Tag: consumer behavior

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.

Singapore – Consumers within the Australia-New Zealand (ANZ) and Singapore markets have shown mixed consumer behaviors with the upcoming holiday seasons, a report from advertising analytics company Blis showed.

The study focused on three indicators that reported greater impact on consumer behavior during the global pandemic crisis. These include geographical location, modifications to mobility, and the psychological need for interaction.

ANZ showed contrasting consumer behavior in going out of their homes. Australia tallied 41% of the respondents that showed caution during June this year, albeit the rate has since then changed to 26% in September. On the other hand, New Zealand carried greater confidence at going outside, with a 54% rate in June, albeit slightly dropping to 49% in September due to resurgence of new cases in the country.

About 41% of the respondents in Singapore, on the other hand, wanted to leave their houses with 21%  stating that they are cautious.

In terms of mobility behavior, Singapore demonstrated greater confidence for public transport mobility, with 32% showing positive notes, while ANZ clocked 21% and 26% respectively in terms of mobility confidence. The study noted that effective lockdown measures are a prime cause of these consumer markets showing greater confidence in going outside.

When it comes to psychological behavior, New Zealanders reflected a higher percentage of taking the risk to visit food-related establishments, such as restaurants and bars, which tallied a 46% response rate. On the other hand, Australia and Singapore had less confidence to eat outside, with a 35% and 31% response rate respectively.

As the holiday season is fastly approaching, the ANZ market reported greater interest in spending their festive shopping at a physical store (AU, 33%; NZ 36%) yet have mixed views on spending limit (NZ: same amount as last year, AU: less spending). On the other hand, Singapore showed uncertainty whether they will shop in-store or online, yet showed behavior of shopping earlier for the festivities.