We’re seeing signs of stabilization in consumer sentiment worldwide—and even a few glimmers of future light in August, as fears surrounding COVID-19 become slightly less intense and optimism over progress toward a vaccine increases. For example, coronavirus-related concerns appear to be diminishing in the US, with out-of-home activities rising to levels similar to those we saw in June. This probably reflects the recently declining rate of new COVID-19 cases in the US, following a resurgence in July.
Spending expectations remain below pre-COVID-19 levels, but we are seeing some increases, most notably in online spending in China. Although we don’t envision a full recovery in spending for some time, we’ve seen slight increases this month as consumers resume certain activities, such as eating at restaurants and staying at hotels. COVID-19 has continued to curtail travel this summer, but we’ve seen some gains in travel activity during the period. TSA screenings at airports are down 67% in August, but that is a marked improvement over April, when they were down 96%—and pent-up demand remains high. Younger consumers are at the forefront of much of the recent travel activity, as they have been fastest to resume travel, in keeping with their lower levels of concern about catching the virus.
The Boston Consulting Group’s Center for Customer Insight (CCI) applies a unique, integrated approach that combines quantitative and qualitative consumer research with a deep understanding of business strategy and competitive dynamics. The center works closely with BCG’s various practices to translate its insights into actionable strategies that lead to tangible economic impact for our clients. In the course of its work, the center has amassed a rich set of proprietary data on consumers from around the world, in both emerging and developed markets. The CCI is sponsored by BCG’s Marketing & Sales and Global Advantage practices. For more information, please visit http://www.bcg.com/expertise/institutes/center-customer-insight.
Dynata is the world’s largest first-party data and insights platform. With a reach that encompasses 62 million consumers and business professionals globally, and an extensive library of individual profile attributes collected through surveys, Dynata is the cornerstone for precise, trustworthy quality data. The company has built innovative data services and solutions around its robust first-party data offering to bring the voice of the customer to the entire marketing continuum—from strategy, innovation, and branding to advertising, measurement, and optimization. Dynata serves nearly 6,000 market research, media and advertising agencies, publishers, consulting and investment firms and corporate customers in North America, South America, Europe, and Asia-Pacific. Learn more at www.dynata.com.
Partner & Associate Director
Los Angeles
ABOUT BOSTON CONSULTING GROUP
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.
© Boston Consulting Group 2024. All rights reserved.
For information or permission to reprint, please contact BCG at permissions@bcg.com. To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcg.com. Follow Boston Consulting Group on Facebook and X (formerly Twitter).
Explore our Future of Work approach to address workforce challenges like burnout, reskilling, and labor shortages, and transform your workplace for the future.
Younger generations’ buying habits will have a huge impact on the future direction of the global economy. But which of their current preferences have staying power?
China has been managing the coronavirus much longer than the rest of the world. What do its consumers’ plans and behaviors reveal about the post-pandemic future?
As companies assess what life after COVID-19 will look like, they need to distinguish new consumer habits that have staying power from short-term expedients.
COVID-19 has hit the travel and tourism industry hard, but consumers’ pent-up desire for leisure travel is powerful and promises better days ahead.