EY Future Consumer Index Identifies COVID-19 Consumer Behaviour Trends
A new report by EY, the Future Consumer Index, has identified four consumer behaviour segments, relating to how individuals are dealing with the coronavirus crisis.
The first of these, the 'Cut deep' segment (27.3% of consumers), are spending less across all expense categories as the pandemic impacts employment. This group tends to be over 45 years old, and has seen the biggest impact on their employment status.
Elsewhere, the 'Stay calm, carry on' segment (26.2%) are continuing to spend as normal, and do not feel as directly impacted by the pandemic. Just over a fifth of this cohort are spending more on groceries as a result of COVID-19.
The third group, 'Save and stockpile' (35.1%), feel pessimistic about the future, according to EY, with more than a third now spending more on groceries, with a majority spending less on clothing and leisure.
Finally, the 'Hibernate and spend' cohort (11.4%) are most concerned about the impact of the pandemic, with more than two thirds saying that the products they buy have changed significantly.
The study surveyed 4,859 consumers across the US, Canada, UK, France and Germany during the week of 6 April 2020.
More information on the study can be found here.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.