Expecting COVID-19 to negatively affect their finances and daily routine for at least four more months, consumers have become more mindful of their spending and are switching to cheaper products . Consumer sentiment and behavior continues to reflect uncertainty due to COVID-19 according to Mckinsey. The Indians, Koreans and Chinese are a leader in this shift to a shopping more cautious : 61% of Indians are becoming more attentive to where they spend their money (the highest) against 26% French (the lowest proportion), 46% of Koreans switch to cheaper products compared to 17% of Japanese, and 45% of Chinese study different alternatives before buying compared to 11% of French and Germans.

According to the report, consumers in China, India and Korea, however, report positive spending intentions in a wide range of categories, including takeaway and delivery, snacks, skin care and makeup, children’s non-food products, fitness Ecuador WhatsApp Number List and wellness, and gasoline. 2. Consumers switched to digital and omnichannel whose expectations are changing. According to McKinsey, more and more consumers plan to shop online in many categories and this habit will continue after the COVID-19 crisis. In the essentials and home entertainment categories, online shopping increased by more than 35%.

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Even in discretionary categories (skin care, makeup, clothing, jewelry and accessories), reports reveal expected customer growth of over 15%. In the United States alone, consumers have spanned 10 years into digital adoption in just 90 days. In countries that already had a very high affinity for online shopping before the pandemic, such as China , although the actual percentage of online shoppers may not have increased much, the overall order value has increased . In addition, while free and fast delivery remains of paramount importance, consumers are also paying attention to other criteria: informative product descriptions, high-quality images and fast loading of web pages.

Indeed, now that they spend a lot of their time online, consumers demand a better digital experience and they have become less tolerant of unresponsive channels. Additionally, with buying without touching or smelling having become the norm, consumers expect brands to go the extra mile to provide an accurate view of products that compensates for the inability to test or try. 3. Huge Business Opportunities: Consumers are actively trying out new brands and products. Thus, 82% of Chinese consumers and 75% of American consumers confirmed having tested a new purchasing practice , whether it is a new brand or a new channel, and more than 60% of them they said they would definitely adopt this behavior . 4.

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Significant reduction in overseas purchases, return to national markets Luxury shopping and overseas travel are closely linked: 20-30% of the luxury sector’s revenue is generated by travelers who buy outside of their country of residence. Since 2013, China has been the largest country of overseas departures , with the highest number of tourists. In 2017, China recorded 143,035,000 international departures, 63% more than the United States . And in 2019, that number increased by 17% and surpassed the 174 million mark.

According to McKinsey’s estimate, in 2018, purchases made by Chinese travelers abroad accounted for more than half of the country’s luxury spending . Globally, overseas luxury shopping has become a common practice for several reasons: Consumers benefit from lower prices, limited editions, and a sense of authenticity. With overseas travel being drastically curtailed due to the global pandemic, Chinese buyers as well as consumers around the world will in a new way drive higher budgets into domestic markets , offering both opportunities and challenges. . 5. Consumers prefer to resume their activities at home.

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