Brazil10 charts from Bain on how consumer behaviour is changing
A new 100-page slide deck by Bain & Company provides an in-depth perspective on how consumer and shopper perceptions and behaviours of Europeans are changing amid the Covid-19 pandemic. Ten charts with the most notable findings.
Economy
As the pandemic continues, consumers are still feeling high levels of disruption to their daily lives, but less so than they felt in May.
Consumers are increasingly pessimistic on when the world will return to normal.
Many Europeans feel financial security is at risk: over 40% respondents have had a reduction or loss in employment, and 40% have had a reduction in household income.
Health
Despite being slightly less worrying about family illness, interestingly, approximately 40% of respondents are more concerned with their general health and well-being than before the pandemic, in part because they expect the impact of the pandemic to last longer than initially anticipated.
Shopping
Over 40% of consumers are curtailing spending. On the one hand this is due to fewer opportunities to spend money, on the other hand this is due to conscious cutting back on non-essential and discretionary purchases.
As consumers are curtailing spending, certain services and activities have been harder hit – with grocery being protected as an essential
When buying their grocery at stores, shoppers want hand sanitiser at entrance/exits, number of customers in store low, plexiglass at the cashier and employees in masks/gloves.
Cooking at home is emerging as a major trend during Covid-19. Compared to the start of lockdown, consumers are cooking more often at home, and anticipate continued growth in the foreseeable future.
Futher reading: Cooking at home becomes major trend coming out of Covid-19.
The online boom
Not surprisingly, the online channel is thriving. As lockdown has persisted consumers are shifting their purchasing of food items toward online and away from brick and mortar channels.
Similarly, for non-food items, consumers are shifting their purchasing toward online and away from brick and mortar channels.
About Bain & Company’s analysis
The researchers from Bain & Company – a global strategy and management consulting firm – teamed up with research house Dynata to survey over 7,800 Europeans in five countries: France, Germany, Italy, Sweden and the United Kingdom. The survey was conducted from 9-17 July 2020, and polled respondents who were primary grocery shoppers for their household.
In related news, a recent slide deck from L.E.K. Consulting sheds light on how Covid-19 is impacting South East Asian consumers, while another similar deck by McKinsey & Company outlines how UAE consumers are responding to Covid-19.
