
In-house
Activities
Electr. &
Appl. T&T
Other
discretionary
Beauty, Apparel
& Decor
November (For 1H21) May (Next 6 months) Pre-Covid/December 2019

25. 26
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Fresh & healthy food
Top categories respondents were likely to increase spending in next six to twelve months throughout the time
Personal travel
Alter. transportation
Childcare
Fabric care
Savings
Education
Streaming
Food delivery
Cars & other vehicles
COVID-19 evolution
Note: Question text: “ How do you expect your spend to change in the next 6 months across the following areas?” Excludes categories with N=100
Source: BCG Consumer Sentiment Survey – Pre-Covid: December 2019; Wave 1: March 31–April 2; Wave 2: April 17–19, 2020; Wave 3: May 10–11,2020; Wave 4: November 6-12, 2020.
Business travel
Pre-Covid November
March April May
Fresh & healthy food
Household care
Education
Fabric care
Childcare
Streaming
Savings
Fresh & healthy food
Household care
Personal care
Fresh & healthy food
Streaming
Household care
Fabric care
Packaged food
Education
Vitamins/supplements
Education
Personal travel
Savings
Out-of-home entertain.
Childcare
Household care
Personal care
Restaurants
Fresh & healthy food
Streaming
Out-of-home entertain.
Insurance
Preventive healthcare
Preventive healthcare
Vitamins/supplements
Preventive healthcare
Vitamins/supplements
Preventive healthcare
November survey indicates desire for out-of-home
activities and consolidation of "investing in me"

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Black Friday: Record results on e-commerce, but drop in
brick & mortar sales prevent 2020 of exceeding 2019
1. Question text: How much do you plan to spend on Black Friday on the following categories/channels in comparison to 2019? Net difference between
respondents that plan to spend more and less for each category/channel
Sources: Ebit|Nielsen Black Friday 2020; Índice Cielo Varejo Ampliado (ICVA; Consumer Sentiment Survey – BR: November 6–12, 2020
Online 2.5
9.3
2020
2019
3.1
7.0
B&M
11.8
10.1 3%
2%
-3%
-4%
Building materials 10%
Drugstores
-37%
Petcare
Grocery
Furn., Electro & Dept
Apparel
-51%
T&T
Survey respondents had crowned online
channels1: Intention to buy online 2X on
B&M
Survey respondents declared Grocery and
Home improvement categories as the ones
with higher intention of spending
Nov 27th Retail revenue
(BRL, Billions)
-15%
YoY
(%)
+25%
-26%
Nov 27th Retail revenue: Winners x Losers
(% 2020/2019)

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The Holiday season will not
look the same this year…
Pandemic impacted
consumers plans…
75%
plan to spend Holidays
in smaller groups vs
2019
76% Will not travel for, not
even short road trips
21%
of Black Friday buyers
were frontloading
Christmas purchases
Source: Consumer Sentiment Survey – BR: November 6–12, 2020
Similarly, to BF, online
channels are trending…
Spending Intention
(net variation, %)
Marketplace
21%
27%
29%
Conversational
Commerce
Shopper apps
Retailer
Website/app
20%
-20%
B&M
… and "home" categories
tend to be prioritized
Top 3 Winners
(descending intention)
Losers
(ascending intention)
Smartphones
Home appliances
Furniture & Decor
Cosmetics
Food
Wine & Spirits

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Brazilian consumers: 8 months
into the COVID-19 pandemic
The trends that seem to
be sticking to our new routine
What can we expect of 2021?

