Consumer optimism wavers in face of continued pandemic

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 08, 2020, 2:28 PM UTC

McKinsey conducted a survey across 40 countries to understand the shifting consumer sentiment.

Consumer sentiment is steadily decreasing across most countries as the pandemic continues to wash through the globe, according to a study by McKinsey. The number of respondents optimistic about a recovery in the US dropped by 39% on 22nd March to 35% on 19th April.

In the United States, more than a quarter (27%) felt that the pandemic had negatively affected their ability to meet the financial requirements. Just under half of the respondents said they need to be careful about spending money, while 47% said they were cutting back.

Consumers (40% to 60%) also intend to stick to activities, like curbside pickups and telemedicine, once the crisis is over. Senior Expert at McKinsey, Tamara Charm said the brands need to think about navigating the current crisis and getting ready for a new reality post the crisis.

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