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.
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.
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.
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.
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.
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.
Some hospitals have reported returning to pre-COVID-19 volumes for certain services, but the pandemic continues to affect outpatient and surgical volumes, largely due to workforce capacity constraints.
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.
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.
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.
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.
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.
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.
Some hospitals have reported returning to pre-COVID-19 volumes for certain services, but the pandemic continues to affect outpatient and surgical volumes, largely due to workforce capacity constraints.
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.
Spend not splurge – consumers point to muted sales
Optimism for an economic rebound has peaked, with young consumers the most optimistic
Despite this, spending intent is negative for many categories, though improved from February
Para se preparar para as mudanças de comportamento do consumidor e as novas restrições sanitárias que devem surgir no pós-pandemia, os players do mercado de aviação têm trabalhado com múltiplos cenários e avaliam que a retomada deve começar no contexto doméstico. Confira o material preparado pelos nossos sócios na apresentação do webinar "Os possíveis cenários da indústria de aviação".
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Colombia.
In many ways, Asian Americans in the US have had meaningful economic and social impact but they face a number of challenges that have often been overlooked.
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.
Tips for the Food sector: To keep up with this constantly shifting consumer behavior, look for early signs by using Google Trends to see how demand for certain food products or delivery services is changing to meet people’s needs.
Tips for Travel marketers: Our APAC travel recovery itinerary revealed that people have local trips and safety in mind, so marketers should seek to provide safety information upfront and present local product offerings and fun activities.
Tips for keeping people entertained: Though some people who signed up for a new entertainment source might stay, there’s also a higher likelihood of churn when their trial period ends. If you saw an increase in people signing up for your online products and services, focus on retention to keep them coming back, especially if you offered a free trial during the pandemic.
Tips for merchants: Make sure you integrate digital payment options for your consumers. Digital payments are expected to see a continued boost post-COVID-19, and trust in e-Wallets will likely increase.
Although there is still some instability, the internet sector in SEA is set to emerge stronger than ever in a post-COVID-19 world. The digital economy remains a bright spot in a very challenging economic environment, and e-Commerce remains a key driver of growth. The biggest takeaway for brands and marketers is the need to focus on people and their changing habits online, as well as keeping up with changing trends, as we continue to understand what our new normal will look like in the future.
Infrastructure Victoria - AZ/ZEV International ScanL.E.K. Consulting
InfrastructureVictoria for released the Evidence Base that will inform its advice to the Victorian Government on the infrastructure required to support automated and zero emissions vehicles. The Evidence Base includes the findings of ten projects to address key areas, including transport, energy, ICT and urban design. L.E.K. Consulting contributed to this work program, undertaking an international scan of the regulation and technical standards relating to automated and zero emission vehicle technologies.
Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Argentina.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
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.
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.
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.
Spend not splurge – consumers point to muted sales
Optimism for an economic rebound has peaked, with young consumers the most optimistic
Despite this, spending intent is negative for many categories, though improved from February
Para se preparar para as mudanças de comportamento do consumidor e as novas restrições sanitárias que devem surgir no pós-pandemia, os players do mercado de aviação têm trabalhado com múltiplos cenários e avaliam que a retomada deve começar no contexto doméstico. Confira o material preparado pelos nossos sócios na apresentação do webinar "Os possíveis cenários da indústria de aviação".
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Colombia.
In many ways, Asian Americans in the US have had meaningful economic and social impact but they face a number of challenges that have often been overlooked.
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.
Tips for the Food sector: To keep up with this constantly shifting consumer behavior, look for early signs by using Google Trends to see how demand for certain food products or delivery services is changing to meet people’s needs.
Tips for Travel marketers: Our APAC travel recovery itinerary revealed that people have local trips and safety in mind, so marketers should seek to provide safety information upfront and present local product offerings and fun activities.
Tips for keeping people entertained: Though some people who signed up for a new entertainment source might stay, there’s also a higher likelihood of churn when their trial period ends. If you saw an increase in people signing up for your online products and services, focus on retention to keep them coming back, especially if you offered a free trial during the pandemic.
Tips for merchants: Make sure you integrate digital payment options for your consumers. Digital payments are expected to see a continued boost post-COVID-19, and trust in e-Wallets will likely increase.
Although there is still some instability, the internet sector in SEA is set to emerge stronger than ever in a post-COVID-19 world. The digital economy remains a bright spot in a very challenging economic environment, and e-Commerce remains a key driver of growth. The biggest takeaway for brands and marketers is the need to focus on people and their changing habits online, as well as keeping up with changing trends, as we continue to understand what our new normal will look like in the future.
Infrastructure Victoria - AZ/ZEV International ScanL.E.K. Consulting
InfrastructureVictoria for released the Evidence Base that will inform its advice to the Victorian Government on the infrastructure required to support automated and zero emissions vehicles. The Evidence Base includes the findings of ten projects to address key areas, including transport, energy, ICT and urban design. L.E.K. Consulting contributed to this work program, undertaking an international scan of the regulation and technical standards relating to automated and zero emission vehicle technologies.
Actualizamos el estudio Consumer Pulse, de Bain & Company, en el que monitoreamos los principales cambios y las tendencias en los hábitos de los consumidores en América del Sur durante la pandemia, especialmente en Argentina.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
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.
