The pandemic has raised consumer concern, which has resulted in more cautious spending, with 56% of respondents intending to reduce their outgoings. Increased saving has resulted in lower consumption for around 79% of respondents globally.
There are signs of recovery for 2021, but cautious consumption will remain with only 29% saver, 36% constant, and 35% higher spenders. This trend forecasts a total reduction in consumption of 54%. Consumers are also changing what they spend their money on, placing greater priority on essentials such as groceries and personal care. This trend will continue, although in 2021, consumers are expected to shift some home-related spending to “micro” activities such as concerts, festivals or theatre visits in smaller groups.
A global uptick can be seen in how consumers view the relevance of value for money, highlighting the increased importance of product quality as well as price. Most countries give both aspects equal weighting in their decisions, but quality plays a more important role in China, France, and Germany, while price is key in Italy and Arabic countries.
How has Covid-19 changed consumer behavior? What do customers demand from shops after a rapid digitalization push? And, what are key takeaways for retailers? Find all your answers in the global consumer study on Roland Berger´s website.
But are these changes going to last? Salesforce data, combined with the study conducted by Potloc & Roland Berger sheds lights on how consumer behavior is changing and what these changes mean for retailers and their D2C initiatives.
• The “reason why” is key to consumption: Consumer expectations have shifted.
• Surprise and delight with additional benefits
• Monthly expenses are planned with caution: The importance of value for money.
• Shopping baskets are changing: The shift in categories and purchasing channels.