2021 Global Consumer Insights Survey China report
As the COVID-19 pandemic is still running its course in many economies, consumers worldwide had no choice but to pivot and adopt new lifestyles and habits. Businesses are grappling with rapidly changing consumer behavior and how these changes are going to impact their strategy and bottom-line over the longer horizon.
China, being the world’s biggest consumer market by population, is not immune to external shocks. The domestic market is evolving at breakneck speed. Over the past 18 months nationwide retail sales has rebounded from the trough of pandemic-induced recession in January 2020 to a near full-scale recovery – all the way till April 2021 when outbreak of the delta variant in certain cities and regions caused another setback. Throughout these times retail businesses at large have shown adaptability and resilience against market disruptions.
|For the 2021 Global Consumer Insights Survey, we adopted a ‘pulse’ approach and fielded two surveys, one in November 2020 (‘Pulse 1’) and the other in March 2021 (‘Pulse 2’), in order to remain attuned to changes in the worldwide landscape and connected to the behaviours of the global consumer. Our survey has revealed that the pandemic-induced consumer changes are still sticking―signifying a fundamental and long-term shift in consumer behaviour.|
“Preparing for this brave new world of bricks-and-clicks consumption would call for a major shift in retailers’ operating strategies - towards e-commerce and O2O integration as well as delivering frictionless, tech-enabled in-store experiences.