In China, almost all consumers have already returned to normal out-of-home activities, and 97 percent of respondents report working outside the home in the two weeks prior to being surveyed.
These exhibits are based on survey data collected in China from Feb. 20 to March 8, 2021. Check back for regular updates on Chinese consumer sentiments, behaviors, income, spending, and expectations.
While consumer optimism remains steady, we see signs of discretionary spend recovery.
These exhibits are based on survey data collected in the United States from February 18 through 22, 2021. Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
Consumer optimism in Asia is highest in China, India, and Indonesia, where consumers continue to expect a quick recovery from the effects of COVID-19.
These exhibits are based on survey data collected in Australia, China, India, Indonesia, and Japan from September 4–30, 2020. Check back for regular updates on APAC consumer sentiments, behaviors, income, spending, and expectations.
Central American consumers from Panama, Costa Rica, Guatemala, Honduras, and El Salvador are most concerned about their safety, the health and safety of their families, and public health generally during the COVID-19 crisis.
These exhibits are based on survey data collected in Central America from September 1–11, 2020. Check back for regular updates on Central American consumer sentiments, behaviors, income, spending, and expectations.
Although Japanese consumer optimism about economic recovery is improving steadily, the majority of consumers are still cautious about reengaging in out-of-home activities.
These exhibits are based on survey data collected in Japan from February 24–27, 2021. Check back for regular updates on Japanese consumer sentiments, behaviors, income, spending, and expectations.
After steadily improving, Japanese consumer optimism stabilizes and a majority of consumers remain cautious about returning to out-of-home activities.
These exhibits are based on survey data collected in Japan from October 15 to 22, 2021. Check back for regular updates on Japanese consumer sentiments, behaviors, income, spending, and expectations.
Belgian confidence about the economy during the COVID-19 crisis is beginning to increase, but spending intent is still below pre-COVID-19 levels.
These exhibits are based on survey data collected in Belgium from June 18–21, 2020. Check back for regular updates on Belgian consumer sentiments, behaviors, income, spending, and expectations.
Filipino consumers generally remained as optimistic in October as they were in April; however, optimism among lower-income groups declined significantly.
As the government’s COVID-19 restrictions ease, Filipino consumers are cautiously resuming spending activity. While overall optimism remained the same from April to October, optimism in the lowest income group dropped significantly, while those in the highest income group increased. Optimism among 20- to 24-year-olds also declined. Additionally, approximately 50 percent of respondents believe their finances will be impacted for at least six more months, up from only about 10 percent last April. Overall decreases in spending are expected to soften after the pandemic, but most categories will likely see spending declines linger for the long term.
These exhibits are based on survey data collected in the Philippines from April 17 to 20, and October 1 to 12, 2020.
Chileans remain concerned about the COVID-19 crisis and uncertain about economic recovery, with only one in three consumers being optimistic about a quick recovery.
These exhibits are based on survey data collected in Chile from September 1–16, 2020. Check back for regular updates on Chilean consumer sentiments, behaviors, income, spending, and expectations.
While consumer optimism remains steady, we see signs of discretionary spend recovery.
These exhibits are based on survey data collected in the United States from February 18 through 22, 2021. Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
Consumer optimism in Asia is highest in China, India, and Indonesia, where consumers continue to expect a quick recovery from the effects of COVID-19.
These exhibits are based on survey data collected in Australia, China, India, Indonesia, and Japan from September 4–30, 2020. Check back for regular updates on APAC consumer sentiments, behaviors, income, spending, and expectations.
Central American consumers from Panama, Costa Rica, Guatemala, Honduras, and El Salvador are most concerned about their safety, the health and safety of their families, and public health generally during the COVID-19 crisis.
These exhibits are based on survey data collected in Central America from September 1–11, 2020. Check back for regular updates on Central American consumer sentiments, behaviors, income, spending, and expectations.
Although Japanese consumer optimism about economic recovery is improving steadily, the majority of consumers are still cautious about reengaging in out-of-home activities.
These exhibits are based on survey data collected in Japan from February 24–27, 2021. Check back for regular updates on Japanese consumer sentiments, behaviors, income, spending, and expectations.
After steadily improving, Japanese consumer optimism stabilizes and a majority of consumers remain cautious about returning to out-of-home activities.
These exhibits are based on survey data collected in Japan from October 15 to 22, 2021. Check back for regular updates on Japanese consumer sentiments, behaviors, income, spending, and expectations.
Belgian confidence about the economy during the COVID-19 crisis is beginning to increase, but spending intent is still below pre-COVID-19 levels.
These exhibits are based on survey data collected in Belgium from June 18–21, 2020. Check back for regular updates on Belgian consumer sentiments, behaviors, income, spending, and expectations.
Filipino consumers generally remained as optimistic in October as they were in April; however, optimism among lower-income groups declined significantly.
As the government’s COVID-19 restrictions ease, Filipino consumers are cautiously resuming spending activity. While overall optimism remained the same from April to October, optimism in the lowest income group dropped significantly, while those in the highest income group increased. Optimism among 20- to 24-year-olds also declined. Additionally, approximately 50 percent of respondents believe their finances will be impacted for at least six more months, up from only about 10 percent last April. Overall decreases in spending are expected to soften after the pandemic, but most categories will likely see spending declines linger for the long term.
These exhibits are based on survey data collected in the Philippines from April 17 to 20, and October 1 to 12, 2020.
Chileans remain concerned about the COVID-19 crisis and uncertain about economic recovery, with only one in three consumers being optimistic about a quick recovery.
These exhibits are based on survey data collected in Chile from September 1–16, 2020. Check back for regular updates on Chilean consumer sentiments, behaviors, income, spending, and expectations.
Despite an ongoing lockdown, German consumers’ expectations for economic recovery are stable, with half believing their routines will return to normal by the end of 2021.
These exhibits are based on survey data collected in Germany from February 23–27, 2021. Check back for regular updates on German consumer sentiments, behaviors, income, spending, and expectations.
Argentine consumers remain concerned about the economy and taking care of their families during the COVID-19 crisis.
These exhibits are based on survey data collected in Argentina from September 1–11, 2020. Check back for regular updates on Argentines’ consumer sentiments, behaviors, income, spending, and expectations.
While American optimism on economic recovery continues to recover, over half of US consumers do not expect their routines to return until the latter half of 2021.
These exhibits are based on survey data collected in US from November 9–13, 2020. Check back for regular updates on American consumer sentiments, behaviors, income, spending, and expectations.
Since May 2020, more Canadians are feeling more pessimistic about the economic recovery and believe COVID-19 will have a lasting impact on the economy .
These exhibits are based on survey data collected in Canada from August 14–19, 2020. Check back for regular updates on Canadian consumer sentiments, behaviors, income, spending, and expectations.
Despite an ongoing lockdown, German consumers’ expectations for economic recovery are stable, with half believing their routines will return to normal by the end of 2021.
These exhibits are based on survey data collected in Germany from February 23–27, 2021. Check back for regular updates on German consumer sentiments, behaviors, income, spending, and expectations.
Optimism and spend intent returning
Consumer optimism regarding economic conditions after COVID-19 up by more than 50% since February (from 21% to 34%); strongest growth in spend intent for out-of-home entertainment and travel, but most categories are increasing
Boost in optimism and spend intent
Consumer optimism regarding economic conditions after COVID-19 are up by more than 50% since February; strongest growth in spend intent is for out-of-home entertainment, dining out, and travel.
Consumer optimism in UAE has remained steady since mid-March, but spending patterns have changed.
These exhibits are based on survey data collected in the UAE from June 16–18, 2020. Check back for regular updates on UAE consumer sentiments, behaviors, income, spending, and expectations.
This document is meant to help with a narrower goal: provide facts and insights on the current COVID-19 crisis to help marketers and business decision makers. In addition to the humanitarian challenge, there are implications for the wider economy, businesses, and employment. This document includes consumer insights from third-party data providers between February 2019 and August 2021, as well as longitudinal surveys conducted between March 2020 and August 2021, in the United States. Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
Consumers in the Dominican Republic are concerned about the COVID-19 crisis and uncertain about its impact on the economy. Over 50 percent of consumers have mixed feelings about economic recovery.
These exhibits are based on survey data collected in the Dominican Republic from September 1–29, 2020. Check back for regular updates on consumer sentiments, behaviors, income, spending, and expectations.
Mexican consumers continue to be worried about their economy during the COVID-19 crisis, with optimism about a recovery climbing slowly.
These exhibits are based on survey data collected in Mexico from February 20–March 2, 2021. Check back for regular updates on Mexican consumer sentiments, behaviors, income, spending, and expectations.
Colombian consumers are most worried about public health, caring for their families, and the country’s economy during the COVID-19 crisis.
These exhibits are based on survey data collected in Colombia from September 1–11, 2020. Check back for regular updates on Argentines consumer sentiments, behaviors, income, spending, and expectations.
B2B decision-maker preferences and behaviors have shifted dramatically since the onset of COVID. The GTM revolution is here and B2B sales is forever changed.