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.
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.
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.
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.
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.
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.
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
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
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.
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.
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.
These exhibits are based on survey data collected in the United States between February 2019 and June 2021, as well as longitudinal surveys conducted between March 2020 and February 2021. Check back for regular updates on US 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.
In Spain, consumer optimism about the economy has doubled since February 2021, reaching 33 percent. Consumers indicated greater intent to spend, and almost half intended to splurge this year. At equal rates of 60 percent, Spanish consumers said they are omnichannel shoppers and have returned to participating in out-of-home activities (way up from 20 percent in February 2021). More than four in ten reported changing brands, mainly for price. Over one-third said more of their holiday shopping would be online in 2021 than in 2020, and about 40 percent said they would start shopping earlier.
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.
Similar to McKinsey Survey: Korean consumer sentiment during the coronavirus crisis (20)
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.
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.
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.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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McKinsey Survey: Korean consumer sentiment during the coronavirus crisis
1. McKinsey & Company 1
Five emerging consumer themes in March 2022
1 2 5
4
3
Optimistic outlook
23% of Korean
consumers expect the
economy to rebound
within two to three
months
Gen Z and millennials
are keen on splurging,
with apparel, shoes,
and accessories being
their biggest spending
category
Omnichannel is
ascendant
Omnichannel shopping
is the most prevalent
channel for 20 out of 23
categories
Consumers who use
alternatives to normal
in-store shopping
strongly intend to
continue using such
alternatives
Loyalty shakeup
43% say they’ve tried a
new retailer, and 36%
tried a new brand in the
past three months
About half (49%) of
consumers facing a
stockout report either
not making a purchase
or waiting for stock at
the same retailer
Modified return to
out-of-home
12% of consumers are
engaging in “normal”
out-of-home activities
More than one-fifth of
consumers are
engaging in modified
behavior
Signs of spend
recovery
Several categories
experienced positive
net intent1
Travel and out-of-home
entertainment ceded
recovery to the omicron
variant
1. 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.
2. McKinsey & Company 2
Confidence in own country’s economic recovery after COVID-191, % of respondents
15 15
21
29 32 29
20 29
46
56
51
48 47
59
75
68
38
28 27
23 21
12
5 3
14
63
23
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
or 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
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.
Optimistic outlook | Current as of March 2022
Change in optimistic vs
last wave survey, percentage points
Source: McKinsey & Company COVID-19 Consumer Pulse Survey
India
3/11–24
+1
Oct 2021
US
3/1–25
−6
Oct 2021
Japan
3/16–26
−2
Oct 2021
Indonesia
3/16–26
+15
Sept 2020
Australia
3/16–25
−10
Nov 2020
Korea
3/19–26
+15
June 2020
Germany
3/22–28
−10
Oct 2021
France
3/23–28
−9
Oct 2021
UK
3/22–29
−12
Oct 2021
Korean consumers are among the least optimistic of the geographic
segments sampled
3. McKinsey & Company 3
Optimistic outlook | Current as of March 2022
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.” Figures may not sum to
100% because of rounding.
2. Average of weekly pulse surveys shown for Mar and Apr 2020.
Optimistic: The
economy will rebound
within 2–3 months and
grow just as strong as or
stronger than before
COVID-19
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 or fall
into lengthy recession
Optimism in Korean consumers increased greatly since the last
pulse survey
Confidence in own country’s economic recovery after COVID-19,1 % of respondents
25 28 24 20 20 24
14
62
61
63 66 70 69
63
14 11 13 14 9 8
23
Mar 28–29
2020
Apr 3–6
2020
Apr 10–12
2020
May 1–3
2020
May 22–24
2020
Jun 19–21
2020
Mar 19–26
2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse Survey 3/19–3/26/2022, n = 1,032; 6/19–6/21/2020, n = 606; 5/22–5/24/2020, n = 606; 5/1–5/3/2020, n = 600; 4/10–4/12/2020, n = 600;
4/3–4/6/2020, n = 596; 3/28–3/29/2020, n = 600, sampled to match South Korea’s general population 18+ years
4. McKinsey & Company 4
Higher-income consumers are significantly more optimistic than
lower-income groups
Optimistic outlook | Current as of March 2022
11
12
20
8
23
15
25
0
10
20
5
15
25
30
35
9
Apr 2020
9
4
May 2020
7
June 2020 Mar 2022
13
Low (<30 million won) High (>120 million won)
Medium (30 million–120 million won)
31
24
21
20
15
32
19
0
10
20
5
15
25
30
35
Apr 2020 Mar 2022
25
23
May 2020 June 2020
14
27
14
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.”
Optimism by income Pessimism by income
Confidence in own country’s economic recovery after
COVID-19 by income level,1 % of respondents
Source: McKinsey & Company COVID-19 Korea Consumer Pulse Survey 3/19–3/26/2022, n = 1,032; 6/19–6/21/2020, n = 606; 5/22–5/24/2020, n = 606; 4/10–4/12/2020, n = 600, sampled to match South
Korea’s general population 18+ years
5. McKinsey & Company 5
Younger and unvaccinated consumers are driving optimism
Optimistic outlook | Current as of March 2022
Confidence in own country’s economic recovery after COVID-191
% of respondents
14
24
64 49
22 27
Vaccinated Unvaccinated
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.”
