McKinsey Survey: US consumer sentiment during the coronavirus crisis

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McKinsey & Company 1
Five emerging consumer themes in October 2021
1 2
Source: Based on 3rd-party data between Feb 2019 an...

McKinsey & Company 2
Confidence in own country’s economic recovery after COVID-191
% of respondents
14 13 17 17 22 21
22 3...

McKinsey & Company 3
15 16 17 17 20 18 16 14 13 14 16 15
45 48 50 48 46 46
45 44 46 45 41 41
40 36 33 35 34 36 39 42 41 41...

McKinsey & Company 4
Spending remains strong | Current as of October 2021
Confidence in own country’s economic recovery af...

McKinsey & Company 5
Younger and vaccinated consumers also drive optimism
Spending remains strong | Current as of October ...

McKinsey & Company 6
Spending remains strong | Current as of October 2021
26 22
28 32
15
17
11 5
59 61 61 63
Gen Z Gen X
M...

McKinsey & Company 7
Household finances have improved slightly over the past year
Spending remains strong | Current as of ...

McKinsey & Company 8
About 50 percent of consumers say it will take until 2022 for
household finances to return to normal
...

McKinsey & Company 9
Spending remains strong | Current as of October 2021
Younger and higher-income consumers plan to spen...

McKinsey & Company 10
Consumers’ intentions to splurge are moderating since early 2021;
baby boomers indicate intent to sp...

McKinsey & Company 11
Spending remains strong | Current as of September 2021
Source: Affinity Solutions credit-card spend ...

McKinsey & Company 12
Spending remains strong | Current as of September 2021
Source: Affinity Solutions credit-card spend ...

McKinsey & Company 13
Spending remains strong | Current as of September 2021
Source: Affinity credit card spend data for F...

McKinsey & Company 14
Spending remains strong | Current as of September 2021
Source: Affinity credit card spend data for F...

McKinsey & Company 15
Spending remains strong | Current as of September 2021
Early pandemic
May–July 2020
Later 2020
Aug–D...

McKinsey & Company 16
Spending remains strong | Current as of September 2021
−15 0 15 30+
YoY growth, %
−30
< −45
Source: ...

McKinsey & Company 17
Omnichannel is ascendant | Current as of September 2021
1. Includes credit-card and some debit-card ...

McKinsey & Company 18
Source: Affinity Solutions credit-card and debit-card spend data for Feb 2019–Sept 2021; Facteus deb...

McKinsey & Company 19
E-commerce share of total retail sales1
%
Omnichannel is ascendant | Current as of September 2021
So...

McKinsey & Company 20
Omnichannel is ascendant | Current as of September 2021
Source: Affinity Solutions credit-card and d...

McKinsey & Company 21
−10
30
0
10
20
40
50
60
70
80
90
100
110
Timeline
YoY
growth,
%
Since April of this year, Amazon’s g...

McKinsey & Company 22
Six or seven in ten consumers shop across all categories in an
omnichannel way
Strong holiday outloo...

McKinsey & Company 23
Social-media influence heaviest on Gen Z and millennials, though
influence is pervasive across gener...

McKinsey & Company 24
Most consumers would rather switch brands or retailers than wait
for out-of-stock items
Source: McKi...

McKinsey & Company 25
Loyalty shake-up continues | Current as of October 2021
Source: McKinsey & Company COVID-19 US Consu...

McKinsey & Company 27
Source: McKinsey Sept 2019–Sept 2021 Global Sentiment Surveys
US consumers are trading down almost t...

McKinsey & Company 28
Out-of-home/homebody economy | Current as of October 2021
Overall
1. Q: Which best describes when yo...

McKinsey & Company 29
Out-of-home activities done in the past 2 weeks1
% shown for respondents who engaged in the activity...

McKinsey & Company 30
Main life events done in the last 12 months as a result of COVID,1 % of respondents
Out-of-home/home...

McKinsey & Company 31
Three themes are emerging among US consumers for the 2021
holiday shopping season
Expected strong de...

McKinsey & Company 32
While consumers have mixed attitudes toward the upcoming
holidays, higher-income consumers and mille...

McKinsey & Company 33
Spending is expected to be strong in the fourth quarter, particularly
for the discretionary, travel,...

McKinsey & Company 34
On a year-over-year basis, Q4 spend on many
discretionary categories could see double-digit growth
S...

McKinsey & Company 35
Holiday travel will likely increase in 2021 relative to 2020,
especially among higher-income consume...

McKinsey & Company 36
Compared with pre-COVID-19 levels, consumers plan to attend
slightly fewer in-person holiday events
...

McKinsey & Company 37
Consumers have been shopping heavily omnichannel since the
COVID-19 pandemic started
Strong holiday ...

McKinsey & Company 38
Consumers report planning to use a heavily omnichannel
approach for holiday research
37
33
33
27
25
...

McKinsey & Company 39
Social media is influencing a majority of consumers’ holiday-buying
decisions and inspires over 80 p...

McKinsey & Company 40
Consumers say they plan to shop more online as well as in person
47
24
27
Shop more online
Shop more...

McKinsey & Company 41
1. Q: Do you plan to shop for the holidays earlier or later in 2021 compared to last year’s holiday ...

McKinsey & Company 42
Almost half of consumers have started holiday shopping already
45
42
11
2
I already started
In Novem...

McKinsey & Company 43
US consumers plan to shop earlier because of supply-chain issues
and unexpected COVID-19 challenges
...

McKinsey & Company 44
Supply-chain challenges are expected to persist through and well
past this year’s holiday shopping s...

McKinsey & Company 45
Labor shortage is at record-high levels, which are likely to persist
into 2022
1. Number of job open...

McKinsey & Company 46
This holiday season, roughly half of consumers expect to shop at
different retailers than in 2020
16...

McKinsey & Company 47
Consumers prioritize better value and convenience when deciding
where to shop; younger consumers see...

McKinsey & Company 48
Actions retailers can take to retain consumer loyalty
Since consumers are
already shopping for
the h...

McKinsey & Company 49
Examples of actions taken by retailers to retain consumers this
holiday season
Face supply-
chain pa...

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