Chinese optimism has improved to the highest level since March. Most Chinese consumers expect their routines and finances to return to normal within three months.
These exhibits are based on survey data collected in China from September 16–24, 2020. Check back for regular updates on Chinese consumer sentiments, behaviors, income, spending, and expectations.
In Turkey, consumers’ income and household finances have been affected by COVID-19. A majority of Turkish consumers are concerned about personal health, the economy, and the duration of the crisis. Both the observed effects and the uncertainty around the situation are manifesting as decreased spending across most categories. A spike in online spending on household essentials and entertainment is expected to continue, at least in the short term.
These exhibits are based on survey data collected in Turkey from April 7–9, 2020. Check back for regular updates on Turkish consumer sentiments, behaviors, income, spending, and expectations.
B2B decision-maker preferences and behaviors have shifted dramatically since the onset of COVID. The GTM revolution is here and B2B sales is forever changed.
Spanish consumers’ overall economic pessimism has decreased since November, but caution about engaging in out-of-home activities continues.
These exhibits are based on survey data collected in Spain from February 23–27, 2021. Check back for regular updates on Spanish consumer sentiments, behaviors, income, spending, and expectations.
Peruvian consumers are most concerned about taking care of their families, public health, and the economy during the COVID-19 crisis.
These exhibits are based on survey data collected in Peru from September 1–11, 2020. Check back for regular updates on Peruvian consumer sentiments, behaviors, income, spending, and expectations.
Although Japanese consumer optimism about economic recovery is improving steadily, the majority of consumers are still cautious about reengaging in out-of-home activities.
These exhibits are based on survey data collected in Japan from February 24–27, 2021. Check back for regular updates on Japanese consumer sentiments, behaviors, income, spending, and expectations.
Mexican consumers continue to be worried about their economy during the COVID-19 crisis, with optimism about a recovery climbing slowly.
These exhibits are based on survey data collected in Mexico from February 20–March 2, 2021. Check back for regular updates on Mexican consumer sentiments, behaviors, income, spending, and expectations.
Chinese consumers’ optimism hit a new high in October. More than 80 percent say they are returning to normal routines—and many embrace digital shopping.
These exhibits are based on survey data collected in China from October 15 to 22, 2021. Check back for regular updates on Chinese consumer sentiments, behaviors, income, spending, and expectations.
Mexican consumers continue to be worried about their economy during the COVID-19 crisis, with optimism about a recovery climbing slowly.
These exhibits are based on survey data collected in Mexico from February 20–March 2, 2021. Check back for regular updates on Mexican consumer sentiments, behaviors, income, spending, and expectations.
Despite an ongoing lockdown, German consumers’ expectations for economic recovery are stable, with half believing their routines will return to normal by the end of 2021.
These exhibits are based on survey data collected in Germany from February 23–27, 2021. Check back for regular updates on German consumer sentiments, behaviors, income, spending, and expectations.
Argentine consumers remain concerned about the economy and taking care of their families during the COVID-19 crisis.
These exhibits are based on survey data collected in Argentina from September 1–11, 2020. Check back for regular updates on Argentines’ consumer sentiments, behaviors, income, spending, and expectations.
While American optimism on economic recovery continues to recover, over half of US consumers do not expect their routines to return until the latter half of 2021.
These exhibits are based on survey data collected in US from November 9–13, 2020. Check back for regular updates on American consumer sentiments, behaviors, income, spending, and expectations.
Since May 2020, more Canadians are feeling more pessimistic about the economic recovery and believe COVID-19 will have a lasting impact on the economy .
These exhibits are based on survey data collected in Canada from August 14–19, 2020. Check back for regular updates on Canadian consumer sentiments, behaviors, income, spending, and expectations.
Despite an ongoing lockdown, German consumers’ expectations for economic recovery are stable, with half believing their routines will return to normal by the end of 2021.
These exhibits are based on survey data collected in Germany from February 23–27, 2021. Check back for regular updates on German consumer sentiments, behaviors, income, spending, and expectations.
Optimism and spend intent returning
Consumer optimism regarding economic conditions after COVID-19 up by more than 50% since February (from 21% to 34%); strongest growth in spend intent for out-of-home entertainment and travel, but most categories are increasing
Boost in optimism and spend intent
Consumer optimism regarding economic conditions after COVID-19 are up by more than 50% since February; strongest growth in spend intent is for out-of-home entertainment, dining out, and travel.
Consumer optimism in UAE has remained steady since mid-March, but spending patterns have changed.
These exhibits are based on survey data collected in the UAE from June 16–18, 2020. Check back for regular updates on UAE consumer sentiments, behaviors, income, spending, and expectations.
This document is meant to help with a narrower goal: provide facts and insights on the current COVID-19 crisis to help marketers and business decision makers. In addition to the humanitarian challenge, there are implications for the wider economy, businesses, and employment. This document includes consumer insights from third-party data providers between February 2019 and August 2021, as well as longitudinal surveys conducted between March 2020 and August 2021, in the United States. Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
Consumers in the Dominican Republic are concerned about the COVID-19 crisis and uncertain about its impact on the economy. Over 50 percent of consumers have mixed feelings about economic recovery.
These exhibits are based on survey data collected in the Dominican Republic from September 1–29, 2020. Check back for regular updates on consumer sentiments, behaviors, income, spending, and expectations.
Mexican consumers continue to be worried about their economy during the COVID-19 crisis, with optimism about a recovery climbing slowly.
These exhibits are based on survey data collected in Mexico from February 20–March 2, 2021. Check back for regular updates on Mexican consumer sentiments, behaviors, income, spending, and expectations.
Colombian consumers are most worried about public health, caring for their families, and the country’s economy during the COVID-19 crisis.
These exhibits are based on survey data collected in Colombia from September 1–11, 2020. Check back for regular updates on Argentines consumer sentiments, behaviors, income, spending, and expectations.
B2B decision-maker preferences and behaviors have shifted dramatically since the onset of COVID. The GTM revolution is here and B2B sales is forever changed.
Chinese optimism has improved to the highest level since March. Most Chinese consumers expect their routines and finances to return to normal within three months.
These exhibits are based on survey data collected in China from September 16–24, 2020. Check back for regular updates on Chinese consumer sentiments, behaviors, income, spending, and expectations.
In Turkey, consumers’ income and household finances have been affected by COVID-19. A majority of Turkish consumers are concerned about personal health, the economy, and the duration of the crisis. Both the observed effects and the uncertainty around the situation are manifesting as decreased spending across most categories. A spike in online spending on household essentials and entertainment is expected to continue, at least in the short term.
These exhibits are based on survey data collected in Turkey from April 7–9, 2020. Check back for regular updates on Turkish consumer sentiments, behaviors, income, spending, and expectations.
B2B decision-maker preferences and behaviors have shifted dramatically since the onset of COVID. The GTM revolution is here and B2B sales is forever changed.
Spanish consumers’ overall economic pessimism has decreased since November, but caution about engaging in out-of-home activities continues.
These exhibits are based on survey data collected in Spain from February 23–27, 2021. Check back for regular updates on Spanish consumer sentiments, behaviors, income, spending, and expectations.
Peruvian consumers are most concerned about taking care of their families, public health, and the economy during the COVID-19 crisis.
These exhibits are based on survey data collected in Peru from September 1–11, 2020. Check back for regular updates on Peruvian consumer sentiments, behaviors, income, spending, and expectations.
Although Japanese consumer optimism about economic recovery is improving steadily, the majority of consumers are still cautious about reengaging in out-of-home activities.
These exhibits are based on survey data collected in Japan from February 24–27, 2021. Check back for regular updates on Japanese consumer sentiments, behaviors, income, spending, and expectations.
Mexican consumers continue to be worried about their economy during the COVID-19 crisis, with optimism about a recovery climbing slowly.
These exhibits are based on survey data collected in Mexico from February 20–March 2, 2021. Check back for regular updates on Mexican consumer sentiments, behaviors, income, spending, and expectations.
Chinese consumers’ optimism hit a new high in October. More than 80 percent say they are returning to normal routines—and many embrace digital shopping.
These exhibits are based on survey data collected in China from October 15 to 22, 2021. Check back for regular updates on Chinese consumer sentiments, behaviors, income, spending, and expectations.
Mexican consumers continue to be worried about their economy during the COVID-19 crisis, with optimism about a recovery climbing slowly.
These exhibits are based on survey data collected in Mexico from February 20–March 2, 2021. Check back for regular updates on Mexican consumer sentiments, behaviors, income, spending, and expectations.
While consumer optimism remains steady, we see signs of discretionary spend recovery.
These exhibits are based on survey data collected in the United States from February 18 through 22, 2021. Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
While consumer optimism remains steady, we see signs of discretionary spend recovery.
These exhibits are based on survey data collected in the United States from February 18 through 22, 2021. Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
Chinese consumers have grown less optimistic about the economy, likely due to recent outbreaks of the omicron variant.
