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Consumers have lost confidence

Since our first report, published in July 2020, consumers have lost confidence in their interactions with the outside world. They are less inclined to go out and more likely to feel that the impact of COVID-19 will last more than a year. Claimed overall net spend across all categories in the next 6-12 months is -22 percent lower vs. pre-COVID-19 and spend on non-essential purchases, is expected to drop by - 34 percent.

Financial outlook remains weak - infographic

Globally, 21 percent of consumers want to stay at home as much as possible (+3 percent vs. W1). A third (32 percent) now think the situation will last more than a year, a rise of +12 percent vs W1. This is seen most among the financially overwhelmed (39 percent).

What does this mean in the new reality?

Organizations will need to focus on reassurance around personal safety and take a longer-term view. Consumers see personal safety as a key barrier to re-engaging with organizations outside the home and those who address this effectively will lead the competition.

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