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30
33%
Which activities will you actively try to do in 2021?
Consumers are looking
forward to 2021…
Willingness to travel increased1 during the
pandemic specially for youngers
53%
70%
62%
55%
57%
58%
55%
55%
52%
50%
Exercising
Traveling for leisure
Cooking at home
Going to the movies
Shopping in-stores
Eating out on restaurants
Going to shopping centers
Internet banking
Shopping online
Cleaning the house2
35% 42% 51% 46% 44%
14%
57% 49%
40% 40% 46%
Gen Z Baby
boomers
8%
Gen X
Millennials Total
9%
9%
10%
Not affected
Increased Decreased
1. Question text: "How the pandemic affected your travel willingness?" (% of
respondents) ; 2. Cleaning the house themselves
Source: BCG COVID-19 Consumer Sentiment Survey – BR: November 6–12, 2020 (N =
1,503, weighted)
… showing a pent-up demand
for out-of-home activities

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Brazilians are in a "standby pandemic state",
conditioning return to normal life to the vaccine
Source: BCG COVID-19 Consumer Sentiment Survey
9% 7% 16% 23% 46%
54%
20%
13%
5%
8%
Partially agree
Totally disagree Partially disagree Neutral Totally agree
"I plan to get the vaccine as soon as it becomes
available"
"I am only going to feel the same security of going out
of home I used to feel before when I get the vaccine"
When will you feel that the coronavirus is "under control"?
65% 39% 37% 28% 8%
Vaccine
available
No new cases
in BR
Approved
medication
Less cases
in BR
It is already
under control

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Uncertainty around the end of government stimulus and
the economy overall can impact retail sales rebound
When the financial aid ends, in which of the
following categories will you reduce your spending?
Select up to three most relevant spend categories (% of respondents)
Sources: BCG COVID-19 Consumer Sentiment Survey – BR: November 6–12, 2020 (N = 514)
Non-essentials
(e.g. Apparel,
Eletro)
Essentials:
F&B
Housing bills
(e.g.utilities,
rent)
Other
essentials
(e.g cleaning,
health)
Debts or
financing
Savings or
investments
32%
58%
47%
36%
12% 12%
13%
Up to 20% 21% to 40%
32%
More than 80%
28%
41% to 60%
16%
61% to 80%
11%
11%
It will be hard
to pay essentials
It will reduce
significantly
It will reduce
partially
It will not
be affected
29%
34%
26%
How much did the aid represent on your household income
during the pandemic?
How will the end of the financial aid impact your spending?
Σ 40%
Σ 60%

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Uncertainty around the end of government stimulus and
the economy overall can impact retail sales rebound
Sources: BCG COVID-19 Consumer Sentiment Survey – BR: November 6–12, 2020 (N = 514)
How much did the aid represent
on your income during the
pandemic?
13%
11%
16%
32%
28%
61% to 80%
Up to 20%
21% to 40%
41% to 60%
80% or more
40%
How will the end of the
financial aid impact your
spending?
11%
It will be hard
to pay essentials
It will reduce
partially
It will reduce
significantly
It will not
be affected
34%
29%
26%
60%
Top 5 categories to see their
sales decrease after the aid is
over
(% of respondents)
#1
Non-essentials
(e.g. Apparel, Eletro)
Food & Beverage
Housing Bills
(e.g. utilities, rent)
Other essentials
(e.g cleaning, health)
Debts or financing
#2
#3
#4
#5
58%
47%
36%
32%
12%

33. 34
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Consulting
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We might take longer to go
back to "normal"…
…and in some aspects, we
might not return at all…
Recovering confidence and
reigniting pre-pandemic habits
Uncertainty regarding vaccine
distribution
Increased universal digital
fluency
Enhanced home-centered
behavior and routines
New and reframed consumer
priorities
Lingering unemployment and
reduced income

34. 35
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2020
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Boston
Consulting
Group.
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rights
reserved.
Use deep analytics for
consumer advantage
Anticipate and launch initiatives
in line with emerging customer
preferences
Design data-driven
marketing attack plan
Be bold on digital marketing and
personalization investments and
assertive on effectiveness mgmt.
Evaluate omnichannel
offering
Test options but double down on
the ones with clear end-game
possibilities
Prepare for
the post-
pandemic
consumer
Reimagine formats and go-
to-market
Repurpose brick & mortar
relevance by delivering bold new
in-store value experience
Adapt organization to
agile world
Be agile to adapt and get first to
the customer with a winning value
proposition

35. 36
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