In China, overall optimism on economic recovery remains high relative to other countries surveyed. However, the share of optimistic consumers has decreased by more than ten percentage points versus October 2021, likely in reaction to recent omicron outbreaks. Omnichannel shopping behavior and adoption of digital activities continue to prevail, and intent to continue these is high. Meanwhile, intent to spend on out-of-home activities has decreased significantly.
Despite an ongoing lockdown, German consumers’ expectations for economic recovery are stable, with half believing their routines will return to normal by the end of 2021.
These exhibits are based on survey data collected in Germany from February 23–27, 2021. Check back for regular updates on German consumer sentiments, behaviors, income, spending, and expectations.
US consumers exhibited strong optimism and spend in October, driven by consumers across the age and income spectrum.
Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
US consumers exhibited strong optimism and spend in October, driven by consumers across the age and income spectrum.
Check back for regular updates on US consumer sentiments, behaviors, income, spending, and expectations.
Boost in optimism and spend intent
Consumer optimism regarding economic conditions after COVID-19 are up by more than 50% since February; strongest growth in spend intent is for out-of-home entertainment, dining out, and travel
Indian consumers are optimistic about the economy and plan to spend more. They are open to new shopping behaviors as they transition to out-of-home activities.
These exhibits are based on survey data collected in India from October 15 to 22, 2021. Check back for regular updates on Indian consumer sentiments, behaviors, income, spending, and expectations.
Optimism and spend intent returning
Consumer optimism regarding economic conditions after COVID-19 up by more than 50% since February (from 21% to 34%); strongest growth in spend intent for out-of-home entertainment and travel, but most categories are increasing
Indonesian consumers remain optimistic on the economy, expecting higher incomes and spending. Many tried and plan to keep using digital services and omnichannel methods.
In Indonesia, optimism about future economic conditions increased more than 25 percent over September 2020 from an already high base, boosted by planning for the upcoming holiday season. Eight out of ten consumers say they will dine out, shop for gifts, and redecorate. Out-of-home activities are generally rising but remain far below prepandemic levels. Optimism about the economy is tempered by views of household finances; half predict finances won’t return to normal before June. The loyalty shake-up continues, with 60 percent citing value as their primary reason to try a new brand. New digital behaviors are starting to show evidence of stickiness: 60 percent say they intend to use new shopping methods when the pandemic subsides.
Indian consumers’ optimism has remained high since October 2021 and has reached the highest levels across other Asian markets since COVID-19 started.
Nearly three-quarters of India’s consumers are optimistic about economic recovery, and net intent to spend is growing and positive across many categories. Omnichannel usage continues across the majority of categories, and social-media influence is high, especially for Gen Z and millennials. More than 90 percent are engaging in social media and entertainment platforms. There is an upward trend for new technology, such as crypto and augmented reality/virtual reality, and consumers intend to continue digital activities as the COVID-19 crisis subsides.
About 40 percent of consumers are engaging in out-of-home activities, especially among the vaccinated segment. Most consumers have tried new shopping behaviors such as new retail outlets and new brands.
Indian consumers’ optimism has remained high since October 2021 and has reached the highest levels across other Asian markets since COVID-19 started.
Nearly three-quarters of India’s consumers are optimistic about economic recovery, and net intent to spend is growing and positive across many categories. Omnichannel usage continues across the majority of categories, and social-media influence is high, especially for Gen Z and millennials. More than 90 percent are engaging in social media and entertainment platforms. There is an upward trend for new technology, such as crypto and augmented reality/virtual reality, and consumers intend to continue digital activities as the COVID-19 crisis subsides.
About 40 percent of consumers are engaging in out-of-home activities, especially among the vaccinated segment. Most consumers have tried new shopping behaviors such as new retail outlets and new brands.
Australian consumers, in view of the omicron variant, are feeling less optimistic about economic recovery than last year and remain cautious on spending.
In Australia, optimism about economic recovery has declined since the November 2020 pulse survey but remains higher than at the onset of the COVID-19 pandemic. Six in ten consumers predict routines will return to normal only after June 2022; two-thirds do not plan to splurge in 2022. Although Australian households increased their spending in the past month, net intent to spend remains negative. Digital and omnichannel adoption continues in most categories, and intent to use out-of-home services rose. Seventy-five percent of consumers have addressed the rise of omicron by changing how they engage in out-of-home activities. Most consumers have tried a different brand or retailer, especially to switch brands in pursuit of value.
Portuguese consumers are concerned about the health of family members as well as the economy, and are cutting back on spending.
Portuguese consumers continue to feel the economic effects of the crisis, and their concerns about health, safety, and the economy are increasing. Most consumers still believe that the personal and financial impact of COVID-19 will continue to last well beyond two months. They expect to cut their spending across almost all categories. However, the proportion of consumers’ income, spending, and savings affected by the COVID-19 situation has decreased slightly since the last pulse. Portuguese consumers have been leaving home mainly to shop and meet family, and expect to continue doing so in the near future. In addition to lifted restrictions, consumers are waiting for the endorsement of medical authorities prior to engaging in out-of-home activities.
These exhibits are based on survey data collected in Portugal from June 19–21, 2020. Check back for regular updates on Portuguese consumer sentiments, behaviors, income, spending, and expectations.
Australian consumers, in view of the omicron variant, are feeling less optimistic about economic recovery than last year and remain cautious on spending.
In Australia, optimism about economic recovery has declined since the November 2020 pulse survey but remains higher than at the onset of the COVID-19 pandemic. Six in ten consumers predict routines will return to normal only after June 2022; two-thirds do not plan to splurge in 2022. Although Australian households increased their spending in the past month, net intent to spend remains negative. Digital and omnichannel adoption continues in most categories, and intent to use out-of-home services rose. Seventy-five percent of consumers have addressed the rise of omicron by changing how they engage in out-of-home activities. Most consumers have tried a different brand or retailer, especially to switch brands in pursuit of value.
Indonesian consumers remain optimistic on the economy, expecting higher incomes and spending. Many tried and plan to keep using digital services and omnichannel methods.
In Indonesia, optimism about future economic conditions increased more than 25 percent over September 2020 from an already high base, boosted by planning for the upcoming holiday season. Eight out of ten consumers say they will dine out, shop for gifts, and redecorate. Out-of-home activities are generally rising but remain far below prepandemic levels. Optimism about the economy is tempered by views of household finances; half predict finances won’t return to normal before June. The loyalty shake-up continues, with 60 percent citing value as their primary reason to try a new brand. New digital behaviors are starting to show evidence of stickiness: 60 percent say they intend to use new shopping methods when the pandemic subsides.
Indonesian consumers remain optimistic on the economy, expecting higher incomes and spending. Many tried and plan to keep using digital services and omnichannel methods.
In Indonesia, optimism about future economic conditions increased more than 25 percent over September 2020 from an already high base, boosted by planning for the upcoming holiday season. Eight out of ten consumers say they will dine out, shop for gifts, and redecorate. Out-of-home activities are generally rising but remain far below prepandemic levels. Optimism about the economy is tempered by views of household finances; half predict finances won’t return to normal before June. The loyalty shake-up continues, with 60 percent citing value as their primary reason to try a new brand. New digital behaviors are starting to show evidence of stickiness: 60 percent say they intend to use new shopping methods when the pandemic subsides.
Indian consumers’ optimism has remained high since October 2021 and has reached the highest levels across other Asian markets since COVID-19 started.
Nearly three-quarters of India’s consumers are optimistic about economic recovery, and net intent to spend is growing and positive across many categories. Omnichannel usage continues across the majority of categories, and social-media influence is high, especially for Gen Z and millennials. More than 90 percent are engaging in social media and entertainment platforms. There is an upward trend for new technology, such as crypto and augmented reality/virtual reality, and consumers intend to continue digital activities as the COVID-19 crisis subsides.
About 40 percent of consumers are engaging in out-of-home activities, especially among the vaccinated segment. Most consumers have tried new shopping behaviors such as new retail outlets and new brands.
Similar to McKinsey Survey: Chinese consumer sentiment during the coronavirus crisis (20)
Spanish consumers are pessimistic about the economy. Rising prices, unemployment, and the invasion of Ukraine are top concerns, and consumers are trading down.
In Spain, consumers are most concerned about rising prices, unemployment, and the invasion of Ukraine. Their views of the current and future state of the economy remain pessimistic, at a level comparable to attitudes in the early months of the COVID-19 pandemic. Spend for groceries and gasoline soared, while consumers reduced money directed to savings and spent less on non-essentials. Of the 80 percent of consumers who have assumed new shopping behaviors in the last three months in search of value for money, more than half tried private labels. Trade-down in retailers visited and brands is evident, with the key drivers of choice being prices and value for money. However, 39 percent of consumers say they plan to splurge in 2022.
UK consumers are pessimistic about the economy. Rising prices and the invasion of Ukraine are top concerns, and consumers are trading down significantly.
In the United Kingdom, consumers are most concerned about rising prices and the invasion of Ukraine. Their views of the current and future state of the economy are extremely pessimistic, worse than throughout the entire COVID-19 pandemic. Spend for groceries and gasoline soared, while consumers reduced spend in non-essential categories. Almost two-thirds of consumers have assumed new shopping behaviors in the last four to six weeks, with more than four out of ten trying private label. Trade-down in retailers visited and brands is evident, with the key drivers of choice being prices and value for money.
