1、A report by The Economist Intelligence Unit Worldwide Cost of Living 2020 How is Covid-19 affecting the prices of consumer goods? The world leader in global business intelligence The Economist Intelligence Unit (The EIU) is the research and analysis division of The Economist Group, the sister compan

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11、Network delivers a range of macro (global, regional, national, and territorial) as well as industry-focused analysis on prevailing conditions and forecast trends. WORLDWIDE COST OF LIVING 2020 HOW IS COVID-19 AFFECTING THE PRICES OF CONSUMER GOODS? The Economist Intelligence Unit Limited 20201 Key f

12、indings l The Economist Intelligence Units Worldwide Cost of Living (WCOL) index, which this year reports the prices of 138 goods and services in about 130 major cities as at September 2020, has risen by just 0.3 points on average over the past year. l The three most expensive cities in the world ar

13、e Hong Kong, Zurich (Switzerland) and Paris (France). Zurich and Paris have overtaken Singapore and Osaka (Japan), which have slipped down the rankings. l Cities in the Americas, Africa and Eastern Europe have become less expensive since last year, while Western European cities have become costlier.

14、 This partly reflects a rise in European currencies against the US dollar. l Of the ten categories covered by this report, tobacco and recreation (including consumer electronics) have seen the biggest price increases since last year, while clothing prices have seen the steepest decline. The 30th edi

15、tion of the World Cost of Living index shows how the Covid-19 pandemic has changed the cost of living in 133 cities around the world since the start of 2020. Of the ten categories covered by this report, tobacco and recreation (including consumer electronics) have seen the biggest price increases si

16、nce last year, while clothing prices have seen the steepest decline. This report will focus on how the cost of goods has changedowing to currency volatility, supply chain problems, the impact of taxes and subsidies, and shifts in consumer preferencesand how global consumer goods companies can adapt

17、to the situation. Overall, the biggest price gains in US dollar terms have been in Tehran (Iran), whose overall WCOL index has risen by ten points amid US sanctions, which have impacted the supply of goods. However, although Tehran may have climbed almost 30 places, from 106th place to 79th position

18、, prices in the city remain far below those in the three most expensive cities in the world, Hong Kong, Zurich and Paris. Zurich and Paris have overtaken Singapore and Osaka, which have slipped down the WCOL rankings from joint-first last year (with Hong Kong) to numbers four and five. Prices in Sin

19、gapore fell as the pandemic led to an exodus of foreign workers. With the city states overall population contracting for the first time since 2003, demand has declined and deflation has set in. Osaka has seen similar trends, with consumer prices stagnating and the Japanese government subsidising cos

20、ts such as public transport. The biggest price drops have taken place in Rio de Janeiro and So Paolo (both in Brazil), reflecting weak currencies and rising poverty levels. How is Covid-19 affecting the prices of consumer goods? WORLDWIDE COST OF LIVING 2020 HOW IS COVID-19 AFFECTING THE PRICES OF C

21、ONSUMER GOODS? The Economist Intelligence Unit Limited 20202 Reasons for the pricing shifts l Local currency exchange-rate movement against the dollar caused many of the shifts in the WCOL rankings, given that cities are compared using an index in which New York City is the base city. In general, cu

22、rrency weakness has followed the pandemic as it spread across the world from Asia to Latin America. By September 2020, when our survey was taken, currencies were weakest in the Americas and strongest in Western Europe. l Supply-chain problems have also affected price trends in our 2020 survey, with

23、shortages of goods such as toilet roll and pasta fuelling price increases in some categories. Tehrans leap in the ranking is directly linked to US sanctions, which have stopped imports in several categories. The ten most expensive cities in the world CountryCityWCOL index (New York=100)RankRank move

24、ment SwitzerlandZurich10314 FranceParis10314 ChinaHong Kong*10310 SingaporeSingapore1024-3 IsraelTel Aviv10152 JapanOsaka1015-4 SwitzerlandGeneva10073 USNew York1007-3 DenmarkCopenhagen9692 USLos Angeles969-1 *Hong Kong Special Administrative Region (SAR) of the Peoples Republic of China Source: The

