Consumer Sentiment is Evolving as Countries Around the World Begin to Reopen
McKinsey & Company
June 5, 2020
Consultants at McKinsey & Company have identified six consumer sentiment trends common to all countries during the re-opening. About half of consumers believe their finances will be impacted for four months or more. Expectations about most discretionary spending remain negative, though there is reduced pessimism about spending on such things as restaurant meals, apparel and electronics. In the US, growth in digital commerce is being magnified by younger consumers and those of all ages with high incomes. While most consumers plan to venture out for shopping, and many intend to dine in restaurants or go to a bar, few are planning to travel or attend large indoor events. As many as 15 percent of global consumers are waiting for a COVID-19 vaccine before returning to routines outside the home. Consumers considering destinations for in-store shopping look for the use of sanitizers, masks and barriers more than physical distancing, which appears less critical.
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