Global consumer insights survey 2020 (PWC)
PWC carries out an annual survey of global consumer sentiment, the main survey was pre COVID, with a follow up on a smaller sample size post the impact hitting. The focus was on those in cities, with the World Bank estimating that cities generate 80% of global GDP.
Some of the data is unsurprising, but still useful to give context. For instance 40% of global consumers have experienced a drop in income and 36% say they will spend less (but its highly concentrated in a few countries such as UK, Italy & Spain)
Non food leads the cut in spending, with clothing & footwear seeing bigger cuts than eating out. Interestingly, over 90% of those who shifted to online spending expect to maintain their current increased use.
The other big shifts, which could be sustained post COVID, are 74% work at home at least some of the time, 45% avoid plastic where possible & 36% are spending more on online entertainment. 35% say they are buying groceries online post COVID but they didn’t before.
Analysis and Comments
- Many of these results are things we expected intuitively, but it's good to have some sort of data to back this up.
Analysts expect some consumers to revert to old behaviours once the COVID pandemic is over, despite them saying they will not.
Two trends analysts expect to remain as more permanent changes are in food shopping online (including home delivery) and the shift to online in non food.
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