The debilitating impact of the COVID- 19 pandemic on businesses worldwide, is now well- acknowledged. Consumer sentiment is the first to be hit. It is expected to get worse with time. A lot of the fallouts on their sentiments, will be because of the dip in consumer income in the first place. This is expected to befall every major economy. All this, will in turn affect consumer spending, also set to dip at record low levels. On the whole, consumers from India, Indonesia, the UAE and in Saudi Arabia tend to be most optimistic in the current scenario. Japan, Italy, Belgium and France are expected to be on the other side of the scale. Category spending will see much change. Some industries will need a dose of business innovation in order to remain relevant. This could be those in entertainment, real estate, travel and in apparel. Others such as groceries, food and household services should flourish. Time spent in front of digital devices has already increased. As a result, brands must ramp up their digital marketing footprint. New behaviours could emerge in the long run. Several businesses could now struggle to survive.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-global-view-of-how-consumer-behavior-is-changing-amid-covid-19

Uploaded Date:28 April 2020