Pandemic woes have varied consumer impact on China, Japan markets: report


London – The ongoing global pandemic has created varied consumer impacts and reactions within the consumer base within the Chinese and Japanese markets, recent statistics from consulting firm Ernst & Young show.

In their latest “EY Future Consumer Index,” the report showed contrasting behaviors on pandemic impact on consumer behavior and everyday life. Chinese consumers showed more optimism that the pandemic fear will fade off, as 46% of the respondents say the fear will only last about one to six months. On the other hand, Japanese consumers were less optimistic, with 66% of the respondents saying that the fear will last for about a year or more.

With a significant increase in consumers shifting to online shopping, Chinese consumers are very likely to show interest in online shopping, with appliances and technology-related items being the top shopping choice.

On the other hand, Japanese consumers’ behavior tends to lean more to a “normalization” perspective, which accounted for the top consumer trend in the country.

Andrew Cosgrove, EY global consumer knowledge leader, notes that such mixed consumer behavior means that the future of shopping means transitioning to online channels.

“This points to the risk of showrooming, with consumers going to stores to touch and feel the product for the experience but then making purchases online where products might be cheaper. Retailers and consumer product companies will need to ensure they have both seamless omnichannel experience and the stock and price point needed to make the sale,” Cosgrove stated.

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