1、 COVID-19 pulse survey Wave 5 update September 2020 Consumers and the new reality Methodology overview To understand the lasting impact of COVID-19 on consumers needs, behaviors and preferences, KPMG International has sponsored a consumer pulse survey of over 70,000 consumers across 12 markets in si
2、x separate waves over 4 months. Each wave set out to determine how the evolution of COVID-19 is affecting consumer behavior and in turn, what implications this will have for organizations. This executive summary includes data from the Wave 1 to Wave 5 consumer pulse surveys, which took place between
3、 29May 24 August 2020. France, Germany, Italy, Spain and the UK Mainland China and Hong Kong (SAR), China Japan Canada and the US Brazil Australia Methodology Markets covered in the survey Consumers and the new reality2 2020 KPMG Huazhen LLP , a Peoples Republic of China partnership and KPMG Advisor
4、y (China) Limited, a wholly foreign owned enterprise in China and KPMG, a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Limited (“KPMG International”), a UK entity. All rights reserved. Overview Consumers expect to live wit
5、h COVID-19 for the long term Overview *Wave 5 data was collected from 1424 August 2020 Organizations which are most likely to prosper over the long term are those that: 1) adapt their business models and embrace the right type of partnerships fastest to the new reality, 2) rethink their cost of doin
6、g business across multiple facets, 3) demonstrate their purpose and prioritize personal safety for their employees and customers and 4) understand who their customers are, that their needs are changing quicker and brands will need to adapt faster. In our most recent consumer pulse survey*, we see co
7、nsumer expectations for the new normal extend to12 months or more and the underlying fi ndings from the last report have now become part of everyday life. Overall, the combination of basic consumer needs of value and convenience indicates serious consequences ahead for the economic fortunes of indiv
8、idual markets. Customers continue to be preoccupied with their fi nancial situation and value for money. Purchasing will be further curtailed for the foreseeable future as customers choose to save and pay down debt rather than spend. Ease of purchasing is making an economic impact. The fl ight to di
9、gital will have a signifi cant fi nancial impact on retailers as, for many, this is their least profi table channel. Personal safety has transformed consumer behavior, supplier selection and channel use. Consumers are increasingly prioritizing personal safety in light of COVID-19. This comes at a ti
10、me when organizations may be less rigorous in imposing safety measures, which is resulting in an erosion of trust. Consumers and the new reality3 2020 KPMG Huazhen LLP , a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and KPMG, a
11、Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Limited (“KPMG International”), a UK entity. All rights reserved. Value for money remains the #1 driver of purchase decisions and remains unchanged at 63 percent. It is followed
12、 by ease of buying at 40 percent, which falls 2 percent since W1 (May/June). Tailoring products to individual circumstances is key for banking (49 percent) and insurance (32 percent). Consumer confi dence is down *All percentages are comparisons between W5 (1424 August) and W1 (29 May8 June) Persona
13、l safety regarding COVID-19 becomes a basic expectation Consumers have lost confi dence as they evaluate the impact of COVID-19 in their daily lives and are less inclined to go out and resume life as it was. One in fi ve consumers (21 percent) are inclined to stay at home, a 3 percent increase vs. o
14、ur fi rst report. Twelve percent more consumers think COVID-19 will last more than a year (32 percent) vs. W1. Home has now become the new hub, where work, entertainment, study and socializing activities take place. Non-essential spend is expected to be a third lower than pre-COVID-19 over the next
15、612 months (-34 percent). Net trust in companies is now negative vs.pre-COVID-19 at -4 percent. This is a drop of 7 percent in just 11 weeks. Consumers need more reassurance regarding personal safety to come back to stores, branches and outdoor venues. Grocery shopping baskets remain larger, with a
16、+11 percent expected net spend vs. pre-COVID-19. However, consumers are shopping less frequently, a -17 percent net frequency vs. pre-COVID-19. Theres a strong interest in local suppliers, as net likelihood to use more in the future rises 18 percent in the grocery sector and 20 percent for the non-g
