How COVID-19 is Affecting Both Consumers & Businesses in Asia Pacific
In our latest COVID-19 infographic, we took a look at how both consumers and businesses in APAC are feeling about COVID-19 – what is the concern, and ultimately, what is the business impact as we move forward.
In this post, we take a deeper dive into the findings from the surveys we conducted to give you a more in-depth understanding of how to navigate today’s changing landscape.
Consumers seem to be more confident than businesses in the duration the pandemic will last before things return to normal
When asked “how long do you believe the virus will disrupt your business,” 6% of businesses said less than 6 months, 45% said 6-12 months, and 46% said more than 1 year. When we asked consumers “how long do you believe the virus will disrupt your way of living,” 51% said less than 6 months, 16% said 6-12 months, and 21% said more than 1 year.
Consumers are more confident in the duration that COVID-19 will disrupt our way of living than businesses. A lot of this also driven from previous experience (SARS / MERS) as well as where the case numbers are in Asia Pacific, like Hong Kong, Korea, China, and Australia, which are in the single digit/no new case territory.
Beyond this, consumers in Asia Pacific can rely on their memory of how things progressed in the past and are confident that they will spend again. But it will take more time as they look to replenish their savings, which will have taken a hit given the length of the pandemic. The question is what and how much will return to inertia?
Economies and business will lag behind as consumers will gradually look to open their wallets again as they did prior to the COVID-19 impact. Economists and corporations are all in general agreement that 2021 will see a significant bounce back following 2020, but they are not sure whether 2021 will return to 2019 levels.
This online survey was conducted April 22-26, 2020, in Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, Singapore, Thailand & Taiwan. Sample includes 100 adults for every market that is demographically representative for Gender, Age and Income.
This online survey was conducted April 20-30, 2020, among ENGINE clients in Australia, New Zealand, Indonesia, Malaysia, Thailand, Singapore, Philippines, India, Hong Kong, China, Taiwan, Korea & Japan.