2. Baby boomers includes silent generation.
17 13 16 14
57 61
65 65
26 27
19 21
Gen Z Gen X
Millennials Baby boomers2
Optimistic Mixed Pessimistic
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
By generation By vaccination status
6. McKinsey & Company 6
Optimistic outlook | Current as of March 2022
19
10 8 6
10
4
4
3
71
86 88 91
Millennials
Gen Z Gen X Baby boomers3
8
17
4
3
87
79
Vaccinated Unvaccinated
9
4
87
Overall
1. Q: When do you expect your routines will return to normal? Figures may not sum to 100% because of rounding.
2. Q: Which best describes your vaccination status?
3. Baby boomers includes silent generation.
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
After June 2022
By June 2022
Not affected/already returned
By generation By vaccination status2
Gen Z are more
optimistic about the
return, while ~90% of
older consumers
expect a longer lead
time
~17% of unvaccinated
consumers are
already engaging in
normal routines
Key findings
Most consumers expect their routines will return to ‘normal’
only after June 2022
Expectations for routines returning to normal,1 % of respondents
7. McKinsey & Company 7
An increasing proportion of consumers report that their income,
spending, and savings are stable
Optimistic outlook | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse Survey 3/19–3/26/2022, n = 1,032; 6/19–6/21/2020, n = 606; 5/22–5/24/2020, n = 606,
sampled to match Korea's general population 18+ years
1. Q: How has the coronavirus (COVID-19) crisis affected the following over the past 1 month/2 weeks? Figures may not sum to 100% because of rounding.
Household income1
% of respondents
Household spending1
% of respondents
Household savings1
% of respondents
Reduce slightly/reduce a lot About the same Increase slightly/increase a lot
46
1
3
4
51
51
Past 2 weeks
45
Past 2 weeks
56
42
Past 2 weeks
50 45 43
30 33 40
21 22 17
Past 2 weeks
Past 2 weeks Past 2 weeks
39 39 37
56 53 57
7
Past 2 weeks Past 2 weeks Past 2 weeks
5 6
May 22–24
2020
June 19–21
2020
Mar 19–26
2022
May 22–24
2020
June 19–21
2020
Mar 19–26
2022
May 22–24
2020
June 19–21
2020
Mar 19–26
2022
8. McKinsey & Company 8
Only 26 percent of consumers say their finances have returned
to ‘normal’; 70 percent say it will take until after June 2022
Optimistic outlook | Current as of March 2022
24
30 26 24
5
71
66
71 73
Millennials
Gen Z Gen X
3
Baby boomers3
3
5
26
33
71
66
Vaccinated Unvaccinated
4
2
26
70
Overall
4
1. Q: When do you expect your personal/household finances will return to normal? Figures may not sum to 100% because of rounding.
2. Q: Which best describes your vaccination status?
3. Baby boomers includes silent generation.
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
By generation By vaccination status2
~30% of millennials
and 33% of
unvaccinated say
their finances
either were not
affected or are
back to normal,
reflecting the
highest confidence
Expectations on personal/household finances
returning to ‘normal,’1 % of respondents
After June 2022 Not affected/already returned
By June 2022
9. McKinsey & Company 9
Optimistic outlook | Current as of March 2022
Around half of consumers want to ‘splurge,’ with intent to do so
being the strongest for Gen Z and millennials
1. Q: With regard to products and services you will spend money on, do you plan to splurge/treat yourself in 2022? For example, are there categories of products or services you have spent less on over the last year and a half which you feel
you will spend more on in next 3 months?
2. Baby Boomers includes silent generation.
Plan on
splurging
49
51
Mar 2022
Do not plan
on splurging
Millennials
Gen X
Baby boomers2
65 61
Gen Z 100
58 67 57
27 36 41
30 48 69
Generation
Respondents who plan/do not plan to ‘splurge’
or ‘treat themselves’ in 20221
% of respondents
Low
(<30M won)
Middle
(30M–120M won)
High
(>120M won)
>70%
<30% 50–70%
30–50%
Respondents who plan to splurge, by household income, %
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
10. McKinsey & Company 10
Younger consumers have a strong desire to splurge on apparel and
cosmetics, while older consumers desire tourism
Optimistic outlook | Current as of March 2022
Categories where consumers intend to treat themselves1
% of all respondents with intent to splurge
1. Q: You mentioned that you plan to splurge/treat yourself in next 3 months. Which categories do you intend to treat yourself to? Please select all that apply.