COVID-19 is no longer among Italian consumers’ top concerns. Consumers remain pessimistic about economic recovery and inflation; many aim to reduce their spend.
Italian consumers are increasingly worried about the effects of rising prices and the invasion of Ukraine. Unemployment is a number-two concern for respondents in Gen Z, millennials, and the low-income group. Almost six out of ten share a negative view of Italy’s current economic state; hopes for an economic recovery are lower than during the entire COVID-19 pandemic. Consumers observed the highest price increases in groceries and gasoline. To cope with inflation, Italian consumers are changing their purchase behavior, shifting toward discounters and private labels. The leading factors for these choices are prices and value for money.
German consumers are pessimistic about the economy. Rising prices and the invasion of Ukraine are top concerns, and we see a significant down-trade in shopping.
In Germany, consumers’ top concerns are rising prices and the invasion of Ukraine, followed by climate change and COVID-19. Pessimism about the current and future state of the economy has eased but remains at a level comparable to attitudes in the early months of the COVID-19-pandemic. As spend for groceries and gasoline soared, consumers reduced money directed to savings and spent less on non-essentials. Of the 70 percent of consumers who have assumed new shopping behaviors in the last three months, more than four out of ten tried private labels. Trade-down in stores visited and brands is clearly visible, with the key drivers of choice being prices and value for money. However, 46 percent of consumers say they plan to splurge in 2022.
For consumers in France, inflation eclipses other sources of concern. It triggers changes in shopping behaviors as consumers seek better value for money.
French consumers’ optimism regarding the economic recovery is stable at around 14 percent—a level last seen in the depths of COVID-19 lockdowns. Top sources of concern are rising prices (cited by 54 percent), followed by the invasion of Ukraine (13 percent) and climate change (10 percent) and far ahead of COVID-19 (4 percent). Nine out of ten survey respondents perceive high price inflation in the country. These trends have implications for brand and retailer loyalty: of the 73 percent of respondents saying they have tried new shopping behaviors in the last three months, 40 percent say they purchased private labels. Household products remain the category most affected by this trading-down trend.
Japanese consumers’ behaviors and finances are gradually recovering to normal, though their responses indicate a slight increase in pessimism. The long-lasting impact of COVID-19 is prolonging Japanese consumers’ intent to stay conservative about spending across categories. In a further sign of cautiousness, the trend of shrinking pessimism over the past few years reversed for the first time. Meanwhile, people’s demand for travel is rising, considering the next seasonal vacations.
Most Korean consumers expect that normalcy will return to routines only after June 2022, yet there are signs of pre-COVID-19 routines returning.
Korean customers have been less optimistic than those in other countries about the economic recovery. But optimism in Korea is much higher now than two years ago. Half of consumers indicate a desire to splurge, with intent to do so being the strongest in Gen Z and millennials. One-eighth of consumers say they have returned to out-of-home activities.
As inflation rises, French consumer hopes for economic recovery wane, with optimism sinking back to the lows of lockdown.
Optimism regarding the economic recovery has decreased to 14 percent in France—levels last seen in the depths of COVID-19 lockdown. Top sources of concern are rising prices, the invasion of Ukraine, and political uncertainty. Nine out of ten survey respondents perceive high price inflation in the country, and 60 percent expect prices to rise further over the next year. These trends have implications for loyalty: in the search for higher purchasing power, 69 percent of respondents have tried new shopping behaviors in the last four to six weeks. Household products remain the most impacted category, with 65 percent of consumers switching for cheaper options.
Pessimism about recovery is at an all-time high in the United Kingdom. Rising prices are the top concern, with consumers significantly trading down in stores and products. UK consumers are feeling great economic uncertainty. With energy and transport costs eating away at consumer savings and non-food spend, the top reasons given by survey participants for economic anxiety are the gas supply, supply-chain shortages, and energy issues. Consumers report the highest perceived price increases in groceries and household supplies, with two-thirds becoming more conscious about energy usage. Half of consumers changed their grocery brands in the last four to six weeks, with trading down a clear trend: price and value were the strongest drivers here.
Rising prices and the Ukraine invasion are top concerns for German consumers, fueling a general slide into economic pessimism.
German consumers are experiencing intense unease regarding the state of the economy and its future outlook—with public sentiment sinking lower than at any time during the COVID-19 pandemic. Survey participants felt the greatest concern about rising prices and the invasion of Ukraine. Spend on groceries and gasoline has soared, even as consumers cut spending in non-essential categories. Almost two-thirds have assumed new shopping behaviors in the last four to six weeks, with more than forty percent trying private-label brands. There’s a clear trade-down trend in stores visited and brands chosen, with prices and value for money as key drivers.
Across the continent, the pattern holds: Europeans are anxious about the state of their countries’ economies, and worried about the future. Russia’s invasion of Ukraine and price inflation overshadow other concerns, and consumer anxieties in turn are impacting confidence in household finances and national economies, especially among vulnerable populations.
Worried about spending more on food, transport and fuel, consumers report cutting back on less essential items. Most say they’ve changed their shopping behaviors in recent months, trading down to more affordable brands and retailers. With no relief clearly in sight, 2022 continues to prove a challenging year for the continental consumer.
Spanish consumers are primarily concerned about inflation and the invasion of Ukraine, and are becoming increasingly pessimistic about the economy.
Only 14 percent of Spanish consumers are optimistic about economic recovery, with concerns focused on inflation and the invasion of Ukraine. Four in ten have an increasingly negative sense of the economic outlook—mostly due to petrol and supply-chain shortages, as well as unemployment. Price-increase Perceptions of price increases are particularly high regarding groceries (at 95 percent) and other household products. In these categories, more than half of respondents have reacted to inflation by trying less costly brands. Over the last six weeks, half have tried a private-label brand, 30 percent have switched brands, and a quarter have tried out a different retailer.
Italian consumers are increasingly pessimistic about the economy, with many aiming to reduce spending and modify consumption habits.
Italian consumers are increasingly worried about the effects of rising prices, as well as the invasion of Ukraine. Of Italians surveyed, six in ten expressed a negative view of the current economy; hopes for an economic recovery are lower than they were throughout the entire COVID-19 pandemic. Consumers perceived the highest price increases in groceries and fuel, along with strong increase in spend. These sentiments have translated into reduced consumption. Changed consumer behavior is also apparent, with a shift towards discounters and private-label brands. Price, value for money and availability are the biggest drivers of these choices.
Rising prices and the Ukraine invasion are top concerns for German consumers, fueling a general slide into economic pessimism.
German consumers are experiencing intense unease regarding the state of the economy and its future outlook—with public sentiment sinking lower than at any time during the COVID-19 pandemic. Survey participants felt the greatest concern about rising prices and the invasion of Ukraine. Spend on groceries and gasoline has soared, even as consumers cut spending in non-essential categories. Almost two-thirds have assumed new shopping behaviors in the last four to six weeks, with more than forty percent trying private-label brands. There’s a clear trade-down trend in stores visited and brands chosen, with prices and value for money as key drivers.
As inflation rises, French consumer hopes for economic recovery wane, with optimism sinking back to the lows of lockdown. Optimism regarding the economic recovery has decreased to 14 percent in France—levels last seen in the depths of COVID-19 lockdown. Top sources of concern are rising prices, the invasion of Ukraine, and political uncertainty. Nine out of ten survey respondents perceive high price inflation in the country, and 60 percent expect prices to rise further over the next year. These trends have implications for loyalty: in the search for higher purchasing power, 69 percent of respondents have tried new shopping behaviors in the last four to six weeks. Household products remain the most impacted category, with 65 percent of consumers switching for cheaper options.
Pessimism about recovery is at an all-time high in the United Kingdom. Rising prices are the top concern, with consumers significantly trading down in stores and products. UK consumers are feeling great economic uncertainty. With energy and transport costs eating away at consumer savings and non-food spend, the top reasons given by survey participants for economic anxiety are the gas supply, supply-chain shortages, and energy issues. Consumers report the highest perceived price increases in groceries and household supplies, with two-thirds becoming more conscious about energy usage. Half of consumers changed their grocery brands in the last four to six weeks, with trading down a clear trend: price and value were the strongest drivers here.
Spanish consumers are primarily concerned about inflation and the invasion of Ukraine, and are becoming increasingly pessimistic about the economy.
Only 14 percent of Spanish consumers are optimistic about economic recovery, with concerns focused on inflation and the invasion of Ukraine. Four in ten have an increasingly negative sense of the economic outlook—mostly due to petrol and supply-chain shortages, as well as unemployment. Price-increase Perceptions of price increases are particularly high regarding groceries (at 95 percent) and other household products. In these categories, more than half of respondents have reacted to inflation by trying less costly brands. Over the last six weeks, half have tried a private-label brand, 30 percent have switched brands, and a quarter have tried out a different retailer.