17、rocery sector vs. pre-COVID-19. Safety is one of the drivers of this trend (37 percent grocery, 38 percent non-grocery). Consumers are viewing the effects of COVID-19 to be more long lasting and theyre starting to think about their fi nancial future. Insurance purchases are up 5 percent to 32 percen
18、t, as consumers want additional security. In addition, one in six consumers who own a credit product have taken or applied for a payment deferral, as they struggle fi nancially. Where budget and restrictions allow, eating out (35 percent) and holidays at home (32 percent) are the most popular indulg
19、ences. But both fall in priority since W1 (-7 percent and -4 percent respectively). Savings is now #1 priority for disposable income Savings is now a priority +7% vs. W1 43% 22% Attitude towards fi nancial situation remains unchanged are fi nancially overwhelmed or sensitive (same as W1*) Net spend
20、is expected to be down Personal safety rises in the hierarchy of purchase drivers (consistent at 40%) over the next 612 months (vs. pre-COVID-19) 3rd in ranking Consumers and the new reality4 2020 KPMG Huazhen LLP , a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly
21、foreign owned enterprise in China and KPMG, a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Limited (“KPMG International”), a UK entity. All rights reserved. What has changed since our first report in July 2020? Safety is n
22、ow a top three purchase driver Organizations must work much harder to reassure potential consumers that their personal safety is paramount and find new ways of engaging them to ease the anxiety around in-person interactions. Personal safety moves into the top three purchase drivers. Personal safety
23、is a new consumer expectation that is perceived to be a basic need alongside value for money and ease of buying. These basic needs must be met before consumers are able to consider psychological needs such as a great customer experience or the needs of others. Consumers continue to be thoughtful in
24、their purchase decisions, with all the factors illustrated on the left significantly more important than pre-COVID-19. Personal safety has become a clear barrier to getting back out to stores, branches and out-of-home venues. Percentage showing proportion of consumers who rate each as important in t
25、heir decision-making Which of the following is important to you now when buying a product or service? Change in ranking vs. W1 -1 place +1 place Psychological needs Self-fulfi lment needs Basic needs People/environment/social conscience/community (1516%) Value for money (63%) Ease of buying (40%) My
26、 personal safety (40%) Trust in the brand (38%) Customer experience/ quality/range (3338%) Source: Consumers and the new reality, KPMG International, August 2020 Consumers and the new reality5 2020 KPMG Huazhen LLP , a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly
27、 foreign owned enterprise in China and KPMG, a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Limited (“KPMG International”), a UK entity. All rights reserved. OverviewKey findings all sectors Consumers have lost confidence
28、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. Overall net spend across all categories in the next 612 months
29、 is 22 percent lower vs. pre-COVID-19 and spend on non-essential purchases, is expected to drop by 34percent. 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
30、vs. W1. This is seen most among the financially overwhelmed (39 percent). Organizations will need to focus on reassurance and implement initiatives that restore consumer confidence. Who is the most cautious? Those more likely to want to stay at home are youngerconsumers (25 percent, 1844 years old v
31、s. 18 percent 45+ years old) and those in Hong Kong(SAR), China (33 percent), the US (32 percent) and Brazil (31percent). This group is more inclined to be found among the financially overwhelmed or sensitive (24 percent). Whereas older people (32 percent 45+ years old vs. 28 percent 1844 years old)
32、, the financially secure or comfortable (32 and 33 percent respectively), Italians (45 percent) and those in mainland China (41 percent) are the most likely to want to return to pre-COVID-19 habits with extra caution. This belief that COVID-19 will last more than a year is higher among those aged 45
33、+ vs. younger consumers (35 percent vs. 28 percent) and most evident in Japan (44 percent) and Canada (43 percent). This is more commonly felt among the financially overwhelmed (39 percent) and sensitive (34 percent). The decline in net spend is expected to be highest in France and Japan (-28 percen
34、t respectively). Non-essential spend is expected to fall most steeply in Spain (-43 percent) and France (-40 percent). Financial outlook remains weak with 43 percent feeling overwhelmed or vulnerable. Fewer people want to spend on eating out or holidays, with saving taking more of a priority vs. W1.