25、 Economist Intelligence Unit. Source: The Economist Intelligence Unit. IndexRank Cities in the America have seen prices fall (Average change in WCOL index and ranking; year on year) Latin AmericaNorth AmericaEastern EuropeAfricaMiddle EastAsiaWestern Europe -8 -6 -4 -2 0 2 4 WORLDWIDE COST OF LIVING

26、 2020 HOW IS COVID-19 AFFECTING THE PRICES OF CONSUMER GOODS? The Economist Intelligence Unit Limited 20203 l In certain cities, government actions have driven price changes. Some countries (such as in Argentina) have imposed new price controls amid high demand from panic buyers. Others have raised

27、taxes to offset revenue shortfalls. For example, the oil price slump led the Saudi government to raise value-added tax (VAT) from 5% to 15% from July 2020. l Many countries have seen a sharp fall in disposable incomes, despite government support. Consumers have responded by increasing precautionary

28、savings and slashing spending. l Changes in lifestyles caused by the pandemic have also influenced pricesfor example, stay-at- home shoppers have new views on the goods and services that they see as essential. The impact on consumer goods prices The 2020 WCOL survey shows that, while most prices for

29、 consumer goods and services have remained fairly flat over the past year in the worlds major cities, the pandemic has impacted particular categories differently. With many shops closed during lockdowns, the prices of essential products have been more resilient than those of non-essential goods, whi

30、le prices for products that appeal as impulse purchases Biggest movers down the ranking in the last 12 months CountryCityIndex (New York=100)RankIndex moveRank move IcelandReykjavik7156-7-27 BrazilSao Paulo43119-11-23 BrazilRio de Janeiro43119-11-23 ThailandBangkok7446-5-20 RussiaMoscow52106-6-20 Me

31、xicoMexico City6473-6-18 UkraineKiev53101-5-15 TurkeyIstanbul47111-7-15 KenyaNairobi6377-3-14 PeruLima6377-3-14 Source: The Economist Intelligence Unit. Biggest movers up the ranking in the last 12 months CountryCityIndex (New York=100)RankIndex moveRank move IranTehran62791027 AustraliaPerth6762312

32、 ChinaGuangzhou6762312 SerbiaBelgrade5690312 Cote dIvoireAbidjan5690312 ItalyRome7732411 GermanyDusseldorf7732411 SenegalDakar53101211 BelgiumBrussels7732411 NetherlandsAmsterdam7732411 Source: The Economist Intelligence Unit. WORLDWIDE COST OF LIVING 2020 HOW IS COVID-19 AFFECTING THE PRICES OF CON

33、SUMER GOODS? The Economist Intelligence Unit Limited 20204 to shoppers browsing retailers shelves have been hard-hit. What consumers see as essential has also shifted. Bottled water is not a surprise, but meal-preparation kits have replaced restaurant meals for many middle-class families. Amid the p

34、andemic, price-conscious consumers have also opted for cheaper products in many countries, increasing price competition for less-expensive goods. Low demand has had a particular impact on clothing prices, for example. On the other hand, high-earning consumers have been comparatively unaffected by th

35、e pandemic. While they are likely to shop less, prices of premium products have remained resilient. Supply-chain problems have also had differing impacts on different goods, pushing up the price of high-demand products such as computers in some cities. Prices for consumer staples were flat overall W

36、hile the prices of packaged goods, such as coffee, cheese, rice and orange juice, rose across most cities in the latest WCOL survey, the average index for the food and grocery category remained flat. However, the index for the shopping basket, which includes a variety of food items and non-alcoholic

37、 beverages, fell in 2020 for 50 of the cities surveyed. Latin America and Africa accounted for most of the declines, mainly owing to weak local currencies and raised poverty levels. Caracas, Rio de Janeiro and Lusaka saw some of the steepest declines in the shopping basket index. One of the biggest

