Consumers prioritize immediate and essential spending
According to GlobalData, the majority of consumers worldwide are purchasing only as much as they intend to consume in the near future.
The report highlights that Chinese consumers are the most likely to even buy more products than they did earlier. That’s because they are further along in the pandemic and are closer to normality than other countries.
Besides, 25.1% of Chinese females and 24.9% of males are buying more products than they intend to consume in the foreseeable future.
Since the UK, the US, Brazil, and Sweden are still struggling with COVID-19, consumers are far more likely to just plan for the immediate future. The report states this is likely to be due to uncertainty surrounding the lockdown and financial burden.
Meanwhile, only 5.4% of females and 6% of males in the UK are buying more products than they intend to consume in the nearest future. This highlights the financial uncertainty in the country and emphasizes the struggle retailers face.
We’ve reported that 29% of Americans are turning to rewards balances to help them stretch their budgets and buy the essentials amid the pandemic.