35、 Now that restrictions are being lifted in many countries and territories, which of the following might you want to prioritize if you were able to fi nancially? (Top three) 28% 15% 45% 12% To what degree do you feel the COVID-19 situation is affecting your household fi nances? To what degree do you
36、feel your spending behavior has changed vs. before? How do you currently feel about your fi nancial wellbeing? Financially overwhelmed Much worse off Struggling to cover essentials Overwhelmed and anxious Financially sensitive Slightly worse off Stopped non-essential purchases Vulnerable Financially
37、 comfortable Not affected fi nancially Kept spending as before Calm Financially secure Better off Spending as before but deferred major purchases Optimistic Source: Consumers and the new reality, KPMG International, August 2020 Source: Consumers and the new reality, KPMG International, August 2020 S
38、avings Rank Change since W1 Eating out Holidays at home +7%-7%-4% 1st2nd3rd Consumers and the new reality6 2020 KPMG Huazhen LLP , a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and KPMG, a Hong Kong partnership, are member firms
39、 of the KPMG network of independent member firms affiliated with KPMG International Limited (“KPMG International”), a UK entity. All rights reserved. OverviewKey findings all sectors Brand trust has declined As consumer confidence dips, companies may have not reacted strongly or quickly enough to co
40、unteract concerns. In our first report, net trust across all sectors globally, was stronger than pre-COVID-19 (+3 percent). Now, net trust has declined to -4 percent. Mainland China stands out as being exceptionally trusting of organizations at this time (up 27 percent vs. pre-COVID-19). However, al
41、l other markets see a negative net trust of between -2 percent in the US and -15 percent in France vs. pre-COVID-19. The drop in net trust over the past couple of months since W1 has been greatest for Spain and Italy (-15 percent and -13 percent respectively). Grocery and non-grocery retail, early b
42、eneficiaries of consumer trust, have suffered the most. The two sectors new to our survey, Entertainment this is particularly high for consumers in Spain (58 percent) and Italy (54 percent). Forty-nine percent of consumers are expecting enforced social distancing policies in the airport. To rebuild
43、consumer trust, Travel & Tourism organizations need transparent communications of refunds and vouchers policies, setting clear expectations on next steps and a clear timeline, especially for airlines. They will also need to inspire confidence in the safety of their operations and processes, with vis
44、ible hygiene and safety measures in place. Eighteen to 44 year olds are more worried than those aged 45+ about the security in the airport process (40 percent vs. 33 percent). The emotional impact towards the industry has been shaped by travel disruptions and how companies reacted initially. Twenty-
45、eight percent of customers feel trusting, especially in mainland China (47 percent) and the US (42percent) and 26percent feel calm, mostly in mainland China (41percent), Italy (36 percent) and Spain (35percent). However, 21 percent feel frustrated, and this is higher in the UK and Australia (34perce
46、nt respectively). For those financially overwhelmed, sentiment is more negative, with 30percent feeling frustrated and 22 percent confused likely due to the challenges of getting refunds and vouchers, at a critical time when they most need it. Sector focus Travel & Tourism Consumers and the new real
47、ity20 2020 KPMG Huazhen LLP , a Peoples Republic of China partnership and KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and KPMG, a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Limited (“KPMG In
48、ternational”), a UK entity. All rights reserved. Sector focus Travel & Tourism Holidays at home: staycations are on the rise As the travel industry faces high levels of disruption and uncertainty remains due to safety concerns and COVID-19 measures abroad, local holidays are replacing airline travel
49、. Holidays at home remains a high priority in future planned expenditure, after savings and eating out. Top three priorities There is an appetite to travel if reassurance can be given regarding security. Many consumers are now planning to take a holiday locally (22 percent) taking into account how the local COVID-19 situation develops, and 21 percent have already booked a local holiday. This can help to support the local tourist industry. As mentioned previously, reassurance on safety measures is key: clear communications and messa
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