Italian consumers are increasingly pessimistic about the economy, with many aiming to reduce spending and modify consumption habits.
Italian consumers are increasingly worried about the effects of rising prices, as well as the invasion of Ukraine. Of Italians surveyed, six in ten expressed a negative view of the current economy; hopes for an economic recovery are lower than they were throughout the entire COVID-19 pandemic. Consumers perceived the highest price increases in groceries and fuel, along with strong increase in spend. These sentiments have translated into reduced consumption. Changed consumer behavior is also apparent, with a shift towards discounters and private-label brands. Price, value for money and availability are the biggest drivers of these choices.
Across the continent, the pattern holds: Europeans are anxious about the state of their countries’ economies, and pessimistic about the future. Price inflation and the war in Ukraine overshadow other concerns, and these anxieties in turn are causing confidence in household finances and national economies to plummet, especially among low-income households and the elderly. As consumers worry about spending ever more on food, transport and fuel, they cut back on less essential items. Most say they’ve changed their shopping behaviors in recent months, trading down to more affordable brands and retailers. With no relief clearly in sight, 2022 continues to prove an unusually challenging year for the embattled continental consumer.
Most Korean consumers expect that normalcy will return to routines only after June 2022, yet there are signs of pre-COVID-19 routines returning.
Korean customers have been less optimistic than those in other countries about the economic recovery. But optimism in Korea is much higher now than two years ago. Half of consumers indicate a desire to splurge, with intent to do so being the strongest in Gen Z and millennials. One-eighth of consumers say they have returned to out-of-home activities.
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1. Introduction and Key Concepts of Sustainability
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McKinsey Survey: Chinese consumer sentiment during the coronavirus crisis
1. McKinsey & Company 1
We have seen six fundamental shifts in consumer behavior,
some of which will have a lasting impact
4. Stickiness of
digital
2. Signs of
spend recovery
5. Rebalancing
of homebody
economy
6. Evolution of
loyalty
3. Vaccine-
fueled
acceleration
Up to 98%
have currently
purchased online
since COVID-19
~50%
of consumers
expect to spend
extra in 2021 to
reward themselves
84%
of consumers have
changed stores,
brands, or the way
they shop
64%
of consumers have
made changes in
their work or study
locations
+2 p.p.
acceleration in net
spend intent among
vaccinated people
versus those still
waiting and likely to
get the vaccine
~60%
of consumers are
optimistic about an
economic recovery
post-COVID-19
1. Steady overall
optimism
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 3/15–3/19/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
2. McKinsey & Company 2
Confidence in own country’s economic recovery after COVID-191
% of respondents
Source: McKinsey & Company COVID-19 Consumer Pulse Survey
10 14 14 18 17
32
21
31
20
25
43
45 46
53 59
50
62
52 67
71
47 41 39
30 24 18 17 17 12
4
37
61
2
Mixed The economy will be
impacted for 6–12 months or
longer and will stagnate or show
slow growth thereafter
Pessimistic: COVID-19 will
have lasting impact on the
economy and show regression/
fall into lengthy recession
Optimistic: The economy will
rebound within 2–3 months and
grow just as strong as or
stronger than before COVID-19
China is more optimistic than all other countries except India
1 Q: What is your overall confidence level surrounding economic conditions after the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)?
Rated from 1 “very optimistic” to 6 “very pessimistic.” Bars may not sum to 100% due to rounding.
Steady overall optimism
US
Feb 18–
22
India
Feb 20–
Mar 3
China
Feb 20–
Mar 8
Mexico
Feb 20–
Mar 2
Brazil
Feb 20–
Mar 1
Germany
Feb 23–27
UK
Feb 23–
27
Spain
Feb 23–
27
Italy
Feb 23–
27
France
Feb 23–
27
Japan
Feb 24–
27
Change in Optimistic vs Nov
survey, percentage points
0 +9 +9 0 +6 +13 +1 +7 +4 +3 +5
3. McKinsey & Company 3
Confidence in own country’s economic recovery after COVID-191
% of respondents
1 Q: How is your overall confidence level in economic conditions after the COVID-19 situation? Rated from 1 “very optimistic” to 6 “very pessimistic”; figures may not sum to 100% because of rounding.
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128; 12/11–12/15/2020, n = 1,199; 9/16–9/24/2020, n = 1,123; 6/15–6/21/2020, n = 1,249; 5/19–5/25/2020, n =
1,285; 5/5–5/11/2020, n = 1,257; 4/15–4/19/2020, n = 1,220; 4/8–4/13/2020, n = 1,216; 4/1–4/6/2020, n = 1,896; 3/25–3/30/2020, n = 1,048; 3/21–3/23/2020, n = 1,225; 2/21–2/24/2020, n = 1,249, including
Hubei province, sampled and weighted to match China’s general population 18+ years
6 5 3 4 4 7 6 4
56 46 48
45 41
44
39
40 43
38
36 37
43
48 47
53 56
52
57
53 52
58 61 61
1 2
Feb 21–24 Mar 21–23 Mar 25–30 Apr 8–13
Apr 1–6 Apr 15–19 May 5–11 May 19–25 June 15–21
3
Dec 11–15
2
Feb 20–Mar 8
Sep 16–24
China
Mixed: The economy will
be impacted for 6–12
months or longer and will
stagnate or show slow
growth thereafter
Pessimistic: COVID-19
will have lasting impact
on the economy and
show regression/fall into
lengthy recession
Optimistic: The economy
will rebound within 2–3
months and grow just as
strong as or stronger than
before COVID-19
Steady overall optimism
Optimism regarding China’s economic recovery has increased and
reached the highest level since the start of the pandemic
2020 2021
4. McKinsey & Company 4
Household income
1 Q: How has the COVID-19 situation affected your (family’s) overall available income, spending, and savings in the past two weeks? Figures may not sum to 100% because of rounding.
Household spending
Sep 16–24, 2020 Sep 16–24, 2020
Household savings
Sep 16–24, 2020
Steady overall optimism
Increase slightly / increase a lot
Reduce slightly / reduce a lot About the same
Past 2 weeks
69
9
29
22
8
69
23
Past 2 weeks
60
11
Past 2 weeks
11
Past 2 weeks
64
26
Past 2 weeks
12
64
24
9
62
29
Past 2 weeks
Despite the claimed decrease in income and savings, household
spending remains relatively steady
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128; 12/11–12/15/2020, n = 1,199; 9/16–9/24/2020, n = 1,123. including Hubei province, sampled and weighted to
match China’s general population 18+ years
19 23
16
Past 2 weeks
15
65
Past 2 weeks
19
66
18
59
Past 2 weeks
Dec 11–15,
2020
Feb 20–Mar 8,
2021
Dec 11–15,
2020
Feb 20–Mar 8,
2021
Dec 11–15,
2020
Feb 20–Mar 8,
2021
Change in given measure in past 2 weeks1
% of respondents
5. McKinsey & Company 5
Consumers engaging in ‘normal’ out-of-home activities1
% of respondents
Engagement in ‘normal’ out-of-home activities is relatively high
66
Mar 15
Overall
Vaccinated3
64
61
Interested
64
69
Cautious Unlikely
65
Gen Z
64
Millennials Baby boomers
Gen X
64 69
67
Low (<RMB
6,200)
High (>RMB
11,000)
Medium (RMB
6,200–10,999)
67
60
1 Q: Which best describes when you will regularly return to stores, restaurants, and other out-of-home activities? Chart shows those already participating in these activities.
2 Members of Gen Z were born from 1997–2012, millennials from 1981–1996, Gen X from 1965–1980, and baby boomers from 1946–1964. The traditionalist/silent generation is not included due to a low sample size.
3 Low sample size (n < 50).
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n= 1,128, sampled and weighted to match China’s general population 18+ years
~69%
of people interested in
vaccination are doing out-
of-home activities
~69%
of millennials are
doing out-of-home
activities
By
generation2
By
vaccination
adoption
By income
~67%
of higher-income
households are
doing out-of-home
activities
Steady overall optimism
6. McKinsey & Company 6
Almost all Chinese consumers are already going back to work
outside their home and are eager to engage in social activities
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Attend an indoor cultural event
Go to a shopping mall
45
Dine at a restaurant or bar
31
Get together with friends
37
35
29
18
Get together with family
24
Go out for family entertainment
22
Attend an outdoor event
Shop in person for groceries/necessities
16
15
Visit a crowded outdoor public place
Shop in person for nonnecessities
Top activities eager to get back to2
% of respondents for whom the activity is in their top 3 choices
97%
work outside the home
95%
shop in person for groceries,
necessities
Most prevalent activities
consumers are engaging in1
% of respondents who did activity
within last 2 weeks
1 Q: Did you leave your house for the following activities over the past two weeks? Top 2 most often-selected activities.
2 Q: Which of the following activities are you most eager to get back to on a regular basis? Please select the top 3 activities you miss the most.
Steady overall optimism
7. McKinsey & Company 7
1 Q: Which of the following activities are you most eager to get back to on a regular basis? Please select the top 3 activities you miss the most.