38、increases was in Tehran, where US sanctions led to supply challenges. All eight Chinese cities saw increases. Alcohol prices exhibited an upward trend, with prices of local beers holding up better than those for the top brands. While bars are shut in many cities, overall demand remains strong. Onlin

39、e sales are high in cities where they are allowed. In some countries, such as India, prices rose owing to increased taxes. The mean index for tobacco reported the highest year-on-year increase for any non-durable goods. All five Australian cities saw double-digit increases in the tobacco index, whil

40、e three US cities Cleveland, Boston and Pittsburghwere among those that saw steep falls. Prices now and then for the 10 most expensive cities Average price for a 1kg loaf of bread; US$ CountryCity2020201920152010 FranceParis6.15.27.429.09 ChinaHong Kong*3.823.64.364.64 SwitzerlandZurich5.034.695.855

41、.75 SingaporeSingapore3.593.353.43.1 JapanOsaka4.895.635.237 IsraelTel Aviv5.634.74.533.36 USNew York9.458.628.286.57 SwitzerlandGeneva6.055.627.025.72 USLos Angeles7.046.825.725.94 *Hong Kong Special Administrative Region (SAR) of the Peoples Republic of China Source: The Economist Intelligence Uni

42、t WORLDWIDE COST OF LIVING 2020 HOW IS COVID-19 AFFECTING THE PRICES OF CONSUMER GOODS? The Economist Intelligence Unit Limited 20205 Prices for consumer electronics surged, while clothing prices declined Other than tobacco, the steepest average increase in the index came in the recreation category,

43、 which includes varied purchases such as the cost of a four-course dinner, a paperback book, a TV and a personal computer. The biggest driver for the increase in the recreation index was consumer electronics. The cost of a personal computer rose by 18.7 points on average, with the cost being the mos

44、t expensive in Osaka and the cheapest in Caracas. The troubles started early on in the pandemic for the electronics industry, when Wuhan, a major electronics manufacturing hub, was put under lockdown. Production stoppages led to product shortages and high prices when remote working drove demand for

45、laptops and computers. Technology-focused run-ins between the US and China have also tested the resilience of companies supply chains and raised prices for consumers. -1.5-1.0-0.500.51.01.52.02.53.03.5 Recreation Personal care Tobacco Alcohol Domestic help Transport Groceries Household Utilities Clo

46、thing Overall index Recreation up; clothing down (Change in mean price index; year on year) Source: The Economist Intelligence Unit. Most expensive cities for computers Average price of personal computer; US$ CountryCity202020192015 JapanOsaka1,8282,006963 IranTehran1,7141,7011,335 KenyaNairobi1,662

47、1,5391,396 AustriaVienna1,6571,5041,541 GuatemalaGuatemala City1,6361,6371,938 PeruLima1,6271,7131,447 USLos Angeles1,6011,3921,107 USLexington1,5491,5491,649 USHouston1,5261,5151,670 SpainBarcelona1,5021,3151,521 Source: The Economist Intelligence Unit. WORLDWIDE COST OF LIVING 2020 HOW IS COVID-19

48、 AFFECTING THE PRICES OF CONSUMER GOODS? The Economist Intelligence Unit Limited 20206 Methodology The Worldwide Cost of Living is a twice-yearly survey conducted by The Economist Intelligence Unit that compares more than 400 individual prices across 138 products and services in about 130 cities. Th

49、e survey can be accessed via The EIUs data tool or our purpose-built website; these allow for city-to-city comparisons. To gather price data, our researchers survey a range of stores and service producersfrom discount to luxuryin order to determine the range of prices being charged. Our economists then convert the 50,000 reported prices into a central currency (the US dollar) using the prevailing exchange rate and weighting in order to achieve comparative indices. All cities are compared with a base city, New York City, which has an index score of 100. Of the ten product categories covered