Even though many people are now receiving vaccinations and signs of recovery are appearing in some economies, consumers’ money anxieties have not yet eased.
The Global Consumer Insights Pulse survey was also conducted in October 2020 and in March 2021.
“Where in the March report we noticed a slight revival of consumer interest in spending, we now see a clear trend towards saving. Even if these habits persist, we expect consumer spending to improve as economies recover from pandemic losses. There is also a tendency to save among the younger generations, even if they haven’t experienced financial crises so far. However, we find for example that many respondents (61%), especially from Europe and the USA, are eager to spend more on dining out,” said Mihai Anita, Partner and Leader of Retail Services, PwC Romania.
The survey shows that the spending structure will remain the same in the next period, with much going on necessities, such as food and household goods.
Consumers said that in the next six months they expect to spend more on groceries (37%), takeaway food (32%), home entertainment (30%), sporting equipment (21%), arts, culture and sporting events (19%), and alcoholic beverages (18%).
“Some behavior changes, both forced and voluntary, will have become a habit. We see that the preference for online shopping is growing at a faster pace than during the lockdown, especially for groceries. At the same time, consumers are more oriented towards organic and local products. Companies should be aware of these changes and constantly adapt to them,” said Ruxandra Tarlescu, Partner PwC Romania.
Over 36% of consumers say they’ve become more optimistic about the economy since late last year and the young are most upbeat about the future.
Over 50% of global consumers surveyed say they are more digital in the last months.
Although the number of those who returned to physical stores increased after restrictions were lifted (46% in June, compared with 42% in March), smartphone purchases continue to rise, gaining two percentage points compared to in-store purchases.
Given that many people have been shut indoors for such a long time, it might seem surprising to hear anyone claiming they’ve become healthier in the last six months. In fact, more of the work-from-home group say they have better health now (55%) than do those who work away from home (46%).
The percentage of those who want to travel in the next six months has increased very slightly, from 47% in March 2021 to 50% in June.
Also, more consumers buy local products and more than half of respondents say they are more oriented towards organic products. Since October 2020, there has been a solid 6 percentage point step-up in the number of shoppers who say they’ve been doing more to support local independent businesses.
The Global Consumer Insights Pulse survey included a sample of 8,600 respondents from 22 countries.