2. Baby boomers includes silent generation.
55
47
39
24
21
19
18
17
12
10
10
9
3
Fitness
Sports apparel and equipment
Pets
Apparel, shoes, accessories
Travel, lodging, vacation
Out-of-home entertainment
Electronics
Personal services
Restaurants, dining out, bars
Makeup, skin care products
Items for your home
Household essentials
Outdoor living
Millennials Gen X
Gen Z
Baby
boomers2
18 8 −5 −18
−9 −5 −1 16
4 −6 −2 10
−6 2 3 −4
−3 0 −1 4
−4 −2 4 1
3 −3 1 0
17 2 −4 −10
−6 −1 −1 7
Generational cut
5 1 −1 −4
8 3 −4 −5
−1 −2 4 −2
−2 2 0 −2
Between −3 and +3
< −3 > +3
Categories
Difference from all respondents,
percentage points
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
11. McKinsey & Company 11
Omnichannel shopping is prevalent across most categories
Omnichannel is ascendant | Current as of March 2022
1. Q: Which best describes how you have researched the following categories over the last 3 months?
2. Q: Which best describes how you have purchased the following categories over the last 3 months?
12
51
35
46
53
10
18
6
27
Personal-care products
10
47
28
67
Tobacco products and smoking supplies
17
Groceries/food for home
13
60 4
41
7
13
Alcoholic beverages
36
Vehicles
56
31
60
27
Fitness and wellness services
53
19
57
24
Home decoration and furniture 63
Jewelry
22
Home improvement and gardening supplies
10
70
52
20
12
Food takeout/delivery
32
60
11
Sports and outdoors equipment and supplies
16
Household supplies
35
Pet food and supplies
13
Books, magazines, newspapers 41
26
53
11
57
10
Kitchen and dining
31
58
11
Apparel
34
55
28
50
Skin care and makeup
37
Footwear
28
64
8
Toys and baby supplies
30
62
40
Accessories
30
63
Consumer electronics
Pet care services
Vitamins, supplements, and over-the-counter medicine
20
18 50 32
8
Research and purchase only in stores Omnichannel Research and purchase only online
Product searches1 and purchases2 by channel
% of respondents who purchased and searched in these categories in the last 3 months
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
12. McKinsey & Company 12
In 13 of 16 categories, more than four in ten consumers were
influenced by social media while making purchases
Omnichannel is ascendant | Current as of March 2022
1. Q: Think about the purchases you have made in the following categories over the past 3 months. Were you influenced toward a certain brand by a post on social media in the following categories?
2. Baby boomers includes silent generation.
Millennials Gen X
Gen Z
Baby
boomers2
7 −7 −9
2 −1 1 −2
−5 −1 8 −40
16 8 −5 −10
11 −8 14 −11
14 10 −9 −9
16 5 −5 −9
−7 −3 3 3
−12 4 0 0
Generational cut
11 −6 −2 7
1 3 −2 −1
−9 5 2 −3
16 3 −4 −1
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Between −3 and +3
< −3 > +3
Categories
Categories where respondents were influenced by social media1
% of all respondents
9
4
4
3
12
3
5
−4
−2
−1
−10
−2
−5
Difference from all
respondents,
percentage points
64
59
58
56
55
54
50
47
47
47
46
42
41
39
36
32
Home decoration and furniture
Apparel
Accessories
Consumer electronics
Sports and outdoors equipment and supplies
Skin care and makeup
Jewelry
Footwear
Fitness and wellness services
Pet food and supplies
Vitamins, supplements, and over-the-counter medicine
Home improvement and garden supplies
Kitchen and dining
Groceries/food for home
Personal-care products
Household supplies
13. McKinsey & Company 13
Most Korean consumers (97 percent) engage in social media at least
once a week
Frequency of engagement with social-media platforms1
% of all respondents
1. Q: What social-media platforms do you engage with, and if so, how frequently?
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
97 94
61
50
30
20
11 7 7 7
32
6
39
50
70
80
89 93 93 93
68
TikTok
3
Overall Twitter
YouTube Facebook
Insta-
gram
Pinterest Reddit LinkedIn Snapchat Others
Never/less than weekly
Weekly or more
Omnichannel is ascendant | Current as of March 2022
14. McKinsey & Company 14
More than 60 percent of consumers engage with an entertainment
platform at least once a week
64
44 38
22 21
36
56 62
78 79
Wave
Overall Kakao Page NAVER Webtoon Tving
Never/less than weekly
Weekly or more
Omnichannel is ascendant | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
1. Q: What entertainment platforms do you engage with, and if so, how frequently?
Frequency of engagement with entertainment platforms1
% of all respondents
15. McKinsey & Company 15
58 60
4
5
6
11
56 68 70
62 64
9
84
66
14
10
72 78 80 96
82
8
13
86
12
88 90 92
7
94
0
1
2
3
Self-checkout or scan-and-go
at a physical store
Drive-thru lane
Grocery delivery
Downloaded/used
deal-finding plug-ins
Buy online, pick up in store
Purchased from
social media
Restaurant food delivery
Used an app for 2-hour
or 1-hour delivery
Meal kit delivery
Curbside pickup
Curbside delivery
New store/restaurant app
Purchased pre-owned
product
Used an app for
same-day delivery
Omnichannel is ascendant | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Intent to use when the COVID-19 crisis subsides2
% of new or increased users who intend to keep doing activity
User
growth
since
COVID-19
1
1. 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) on Q: Which best
describes when you have done or used each of these items?
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 percent who chose “will keep doing what I am doing now” and “will increase this” among new or increased users.
Consumer loyalty and shopping behavior have
shifted, and consumers intend to maintain the shifts
when the COVID-19 crisis subsides.