2 Index is calculated as the difference between income group and overall % of respondents.
Top activities consumers are eager to get back to1
% of respondents for whom the activity is in their top 3 choices
Income overindexed or underindexed,2 percentage points
Low income
<RMB 6,200/month
Medium income
RMB 6,200–
10,999/month
High income
>RMB 11,000/month
−9 −3 1
−1 0 0
−10 3 0
0 6 −1
−9 −6 2
9 −3 0
−1 −2 1
−11 2 0
−2 −2 1
−5 −1 0
−3 0 0
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
45
31
Dine at a restaurant or bar
Get together with friends
35
37
Attend an indoor cultural event
Go to a shopping mall
29
Get together with family
24
Go out for family entertainment
22
Attend an outdoor event
15
18
Shop in person for groceries/necessities
16
Visit a crowded outdoor public place
Shop in person for nonnecessities
11
Go to the gym or fitness studio
Steady overall optimism
Consumers are most eager to get together with friends and return to
indoor activities such as dining out, cultural events, going to a mall
Overindex (>5p.p.) Underindexed (<−5p.p.)
8. McKinsey & Company 8
Chinese will prioritize going to a shopping mall and outdoor family
entertainment once COVID-19 subsides
Out-of-home activities done in the past 2 weeks1
% of respondents
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
1. Q: Did you leave your house for the following activities over the past two weeks?
2. Q: Once the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity), how do you think the amount of time you spend doing the following activities will change relative to how often you did them before COVID-19 began?
Possible answers: “I will not do this at all”; “I will do this less often than I did before COVID-19 started”; “I will do this about the same as I did before COVID-19”; “I will do this more than I did before COVID-19.” Net intent is calculated from first
adding % of respondents stating they will do more or about the same and then subtracting % of respondents stating they will do less or not at all.
<0 21–50
Net intent2 >50
0–20
Net intent
post-
COVID-192
Net intent
post-
COVID-192
Work
Shopping
Transport/
travel
Social
Personal
care
Entertain
-ment
70
52
47
30
26
50
38
73
70
Go to the gym or fitness studio
Go to a hair or nail salon
Attend an outdoor event
Dine at a restaurant or bar
Attend an indoor cultural event
Go out for family entertainment
Visit a crowded outdoor public place
Get together with friends
Get together with family
+66
+51
+54
+61
+71
+50
+64
+63
+58
97
95
83
65
35
25
22
95
83
21
18
Travel by airplane
Work outside my home
Travel by train
Shop for groceries/necessities
Shop for nonnecessities
Travel more than 2 hrs by car
Rent a short-term vacation property
Go to a shopping mall
Travel on public transportation
Use ride-sharing service
Stay in a hotel
+67
+54
+55
+76
+43
+43
+49
+58
+42
+44
+41
Steady overall optimism
9. McKinsey & Company 9
Consumers report positive net spend intent change since December,
especially on discretionary categories such as accessories and hotels
Net intent: >0
Net intent: −15 to 0
Net intent: <−15
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 12/11–12/15/2020, n = 1,199; 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+
years
Expected spending per category over the next 2 weeks compared with usual1
% of respondents Net
intent2
Net
intent2
−22
+14
−12
+25
+18
+18
+11
+5
+35
+37
−3
−8
−6
+2
+9
−3
N/A3
N/A3
Change since
Dec 2020
Change since
Dec 2020
N/A3
−13
+0
+27
+19
+36
+17
−4
−1
−2
+2
+2
+21
+5
+27
+24
+38
+36
8
17
9
14
15
15
12
16
16
17
20
14
18
13
16
14
1
7
Home & furniture
11
Tobacco products
11
Groceries
Restaurant
4
11
Food takeout & delivery
Alcoholic beverages
4
Quick-service restaurant
12
5
Footwear
Kitchen & dining
5
6
Apparel
Jewelry
5
Accessories
12
Toys & baby
1
Household supplies
12
6
2
Personal-care products
5
Skin care & makeup
6
Sports & outdoors
10
Home improvement & garden
Decrease
Stay the same
Increase
4
1
7
12
−7
−4
−6
7
3
6
7
9
6
10
12
7
−5
−9
7
7
8
7
9
17
15
26
21
34
15
16
8
23
18
16
16
16
9
14
8
8
Entertainment at home
12
7
Fitness & wellness
3
7
12
Books/magazines/newspapers
Pet food & supplies
Travel by car
3
Vitamins & OTC medicine
Cruises
Consumer electronics
Vehicles
Out-of-home entertainment
Pet-care services
11
Personal-care services
Gasoline
3
6
Short-term home rentals
12
1
Adventures & tours
4
International flights
10
Hotel/resort stays
10
Domestic flights
−3
6
17
11
8
7
14
−3
2
−14
−3
−26
−13
−31
−5
−6
1
2
1 Q: Over the next two weeks, do you expect that you will spend more, about the same, or less money on these categories than usual? Figures may not sum to 100% because of rounding.
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease spending from the % of respondents stating they expect to increase spending.
3 Data not available or insufficient sample (n < 50) in Nov 2020 survey.
Signs of spend recovery
10. McKinsey & Company 10
Ongoing recovery
Essential spending and discretionary spending have both increased
since March and are stabilizing
10
30
20
−20
−10
0
May
25
Sep
24
Mar
30
Apr
6
Apr
13
Apr
19
May
11
June
21
Dec
15
Mar
8
Expected spending per category over the next 2 weeks compared with usual1
Net intent2
1 Q: Over the next two weeks, do you expect that you will spend more, about the same, or less money on these categories than usual? Figures may not sum to 100% because of rounding.
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease spending from the % of respondents stating they expect to increase spending.
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128; 12/11–12/15/2020, n = 1,199; 9/16–9/24/2020, n = 1,123; 6/15–6/21/2020, n = 1,249; 5/19–5/25/2020, n =
1,285; 5/5–5/11/2020, n = 1,257; 4/15–4/19/2020, n = 1,220; 4/8–4/13/2020, n = 1,216; 4/1–4/6/2020, n = 1,896; 3/25–3/30/2020, n = 1,048; including Hubei province, sampled and weighted to match China’s
general population 18+ years
Skin care & makeup
Groceries
Household supplies
Consumer electronics
Fitness & wellness
Personal-care products
Apparel
11. McKinsey & Company 11
Nearly half of Chinese, especially younger generations and higher-
income households, intend to splurge or treat themselves in 2021
Expected leisure spend in 20211
% of respondents who plan to splurge or treat themselves
~48%
plan to splurge or treat
themselves
51
Vaccinated
50
Interested
36
Cautious Unlikely
47
Baby boomers
31
52
Gen Z Gen X
48
Millennials
54
High (>RMB
11,000/month)
Low (<RMB
6,200/month)
47
Medium (RMB
6,200–10,999
/month)
41
50
~51%
of fully or partially
vaccinated people
~54%
of millennials
~50%
of more wealthy
households
1. Q: With regard to products and services you will spend money on, do you plan to splurge / treat yourself in 2021? Figures may not sum to 100% because of rounding.
2. Members of Gen Z were born from 1997–2012, millennials from 1981–1996, Gen X from 1965–1980, and baby boomers from 1946–1964. The traditionalist/silent generation is not included due to a low sample size.
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China's general population 18+ years
Signs of spend recovery
By
generation2
By income
By
vaccination
adoption
12. McKinsey & Company 12
A spike in consumer spending on apparel, personal care, and travel
is expected but will happen mostly after restrictions are lifted
Leisure categories that people intend to
splurge on or treat themselves to in 20211
% of respondents who plan to splurge or treat themselves
40
39
36
32
30
29
28
25
22
Fitness, sports, outdoors
Apparel, shoes, accessories
Travel, lodging, vacation
Beauty & personal care
Out-of-home entertainment
Restaurants, dining out, bars
Electronics
Household essentials
Items for your home
Trigger for when people plan to splurge or treat themselves2
% of respondents who plan to splurge on or treat themselves to category
61
72
79
66
61
61
67
66
62
18
9
7
8
11
17
9
11
7
12
13
14
16
20
12
13
14
16
8
6
1
10
8
10
11
10
15
Restrictions lifted / COVID-19 stops spreading
Anytime
I am vaccinated
Family is vaccinated
1 Q: You mentioned that you plan to splurge/treat yourself in 2021. Which categories do you intend to treat yourself to? Please select all that apply.
2 Q: Which best describes when you will most likely splurge / treat yourself? Figures may not sum to 100% because of rounding.
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China's general population 18+ years
Signs of spend recovery
13. McKinsey & Company 13
Most Chinese are confident that their routines and finances have
already returned to normal
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Routines returning to normal1
Finances returning to normal2
84
76
72
70
12
15
15
20
4
6
10
6
1
3
3
4
94
88
85
83
5
8
12
14
1
4
3
3
Vaccinated
Interested
Cautious
Unlikely
1 Q: When do you expect your routines will return to normal? Figures may not sum to 100% because of rounding.
2 Q: When do you expect your personal/household finances will return to normal? Figures may not sum to 100% because of rounding.
