The coronavirus crisis has demoralized Chinese consumers, with most expecting 4.75 months before a return to normality. Consumers consider the crisis to be extremely severe and are adjusting their budgets for a frigid economy and the prospect of much time spent indoors. Over this period, consumers will be paying extra attention to whether brands demonstrate their support for China.
This data comes from Re-Hub, my employer, and the leading Asia digital transformation firm, in conjunction with Zectr, a Hong Kong machine learning consumer insights startup. Re-Hub and Zectr surveyed 900 consumers in the Tier-1 cities of Beijing, Shanghai and Guangzhou to get an understanding of the effect of the crisis on both their outlook and buying intentions.
Other key findings from the report:
- Young white-collar professionals are expected to be the most resilient with their spending
- Older retired consumers indicated they plan to spend less in general, but more on specific items like packaged foods
- Consumers will be spending more time indoors, and sales of household goods and home electronics should be strong
Zectr created the report using its groundbreaking artificial intelligence solution. In just under two days, they collected and analyzed the data, then using their machine learning algorithms found patterns and generated the full in-depth report.
You are welcome to view or download the full report