16. McKinsey & Company 16
Omnichannel is ascendant | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
83
63
43
42
24
86
49 75
0 1 41 76 77
44 45 68
46 47
27
15
66 87
48 50 80
9
51 71
52 53 55
54 70
56 57 59
58 60 84
82
61 62 64 65 78
67 69 85
72 73
12
74
18
79 81 88
0
3
6
21
Online fitness
TikTok
Telemedicine:
physical health
Playing online games
Watching e-sports
Personal care/grooming at home
Video conferencing: professional use
Virtual hangouts and video chats
Telemedicine:
mental health
Remote learning: myself
Remote learning: my children
NFTs
Augmented or virtual reality
Wellness app
Intent to use when the COVID-19 crisis subsides2
% of new or increased users who intend to keep doing activity
User
growth
since
COVID-19
1
1. 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) on Q: Which best
describes when you have done or used each of these items?
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 chose “will keep doing what I am doing now” and “will increase this” among new or increased users.
Intent to use digital services after the COVID-19
crisis subsides remains high, with strong user
growth in new tech, such as wellness apps and NFTs
17. McKinsey & Company 17
9
Self-checkout or scan-and-go at a physical store
3
A drive-thru line for a fast-food restaurant
8 34
9
33
11
7
Curbside pickup from a restaurant
4
Curbside delivery at a store
8
Purchased secondhand products online
Buy online, pick up in store
2
17
10
Downloaded/used deal-finding plug-ins
3
Downloaded/used a new store/restaurant app
9
Used an app/website for delivery within 2 hours
Used an app/website for same-day delivery 9
Changed my primary grocery store
25
Shopped at a store I had not shopped at before for groceries
Cooked regularly for myself/my family
9
Personal care/grooming at home
12
Tried making something myself/DIY project
5
5
10
43
3
1
1
6
3
4
5
9
5
1
1
2
49
50
51
52
45
57
51
44
44
Purchased directly from social media
56
39
34
63
36
43
43
39
35
49
44
32
43
43
36
33
35
36
53
37
1. Q: And have you used or done any of the following in the last 3 months? 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”; “I have not used in
the last 3 months”; “I have used in the last 3 months at the same rate as before”; “I have used this more in the past 3 month than before”; “I have used this less in the past 3 months than before.”
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 chose “will keep doing what I am doing now” and “will increase this” among new or increased users.
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Intent to
continue2
Consumers who use alternatives to normal in-store shopping report
using alternatives as often or more frequently in the last three
months
Omnichannel is ascendant | Current as of March 2022
78
70
94
85
69
72
83
63
72
78
76
73
67
82
76
94
Which best describes when you have done or used each of these items?1
% of respondents who have used in the last three months
Just started using Using Same
Using less Using more
18. McKinsey & Company 18
Consumers are using digital services more frequently and with
strong intent to continue
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 chose “will keep doing what I am doing now” and “will increase this” among new or increased users.
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Omnichannel is ascendant | Current as of March 2022
42
10
33
64
23
11
14
22
46
2
Used TikTok
2
Online personal training, fitness
23
62
Wellness app
12
Watching online gaming
51
49
18
Online streaming
67
18
Virtual hangouts and video chats for personal use
2
13
24
Meal kit delivery
69
23
5 3
Restaurant food delivery
18
28
37
69
3
6
5
Grocery delivery
68
17
2
73
2
3
12
Video conferencing for professional use
35
Telemedicine for physical health care
3
33
13
Telemedicine for mental health care
43
5
6
53
Playing online gaming
57
30
0
13
Remote learning for myself
74
12
4
5
Remote learning for my kids
45
43
3
9
46
3
2
Used social media
10
81
83
68
59
72
81
62
42
60
68
60
83
63
79
70
86
Intent to
continue2
Which best describes when you have done or used each of these items?1
% of respondents who have used in the last three months
Just started using Using less Using same Using more
19. McKinsey & Company 19
0
−60
−80
−70
−50
−30
−40
−20
−10
10
−90
20
30
40
50
60
Mar
2022
Mar
2020
Apr
2020
May
2020
June
2020
Expected spending per category over the next 2–3 months vs usual1
Net intent2
Groceries
Household supplies
At-home entertainment
Fitness and wellness
Consumer electronics
Meals at restaurants
Apparel
Domestic flights
International flights
Out-of-home
entertainment
1. Q: Over the next 2–3 months, 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.
Signs of spend recovery | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse Survey 3/19–3/26/2022, n = 1,032; 6/19–6/21/2020, n = 606; 5/22–5/24/2020, n = 606; 4/10–4/12/2020, n = 600; 3/28–3/29/2020, n = 600,
sampled to match South Korea’s general population 18+ years
Spending net intent is increasing in all categories except groceries,
where it has stabilized
20. McKinsey & Company 20
Consumers report positive net intent to spend for a few categories
Signs of spend recovery | Current as of March 2022
Net intent >1
Net intent −15 to 0
Net intent < −15
Source: McKinsey & Company COVID-19 Korea Consumer Pulse Survey 3/19–3/26/2022, n = 1,032; 6/19–6/21/2020, n = 606, sampled to match Korea's
general population 18+ years
6
15
20
28
30
37
32
32
39
33
20
9
8
22
30
25
30
19
22
12
30
16
15
22
14
17
8
33
13
15
12
14
23
23
13
Food takeout and delivery
Apparel
Groceries
Footwear
Quick-service restaurant
Tobacco products
Alcohol
Restaurant
10
Household supplies
Jewelry
Accessories
Toys and baby supplies
Personal-care products
Skin care and makeup
Home and furniture
Sports and outdoors
Home improvement, garden
Kitchen and dining
Decrease Stay the same Increase
8
12
16
34
28
12
19
20
18
49
29
24
36
30
36
33
37
11
32
25
17
25
11
20
31
22
23
35
25
34
21
30
25
Pet food and supplies
Entertainment at home
Gasoline
Vitamins and OTC medicine
Pet care services
Out-of-home entertainment
Books/magazines/newspapers
Consumer electronics
Fitness and wellness
10
Personal-care services
Vehicles
Short-term home rentals
Travel by car
10
Cruises
Adventures and tours
International flights
Hotel/resort stays
Domestic flights
10
Net
intent2
13
−6
−18
−3
−2
1
−10
13
−6
10
−11
4
−16
−3
22
−27
1. Q: Over the next 2–3 months, 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 June 2020 survey.
14
3
8
9
40
52
18
28
21
33
7
−1
−6
21
15
N/A3
N/A3
N/A3
Change since
June 2020
Change since
June 2020
2 N/A3
N/A3
−29
−11
20
65
14
45
34
35
6
20
59
N/A3
72
73
56
−12 58
Net
intent2
−29
16
13
4
−17
−3
10
−12
−15
−15
−18
−14
−25
8
−10
−2
−8
−6
Expected spending per category over the next 2-3 months vs usual1
% of respondents
21. McKinsey & Company 21
Spending expectations are similar across vaccinated and
unvaccinated people for most of the categories
Signs of spend recovery | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
1. 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.
2. Q: Over the next 2–3 months, do you expect that you will spend more, about the same, or less money on these categories than usual?
Selected categories
Net intent1 to spend per category over the next 2–3 months vs usual2
Unlikely Cautious Interested Vaccinated
Groceries
Food takeout and delivery
Restaurant
Quick-service restaurant
Home decor
Home and garden
Personal-care items
Fitness and wellness
Out-of-home entertainment
International flights
23
13
−26
−4
−7
0
12
28
−21
0
16
−10
−23
−25
−50
0
5
16
32
0
38
35
−70
−14
0
0
−8
0
−47
−46
16
10
−14
−16
−16
−8
8
0
−2
−14
Between −3 and +3
< −3 > +3
22. McKinsey & Company 22
Enhancing quantity and shift to premiumization have led to
increases in spending across several categories
2
3
3
1
8
7
3
1
53
53
48
46
40
49
49
45
59
32
23
17
7
19
23
42
24
37
3
4
10
14
22
15
19
33
16
47
55
47
53
18
30
30
40
21
43
41
41
41
36
36
31
19
23
20
22
36
32
63
41
25
35
42
Pet food and supplies
Apparel
Meals at restaurant
Kitchen and dining
Household supplies
Personal-care products
1
Meals at quick-serve rest.
Groceries
Food takeout/delivery
Pet care services
Vitamins and supplements
0
Footwear
Accessories
Consumer electronics
Vehicles
Skin care and makeup
Home and decoration
Personal-care services
Larger quantity
Increase in income
Increase in price
Premium brands/products
1. Q: Please indicate the main reason for planning to spend more on the following categories.
Reasons for increase in spend1
% of respondents who increased spend
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Signs of spend recovery | Current as of March 2022
23. McKinsey & Company 23
Decreases in income and purchases of smaller quantities to offset
price increases have led to a decrease in spending
24
15
18
15
13
13
14
21
23
17
19
25
5
17
12
14
24
31
45
31
32
4
35
30
42
25
22
23
25
19
32
30
20
28
19
25
10
12
9
32
22
23
6
19
19
21
18
9
14
8
38
22
18
20
28
36
43
54
25
32
31
31
33
36
33
44
49
41
21
32
35
2
3
1
10
6
1
7
4
3
2
5
3
4
9
3
4
Household supplies
Groceries
Food takeout/delivery
Meals at restaurant
Pet food and supplies
Meals at quick-serve rest.
0
Vehicles
Personal-care products
Pet care services
Vitamins and supplements
Apparel
Footwear
Accessories
Consumer electronics
Home and decoration
Kitchen and dining
Skin care and makeup
Personal-care services
Decrease in income
Smaller quantity
Switch to less expensive
Spend more on other categories
Reduced price
1. Q: Please indicate the main reason for planning to spend less on the following categories.
Reasons for decrease in spend1
% of respondents who decreased spend
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Signs of spend recovery | Current as of March 2022
24. McKinsey & Company 24
Modified return to out-of-home | Current as of March 2022
12
4
6
June 2020
May 2020
Mar 2022
Overall
12
Vaccinated Unvaccinated
9
11
Gen Z Baby boomers3
Millennials Gen X
8
20
13
High
(>120M won)
Low
(<30M won)
Medium (30M–
120M won)
15
10
19
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. Gen Z are people under 26 years old, millennials are 26–41 years old, Gen X are people 42–57 years old, baby boomers are 58 years old and above.