Vaccine- fueled acceleration
By July–Dec 2021
By 2022 or later By June 2021
Already back to normal
Expected timing of return to normal, by vaccination status
% of respondents
14. McKinsey & Company 14
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Consumers intend to shop online more often post-COVID-19 than
before the pandemic across all categories
1 Q: Have you purchased the following categories online since the coronavirus (COVID-19) began? Please select yes or no for each category. Includes % of respondents who selected “yes” for the category and currently buying the category.
2 Q: Will you continue to purchase these categories online after the coronavirus (COVID-19) situation subsides (ie, once there is herd immunity)? Possible answers: “no, I will stop purchasing online altogether”; “buy less online”; “buy about the
same amount online”; “buy more online.”
3 Net intent is calculated among respondents currently buying online by subtracting the % of respondents stating they expect to decrease or stop use from the % of respondents stating they expect to increase or maintain use.
4 Sample size < 50.
Consumers’ use of online channel during COVID-191 and intention
to use post-pandemic2
% of respondents buying this category
64
19
63
27
38
49
70
70
33
54
72
65
78
78
26
34
13
28
Home & furniture
Groceries
Food takeout & delivery
Tobacco products
Restaurant
Quick-service restaurant
Alcoholic beverages
Footwear
Apparel
Jewelry
Accessories
Toys & baby
Household supplies
Personal-care products
Skin care & makeup
Sports & outdoors
Home improvement & gardening
Kitchen & dining
73
53
78
61
64
76
36
33
18
34
14
77
2
96
87
97
87
87
Pet food & supplies
Fitness & wellness
Books/magazines/newspaperss
Entertainement at home
Vitamins & OTC medicine
Consumer electronics
Entertainment out of home
Pet-care services
Domestic flights
Personal-care services
Gasoline
Vehicles
Short-term house rentals
Travel by car
Cruises
Adventures & tours
International flights
Hotel/resort stays
Net intent3
post-COVID-19
+71
+74
+63
+55
+56
+63
+54
+67
+44
+54
+63
+57
N/A4
+70
+69
+79
+72
+83
During COVID-19
Net intent3
post-COVID-19
+58
+59
+56
+58
+62
+55
+62
+59
+65
+63
+60
+54
+60
+61
+58
N/A4
+60
+69
Stickiness of digital
>50
0–20
<0 20–50
Net intent3
15. McKinsey & Company 15
50
61
54 65
64 67 69
44 71
63
100
62
50
90
42 46 75
48 52 60
56 58 77
45 66
30
68 79
70 72 74 83
20
80
84
15
25
35
55
65
75
85
95
81
57 73 76 78 80 82
43 47 49 51 53 55
45
59
Groceries
Jewelry
Quick-service restaurant
Accessories
Personal-care products Entertainment out of home
Home decor & furniture
Alcoholic beverages
Restaurant
Footwear, apparel
Toys & baby supplies
Sports/outdoors equipment
Kitchen & dining
Pet food & supplies
Vitamins, OTC medicines
Entertainment at home
Consumer electronics
Food takeout
Books, newspapers
Fitness
Personal-care services
Short-term house rentals
Adventures & tours
International flights
Pet-care services
Hotel stays
Domestic flights
Intent to continue to purchase online after COVID-191
% of users who intend to keep doing activity after COVID-19 at same or higher level
Note: Thresholds of categories are set at the 1st- (59%) and 2nd-tercile (63%) values.
1 Q: Will you continue to purchase these categories online after the COVID-19 situation subsides (ie, once there is herd immunity)? Possible answers: “no, I will stop purchasing online altogether”; “buy less online”; “buy about the same amount
online”; and “buy more online.” Number indicates net intent, calculated by subtracting % of respondents stating they expect to decrease or stop use from % of respondents stating they expect to increase or maintain use.
2 Q: Have you purchased the following categories online since the coronavirus (COVID-19) began? Please select yes or no for each category. Includes % respondents who selected “Yes” for the category.
Pet-care services buying will step back from pandemic highs, while
travel activities will continue to be purchased online
Greater online presence Sustained shift to online
Some rebound back to in-person
Penetration since COVID-192
% of respondents
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n= 1,128, sampled and weighted to match the China general population 18+ years
Flight to digital and omnichannel
16. McKinsey & Company 16
Consumer behaviors and services used since COVID-19 started1
% of respondents
1 Q: Have you used or done any of the following since the coronavirus (COVID-19) crisis started? If yes, Q: Which best describes when you have done or used each of these items? Possible answers: “just started using since COVID-19 started”;
“using more since COVID-19 started”; “using about the same since COVID-19 started”; “using less since COVID-19 started.”
2 Q: Compared to now, will you do or use the following more, less, or not at all, once the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)? Possible answers: “will stop this”; ”will reduce this”; “will keep doing what I am
doing now”; “will increase this.” Number indicates respondents who are new or increased users and chose “will keep doing what I am doing now” or “will increase this.”
28
31
6
4
3
9
8
19
7
6
5
10
7
19
30%
8
4
5
7
8
8
7
6
6
6
13
3
4
4
4
3
Restaurant curbside pickup
Paying more for 2-hour delivery
Curbside pickup from a store
1
Using a new store/restaurant app
Restaurant delivery
Paying more for same-day delivery
2
Buying online for in-store pickup
Grocery delivery
2
Meal-kit delivery
In-store self-checkout
2
3
1
4
Purchasing pre-owned products
Purchasing directly from social media
2
Deal-finding plug-ins
Using same/less Using more Just started using
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Intent to continue2
% of users
67
47
58
85
58
65
55
57
55
57
64
66
63
Chinese continue trying new restaurant and grocery delivery
services and intensifying their usage
Stickiness of digital
17. McKinsey & Company 17
New COVID-
spurred behaviors
73 79 82
46 85
5
10
51
49 53
43 44 77
20
67
45
75
47 76
71
70
48 50 52
15
54 64
55 62
56 84
57 68
58 59 75
60 80
61 63 83
65 66 69 72 74 78 81
In-store self-checkout
Buying online for in-store pickup
Store curbside pickup
Using a new store/restaurant app
Meal-kit delivery
Paying more for same-day delivery
Restaurant delivery
Grocery delivery
Restaurant curbside pickup
Paying more for 2-hour delivery
Purchasing directly from social media
Deal-finding plug-ins
Purchasing pre-owned products
Intent to use after COVID-19,1 % of new or increased users
Note: Thresholds of categories are set at the median value. Penetration median = 17%, and intent-to-use median = 58%.
1 Q: Compared to now, will you do or use the following more, less, or not at all, once the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)? Possible answers: “will stop this”; ”will reduce this”; “will keep doing what I am
doing now”; “will increase this.” Number indicates % of respondents who chose “will keep doing what I am doing now” and “will increase this” among new or increased users.
2 Q: Which best describes when you have done or used each of these items? Possible answers included “Just started using since coronavirus started,” “Using more since coronavirus started,” “Using less since coronavirus started,” and “Using
about the same since coronavirus started.” Those who answered “Not using” are not included.
3 User growth is calculated as % of respondents who replied that they are new users over % of respondents who replied that they were using the product/service pre-COVID-19 (using more, using the same, or using less).
Social purchasing and curbside pickup increased during the
pandemic; about half of consumers intend to continue post-COVID-19
Penetration since
COVID-192
% of respondents
Rooting of new digital habits
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
User Growth3: 0–9% User Growth: 10–19% User Growth: 20–29% User Growth: 30%+
Popular and enduring
18. McKinsey & Company 18
Chinese have acquired at-home alternatives to out-of-home
activities, such as remote learning and videoconferencing
35
6
53
7
6
2
6
6
3
5
55
17
11
9
14
9
28
13
27
11
5
3
7
8
3
6
25
8
25
6
19
8
6
9
7
5
19
2
3
5
1
1
5
3
5
3
4
5
Remote learning, myself
Videoconferencing, professional
Video chat, personal
Online streaming
Telemedicine, physical
Remote learning, my children
Social media
TikTok
Cooked regularly for myself/my family
Online fitness
Wellness app
Telemedicine, mental
Digital exercise machine
Online games
Watching e-sports
Personal care/grooming at home
Using same/less
Just started using Using more
Intent to continue2
% of users
68
45
68
50
49
48
61
67
60
90
85
62
70
47
77
43
1 Q: Have you used or done any of the following since the coronavirus (COVID-19) crisis started? If yes, Q: Which best describes when you have done or used each of these items? Possible answers: “just started using since COVID-19 started”;
“using more since COVID-19 started”; “using about the same since COVID-19 started”; “using less since COVID-19 started.”
2 Q: Compared to now, will you do or use the following more, less, or not at all, once the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)? Possible answers: “will stop this”; ”will reduce this”; “will keep doing what I am
doing now”; “will increase this.” Number indicates respondents who are new or increased users and chose “will keep doing what I am doing now” or “will increase this.”
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Stickiness of digital
Usage of technology or performance of activity
% of respondents
19. McKinsey & Company 19
Penetration
since
COVID-192
% of
respondents
Note: Thresholds of categories are set at the median value. Penetration median = 25%, and intent-to-use median = 62%.
