McKinsey & Company: Global View on Consumer Behavior During COVID-19

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: 

1. US consumers appear to be more optimistic about an economic recovery in their country than their European counterparts.

2. 40% of respondents from the US answered that they have become more conscious about where they spend their money since the pandemic.

3. Consumers across all countries intend to focus their spending on groceries

4. 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.)

5. 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! 

Source: Global view of how consumer behavior is changing amid COVID-19

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