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Coping with the consumption trend in the new reality From kpmg

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The following is the Coping with the consumption trend in the new reality From kpmg recommended by recordtrend.com. And this article belongs to the classification: Investment & Economy, kpmg , Consumer research.

KPMG released a new report “responding to consumption trends in the new reality”. Covid-19 has a lasting global impact on consumers’ needs, preferences and behaviors. The report tracks the opinions of 75000 consumers in 12 markets to study changes and how businesses respond to these trends.

The main trends include:

Two fifths of consumers (43%) are worried about their financial security in 2021

More than one-third of customers (36%) think that saving is more important than spending

37% of respondents work from home and 60% plan to do more in the future

One in five respondents (20%) want to stay at home as much as possible

Confidence in public transport is 37% lower than it was before covid-19

Net spending is expected to decrease by 21% in the next 6-12 months

Nearly half (45%) predicted that the digital channel would be their main channel to connect with the brand

“Value for money” is the highest purchase standard (63%)

The impact of covid-19 on each consumer is different, but there are some important themes. Consumers work more time at home. Compared with the past, saving takes precedence over spending, and there are more digital businesses than ever before. It is more important than ever for an enterprise to understand what drives its customers and then look at its strategy and business model to determine how they need to adapt to changing customer needs.

There are disagreements about how consumers are affected by the economy. While 41% said they were in a poor financial position, nearly half (45%) thought they were in a comfortable financial position, which could mean business opportunities that could meet the expectations of new consumers. Regardless of their financial security, all consumers predict that they will spend less in the next six to 12 months, and all make saving a priority.

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