Fundamental changes in consumer behaviour due to the crisis

There were approximately 5,000 participants in the international EY Future Consumer Index survey, which revealed: 42 percent of shoppers think that the current economic and social situation radically changes consumer behaviour. EY partner Ákos Demeter told: in the long run shopper fears are transforming the buying decision influencing factors. The study specified 5 consumer groups based on the factors that influence buying decisions:

1. About one-third of respondents are sure that life will go back to normal after COVID-19. 2. One-quarter of consumers spend responsibly, they think that the current emergency will entail a global recession. 3. A bit more than one-fifth of consumers are pessimistic – they expect that they will spend a bit less after the end of the pandemic. 4. 13 percent of the survey’s participants are those who lost their job and are only buying what is essential. 5. There is also a somewhat hedonistic 9 percent, who think that they will spend much more when the crisis ends. //