3. Baby boomers includes silent generation.
By
generation2
By
vaccination
adoption
By income
~20%
of Gen Z are doing out-
of-home activities
~19%
of high-income
households are doing
out-of-home activities
~12%
of people who are
vaccinated are doing
out-of-home activities
Consumers engaging in out-of-home activities,1 % of respondents
About one-eighth of consumers say they are engaging in out-of-
home activities
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
25. McKinsey & Company 25
Modified return to out-of-home | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse Survey 3/19–3/26/2022, n = 1,032; 6/19–6/21/2020, n = 606, sampled to match Korea's general population 18+ years
Social
Personal
care
Entertain-
ment 88
72
60
52
71
90
70
89
82
Go to the gym or fitness studio
Attend an outdoor event
Attend an indoor cultural event
Visit a crowded outdoor public place
Dine indoors at a restaurant or bar
Go to a hair or nail salon
Go out for family entertainment
Get together with family
Get together with friends
81
98
98
90
86
73
75
51
69
77
72
Use public transportation
Work outside my home
Shop for non-necessities
Shop for groceries/necessities
Use a ride-sharing service
Go to a shopping mall
Travel more than 2 hours by car
Travel by airplane
Travel by train
Stay in a hotel
Rent a short-term home
Work
Shopping
Transport/
travel
6
64
5
N/A2
56
60
47
N/A2
N/A2
56
59
18
36
51
56
46
35
50% and above
Less than 50%
Change >10 pp
Change from
June 2020,
percentage points
Change from
June 2020,
percentage points
Consumers have increased all out-of-home activities since
June 2020; shopping increased the most
N/A2
N/A2
N/A2
Out-of-home activities currently engaged in1
% of respondents who said they are doing this in the same or a modified way
1. Q: Which best describes how you are engaging in each of these activities? ? Possible answers: “Not doing this all”; “Doing this in the same way as pre-COVID-19 but less often”; “Doing this in a modified way vs pre-COVID-19”; “Doing this
just as much and in the same way as I did pre-COVID-19.”
2. Not available in 2020.
26. McKinsey & Company 26
1. Q: With the rise of the omicron variant of COVID-19, how, if at all, has your out-of-home behavior changed?
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
10 10 7
18 22
32
71 68
60
1
2
Medium (30M–
120M won)
Low
(<30M won)
High
(>120M won)
Modified return to out-of-home | Current as of March 2022
9
14
22 14
68 70
Vaccinated Unvaccinated
2
10
21
68
Overall
Engage with
adjusted behavior
1
Engage same as
before omicron
Engage less
Engage more
By income By vaccination status
Higher-income
consumers are more
open to engaging in
out-of-home activities,
with adjusted behavior
Vaccinated consumers
are more likely than
unvaccinated
consumers to adjust
behavior when
engaging in out-of-
home activities
Key findings
Adjustments to out-of-home behavior due to prevalence of omicron variant,1 % of respondents
Roughly 70 percent of consumers say they engaged less in
out-of-home activities because of the omicron variant
27. McKinsey & Company 27
Modified return to out-of-home | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
1. Q: Which best describes how you are engaging in each of these activities? Possible answers: “Not doing this at all”; “Doing this in the same way as pre-COVID-19 but less often”; “Doing this in a modified way vs pre-COVID-19”;
“Doing this just as much and in the same way as I did pre-COVID-19.”
Work
Shopping
Transport/
travel
Social
Personal
care
Entertain-
ment
10
90
89
Dine indoors at a restaurant or bar 11
Go out for family entertainment
7
93
Attend an indoor cultural event
10
Get together with family
90
Attend an outdoor event
10
80
90
Visit a crowded outdoor public place
20
Go to a hair or nail salon
18
82
Go to the gym or fitness studio
10
90
8
92
Get together with friends
10
15
30
Shop for groceries/necessities
28
70
72
90
Work outside my home
86 14
Shop for non-necessities
32
68
15
85
Go to a shopping mall
Travel more than 2 hours by car
Rent a short-term home
14
86
Use public transportation
32
68
Use a ride-sharing service
12
88
Travel by airplane
85
Travel by train
Stay in a hotel
12
88
Doing less, doing in a modified way
Doing as much as and in the same way as pre-COVID-19
Out-of-home activities engagement,1
% of respondents having engaged in activity pre-COVID-19
Korean consumers modified out-of-home behavior across all
categories
28. McKinsey & Company 28
Main life events done in the last 12 months as a result of COVID,1 % of respondents
Modified return to out-of-home | Current as of March 2022
27
10
5
7
5
14
3
4
3
2
4
Moved into a bigger home
Set up a specific work-from-home space
Started homeschooling children
Worked more from home
Decided to change jobs
Set up a gym at home
Renovated/remodeled my home
Got a new pet at home (eg, dog, cat)
Moved into a smaller home
Bought a property
Sold a property
Work/study
change
Mar 2022
Pet adoption
House move
Home
renovation
Investments/
divestments
Total,2
%
3
35
7
22
6
1. Q: Which of the following have you done in the last 12 months as a result of the COVID-19 crisis?
2. Total percentage of people who choose option(s) in the category.
Consumers continue to invest in their home environment as a
result of the COVID-19 pandemic
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
29. McKinsey & Company 29
Milestones for the Korea population not yet engaging with out-of-home activities1
% of respondents awaiting each milestone before engaging
15
48
7
30
Vaccination coverage
Government
lifts restrictions
Government lifts
restrictions and
other requirements
COVID-19 no
longer spreading
88%
of people are not
currently engaging
in ‘normal’ out-of-
home activities
Vaccination coverage
Government lifts restrictions and …
1. Q: Which best describes when you will regularly return to stores, restaurants, and other out-of-home activities? Chart rebased to exclude those already
participating in these activities and those who do not deem any of these items important. Figures may not sum to 100% because of rounding.