1 Q: Compared to now, will you do or use the following more, less, or not at all, once the coronavirus (COVID-19) ) crisis subsides (ie, once there is herd immunity)? Possible answers: “will stop this”; ”will reduce this”; “will keep doing what I am
doing now”; “will increase this.” Number indicates respondents who are new or increased users and chose “will keep doing what I am doing now” or “will increase this.”
2 Q. Which best describes when you have done or used each of these items? Possible answers included: "Just started using since coronavirus started“; "Using more since coronavirus started“; “Using less since coronavirus started”; “Using about
the same since coronavirus started.” Respondents who selected "Not using“ are not included.
3 User growth is calculated as % of respondents who replied that they are new users over % of respondents who replied that they were using the product/service pre-COVID-19 (using more, using the same, or using less).
52
32 44
34
35
85
92
36 46 72 80
68
38
25
40
20
42
90
50
48 50 90
54
5
56 58
45
60 62 64 66 70
70
74 78 82 88
84
65
86
0
10
15
30
40
55
60
75
80
Social media
Video chat, personal
Videoconferencing, professional Wellness app
Online streaming
Telemedicine, mental
Digital exercise machine
Remote learning, my children
TikTok
Telemedicine, physical
Online fitness
Playing online games
Watching e-sports
Cooked regularly for myself/my family
Personal care / grooming at home
Remote learning, myself
Remote learning, especially for children, has been trending at an
unprecedented rate of 170% during the crisis
Rooting of new digital habits
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
User Growth3: 0–9% User Growth: 10–19% User Growth: 20–29% User Growth: 30–50%
Intent to use after COVID-19,1 % of new or increased users
Niche behaviors
but growing fast
with very loyal
consumers who
want to continue
using it post-
COVID-19
Niche and loyal
No real shift
since COVID-19
Universally popular
New COVID-
spurred behaviors
User Growth: 100%+
20. McKinsey & Company 20
Chinese consumers have made changes in work or study locations
as well as in investment portfolios
1 Q: Which of the following have you done in the last 12 months as a result of the COVID-19 crisis?
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Details next
Moved into a bigger home
Permanently moved to the suburbs
2
Worked more from home
Went back to school
Decided to change jobs
Permanently moved to a new city
Permanently moved to the countryside
Permanently moved in with family
16
Moved into a smaller home
Set up a gym at home
Set up a specific work from home space
2
Renovated/remodeled my home
22
Bought a car
Reassessed my investment portfolio
Sold a property
Bought a property
Got a new pet at home (eg, dog, cat)
57
7
9
1
1
1
10
9
6
2
4
15
Pet adoption 15
Work/study
change
64
House move 7
Home
renovation
28
Investments/
divestments
30
Main life events done in the last 12 months as a result of COVID-191
% of respondents
Rebalancing of homebody economy
N/A
21. McKinsey & Company 21
91
85
77
74
70
69
69
65
63
62
61
52
51
49
44
41
49
70
Playing online games
Social media
TikTok
44
Telemedicine, mental health
Watching e-sports
Digital exercise machine
Online fitness
Online streaming
Wellness app
Telemedicine, physical health
Cooked regularly for myself/my family
Remote learning, my children
Video chat, personal
62
69
91
Videoconferencing, professional
Personal care/grooming at home
77
85
74
65
69
63
61
52
41
51
Remote learning, myself
9
13
47
30
Only one in five consumers expect to work from home more after
COVID-19, despite broader shifts toward online daily activities
22%
expect to work from home
exclusively or more than
before COVID-19
Intent to continue or increase usage of
digital services2
% respondents who worked more from home
during the crisis
Expectations for work from home after COVID-19
compared with before COVID-191
% of respondents
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Work only from home
Work from home more
Work from home the same
Work outside home more
1
−1
1
8
20
20
1
−8
−9
42
−2
8
4
4
−3
−5
Difference vs those who
did not work more from
home,3 percentage points
1 Q: Once the COVID-19 crisis subsides (ie, once there is herd immunity), how do you think the amount of time you spend doing the following activities will change relative to how often you did them before COVID-19 began? Asked of respondents who selected “Worked more from
home" in the Q: Which of the following have you done in the last 12 months as a result of the COVID-19 crisis?
2 Q: Which of the following have you done in the last 12 months as a result of the COVID-19 crisis? Includes respondents who selected “Worked more from home.“ Q: Compared to now, will you do or use the following more, less, or not at all, once the coronavirus (COVID-19)
crisis subsides (ie, once there is herd immunity)? Includes respondents who selected “I will keep doing what I am doing now“ or “I will increase this.“
3 Difference between respondents who selected “Worked more from home“ and those who didn’t.
Rebalancing of homebody economy
>9
5–9
<0
0–4
22. McKinsey & Company 22
What respondents have done since Covid-19 started and how often1
% of respondents
More than 80 percent of Chinese consumers have tried a new
shopping behavior they now do regularly
3
4
2
3
3
31
29
22
19
19
3
2
Private label / store brand
New shopping method3
Different brand
Different retailer/store/website 2
New digital shopping method
2
23
1
36
35
26
24
Intent to continue2
% of respondents
who tried behavior
73
78
81
77
75
84%
of consumers have
tried a new shopping
behavior they now do
regularly
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Just once Sometimes Regularly
87%
of millennials and Gen
Z have tried a new
shopping behavior
1 Q: Since the coronavirus (COVID-19) crisis started, which of the following have you done? Sixteen percent of consumers selected “none of these.” Q: Which best describes whether or not you plan to continue with these shopping changes once
the coronavirus (COVID-19) crisis has subsided (ie, once there is herd immunity)? Possible answers: “will go back to what I did before coronavirus”; ”will keep doing both this and what I did before coronavirus”; ”will keep doing this and NOT go
back to what I did before coronavirus.”
2 Intent to continue includes respondents who selected “will keep doing both this and what I did before coronavirus” or “will keep doing this and NOT go back to what I did before coronavirus.”
3 “New shopping method” includes curbside pickup and delivery apps.
Evolution of loyalty
23. McKinsey & Company 23
More than half of consumers cite convenience and value
as top drivers for trying new places to shop
1 Q: You mentioned you shopped from a new retailer/store/website since the coronavirus (COVID-19) crisis started. What were the main reasons you decided to try this new retailer/store/website? Select up to three. Overarching reason based on
% of individual respondents selecting at least 1 reason in the group.
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
Evolution of loyalty
Reason for shopping at a new retailer/store/website since COVID-19 began1
% of respondents selecting reason in top 3
x Net % of respondents per category
26
22
18
12
25
23
6
16
11
5
3
21
16
8
7
17
16
Better value
Less crowded / has shorter lines
Can get all the items I need from 1 place
Offers good delivery/pickup options
Better prices/promotions
More easily accessible from my home
Supporting local businesses
Better shipping/delivery cost
Shares my values
Treats its employees well
Has more sustainable / environmentally friendly options
Products are in stock
Better quality
Offers natural/organic products
Wanted to treat myself
Wanted variety / a change from my normal routine
Cleaner / has better hygiene measures
Quality/organic
Availability
Personal choice
Value 45
Convenience 60
Purpose driven 32
21
23
23
Health/hygiene 16
Of which
52%
are millennials,
vs sample of 40%
Of which
90%
have income >RMB
11,000/month, vs
sample of 77%
24. McKinsey & Company 24
Alongside value, novelty and purpose are top drivers for Chinese
consumers to try a new brand
1 Q: You mentioned you tried a new/different brand than what you normally buy. What were the main reasons that drove this decision? Select all that apply. “Brand” includes different brand, new private label/store brand. Overarching reason
based on % of individual respondents selecting at least 1 reason in the group.
Source: McKinsey & Company COVID-19 China Consumer Pulse Survey 2/20–3/8/2021, n = 1,128, sampled and weighted to match China’s general population 18+ years
28%
27%
18%
10%
32%
26%
22%
15%
12%
3%
22%
18%
24%
16%
25%
23%
20%
Products are in stock
Larger package sizes
Better shipping/delivery cost
Better prices/promotions
Better value
Shares my values
Wanted to try a type of product I’ve never tried before
Wanted to try a new brand I found
Supporting local businesses
Is natural/organic
The company treats its employees well
Is more sustainable / better for the environment
Wanted variety/a change from my normal routine
Wanted to treat myself
Better quality
Wanted variety / change from my normal routine
Is available where I’m shopping
Quality/organic
Health/hygiene
Purpose driven
Personal choice
Convenience
Availability
Novelty 46
Value 55
42
35
33
23
20
25
Reason for trying a new brand since COVID-19 began1
% of respondents selecting reason in top 3
Of which
44%
are millennials,
vs sample of 40%
Of which
80%
have income >RMB
11,000/month, vs
sample of 77%
Evolution of loyalty
x Net % of respondents per category
25. McKinsey & Company 25
Disclaimer
McKinsey does not provide legal, medical, or other regulated advice or guarantee results. These
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