The effects of COVID-19 continues to be felt around the globe and organizations will need to anticipate and prepare for the changes in their consumer’s needs, behaviors and preferences. In particular, what are the long-term shifts in consumer behaviors and how can organizations transform their business to successfully adapt to these changes?
This executive summary examines the evolution of consumer behaviors across 12 countries, regions and territories - Australia, Brazil, Canada, China, both mainland and Hong Kong (SAR), France, Germany, Italy, Japan, Spain, UK and the US. It is the first of three reports and is based on a consumer pulse survey data collected from 29 May to 8 June 2020 from more than 12,000 consumers and looked at their interactions with Consumer & Retail, Banking and Insurance organizations. Additional reports will be released at the end of July and the beginning of September.
Key findings - all sectors
Attitudes shape spending Consumers are financially constrained and require greater value for their money. Read more.
Digital savviness The migration to digital channels will lead to a deep change in how organizations deliver their products and services. Read more.
Multidimensional trust Organizations will need to adapt their offering and purpose to build trust. Read more.
Consumer & Retail Price pressure, higher consumer expectations and safety are top concerns. Read more.
Banking Value for money, safety, trust and consumer experience are important for customers. Read more.
Insurance Consumers are looking to secure against future risk with increased clarity from insurance organizations. Read more.
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Partner, Head of Consumer Markets
KPMG in Ukraine