Consumer spending during the Coronavirus outbreak: experiences, expectations and concerns
As to be expected during the current COVID-19 pandemic, there is huge concern over what any potential drop in consumer spending will mean; not only for the financial stability of the countries that are suffering the most, but the economy at a global scale.
Some countries like Hong Kong have brought in measures such as monetary vouchers in an attempt to combat the impact in the spending decline. In the UK, we’re still coming to terms with the ‘lockdown’ announced by the Prime Minister recently, so any new initiatives or incentives to increase spending are yet to be announced – if at all.
At this stage we’re yet to understand the extent of the impact of change in spending behaviours, as the duration of the outbreak is still unknown. However, we decided to interview consumers to explore their expectations over their flexible spending during the pandemic and how they believe their usual purchasing behaviours will be affected.
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