Since the peak of COVID-19, consumer confidence levels have plummeted to the lowest level recorded in 15 years. This comes as we find ourselves in the very early stages of the worst global economic recession since the great depression.

As the virus continues to run its course and global stimulus packages are reduced or withdrawn, the true financial constraints for consumers around the world will intensify. Consumers intend to continue to redirect and further reduce their spend in an effort to manage increasingly squeezed household budgets. Where and how consumers seek to make these savings has major implications for brands and retailers, now and in the future.