McKinsey and Company surveyed 1,000 consumers each in the UK, US, and China to gather consumer perception of economic recovery after Covid-19.
The report states that less than 18% of Britons are optimistic about economy rebounding within two to three months of restrictions being eased. However, 24% believe COVID-19 would have a long-lasting impact on the economy and lead to a lengthy recession.
US consumers were comparatively more optimistic (36%) than pessimistic (16%). 52% of Chinese consumers reported being optimistic. While Gen X (33%) have a pessimistic outlook, 25% of millennials are confident of a “speedy recovery”.
Consumers with earnings of £85k+ (24%) are optimistic about recovery. 40% said they would decrease spending in the future. A Recovery Report anticipates a 60% to 70% decline for the foodservice market until December 2020.
[3 minute read]