28%
Medical authorities deem safe
12%
Stores, restaurants, and other
indoor places start taking safety
measures
8%
I see other people returning
2%
Vaccine is widely distributed
4%
I have been vaccinated
1%
Family member(s) vaccinated
Cautious consumers cite restrictions by government
and medical authorities as primary reasons for not yet
returning to out-of-home activities
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Modified return to out-of-home | Current as of March 2022
30. McKinsey & Company 30
74
43
36
31
28
23
Any new shopping behavior
Different retailer/store/website
New digital shopping method
Different brand
Private label/store brand
New shopping method3
Loyalty shakeup | Current as of March 2022
Source: McKinsey & Company COVID-19 Korea Consumer Pulse Survey 3/19–3/26/2022, n = 1,032; 6/19–6/21/2020, n = 606, sampled to match Korea's
general population 18+ years
86 67
91 53
85 71
83 56
High
(>120M won)
Gen Z Millennials
80
78 82
55
87 60 42 46
44
43 45
40
35 42
36
20 32
29
33 30
Income cut
Generational cut
All consumers
% of
respondents
Change from
June 2020,
percentage points
Intent to continue behavior2
Between −3 and +3
< −3 > +3
1. Q: Over the past 3 months, which of the following have you done? 26% replied, “None of these.”
2. Q: Which best describes whether or not you plan to continue with these shopping changes? Possible answers: “will go back to what I did before 3 months ago”; ”will keep doing both this and what I did before 3 months ago”; ”will keep doing
this and NOT go back to what I did before 3 months ago.” Intent to continue includes respondents who selected “will keep doing both this and what I did before 3 months ago” and “will keep doing this and NOT go back to what I did before 3
months ago.”
3. “New shopping method” includes curbside pickup and delivery apps.
Behaviors since COVID-19 started1
% of respondents
Changes in consumer behavior have been more extensive among
younger and higher-income consumers
Difference from all respondents,
percentage points
31. McKinsey & Company 31
When facing a stockout of a planned purchase, consumers are most
likely to not buy anything, followed by buying at different retailer
Loyalty shakeup | Current as of March 2022
1. Q: Over the last 3 months, have you wanted to buy something and not been able to purchase it because it was out of stock or otherwise not available?
2. Q: The most recent time this happened (when you wanted to buy something and it was not available), what did you do?
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
63
37
Mar 2022
Could not purchase
at least 1 item
Able to purchase
all items
Respondents who planned to purchase
something but could not, due to unavailability1
% of respondents
27
26
22
15
10
Did not buy anything
Bought a different brand or similar
product at a different retailer
Bought the product
at a different retailer
Bought a different product
at the same retailer
Waited until product was available
at the same retailer
All consumers who could not make a planned
purchase2
% of respondents
32. McKinsey & Company 32
Reason for trying a new brand since COVID-19 began1
% of respondents selecting reason in top 3
Loyalty shakeup | Current as of March 2022
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 up to 3 relevant reasons. “Brand” includes different brand, new
private label/store brand. Overarching reason based on % of individual respondents responding to at least one reason in the group.
2. Baby boomers includes silent generation.
Source: McKinsey & Company COVID-19 Korea Consumer Pulse 3/19–3/26/2022, n = 1,032, sampled to match Korea's general population 18+ years
Between −3 and +3
< −3 > +3
Value was the primary reason for switching brands, particularly for
older consumers; personal choice was key for younger consumers
Difference from all respondents,
percentage points
19
Better shipping, delivery cost
Wanted to treat myself
Better value
Wanted to try a type of product I’ve never tried before
Larger package sizes
19
Better prices, promotions
Better quality
7
7
Wanted to try a new brand I found
Is natural/ organic
23
Wanted variety/a change from my normal routine
Supporting local businesses
5
More sustainable, better for the environment
Using recyclable packing materials
Shares my values
The company treats its employees well
Is cleaner/safer
50
Products are in stock
49
14
3
20
6
6
3
11
7
14
2
Is available where I’m shopping (ie, in-store or online)
Novelty
Personal choice
Purpose-driven
Quality/organic
Convenience
Health/hygiene
Availability 5
Value 75
25
25
37
14
7
25
Gen Z/
millennials Gen X
37 64
52
41 65
48
14 12
15
3 1
5
21 19
17
27 17
21
15 27
19
7 7
4
11 2
5
25 15
15
5 1
3
4 5
11
9 14
12
9 1
9
4 0
1
12 17
13
8 2
10
All consumers
x Net % of respondents per category
5 7
4
Baby
boomers2