Dejected Chinese consumers fear coronavirus will last until at least July
A new report has shown demoralised Chinese consumers are not expecting the coronavirus crisis to end any time soon.
The data shows that most Mainland China consumers consider the crisis to be extremely severe, with most expecting 4.75 months before a return to normality.
The study, a collaboration between digital transformation firm Re-Hub and Hong Kong machine-learning consumer insights startup Zectr, shows consumers are adjusting their budgets for an economic downturn and a long period of staying indoors.
The report showed Chinese consumers believe it’s extremely important for brands operating in the country to demonstrate their support for the country at this tough time.
“People are obviously concerned right now, and this is reflected in their consumption behavior,” said Re-Hub CEO Max Peiro. “Although consumers are not totally tightening the purse strings, their priorities changed, and we see huge divergences in behaviour across different segments.”
The study canvassed 900 consumers in Beijing, Shanghai and Guangzhou, and was subjected to Zectr’s proprietary AI analysis technology. Full details of the study were published yesterday in an industry report named “Consumers in Crisis: Understanding the effect of the Coronavirus on China Consumers”.