British consumers are adjusting to the realities of the economy, spending less but consuming more digital media, according to new data from global consulting firm McKinsey & Company on consumer sentiment during the Coronavirus crisis.
As governments and organisations continue to work toward containing COVID-19 and stem the growing humanitarian toll it is exacting, the economic effects are also beginning to be felt. McKinsey is tracking consumer sentiment to gauge how people’s expectations, incomes, spending, and behaviours change throughout the crisis across multiple countries over time. New research reports will be available every two weeks during this period.
Surveys have been carried out in the UK, US, China, Italy and Spain.
Other key findings from the UK show that one third of consumers expect a reduction in income and they are more pessimistic than optimistic about the UK’s economic recovery.
Consumers are also planning to cut back on spending across all categories except grocery and in-home entertainment.
To see the full UK survey findings, click here: