Through surveys conducted globally from March to June this year, McKinsey & Company did a study on how consumer behavior was affected by COVID-19 across 45 countries.
Here are some of the key insights from McKinsey’s report:
- US consumers appear to be more optimistic about an economic recovery in their country than their European counterparts.
- 40% of respondents from the US answered that they have become more conscious about where they spend their money since the pandemic.
- Consumers across all countries intend to focus their spending on groceries
- Apart from Asian consumers, more than 50% of consumers have newly adopted or increased usage of telemedicine; >20% increase of adoption can be seen in the US. (Telemedicine is the use of technology that enables remote healthcare.)
- Consumers from the US, UK, and Japan are prioritizing convenience over quality/organic features when switching to a new brand.
Consumers are making more conscious spending decisions; concentrate their spending on essentials and doing less discretionary spending. In the report, McKinsey also expressed that some of these effects on consumer behavior will likely leave a long-lasting impact.
Apart from the impact on consumer behavior, our in-house data team analyzed data from Southeast Asia, the US, and Australia to examine how logistics players have performed during the pandemic. For more data insights, follow us on Linkedin!