In a survey published by EY Mexico, 70% of participants said they would reduce spending on food, drink and other products by at least April by next year.
Coronavirus epidemic Millions of people have had a strong impact on the economy. This is demonstrated by a survey published by the firm Ernst & Young Mexico (EY) , Specialized in consulting and auditing services. More than half of the participants announced that they plan spend less On various products in the first quarter of 2021. He also knew his intention Migrating to cheap brands.
This was revealed in the survey conducted last October 59% of people will cut spending on their food and beverages. They also aim to save personal Care products (47%), cleaning tools (41%), and Pharmacy products (40%).
In the middle Non-essential expenditure That would be many cuts Alcoholic beverages (87%), Perfumes and cosmetics (68%), Electronics (65%) and is dresses (57%).
“Consumers are having an impact on their wallets. As a result, they are cautious in spending less, they have financed themselves through savings, loans and pawn shops. Strategyngel Estrada, vice president of strategy practice at EY-Parthenon.
– EY México (@EYMexico) December 18, 2020
Same poll found 4 out of 10 people Will choose inexpensive presentations Of original products, at least until April 2021.
“70% of consumers mentioned that they are spending less, and not necessarily consuming less. There are some who have gone for cheap brands. A story that varies by category. “ , Estrada reported.
53% polled They said they like the cheap version Of cleaning products. Consumers also plan to consume less expensive brands Dairy (44%), personal Care products (36%), Meat (34%), Pharmacy products (35%), non-alcoholic beverages (35%), Desserts (33%)) and Alcoholic beverages (23%).
“Part of the behavior that we are going to see in 2021 is the impact we have, where a large proportion of consumers are carrying heavy crockery, and it will have an impact primarily on the January slope, and will sustain these strategies To preserve quantities that buy with cheap brands. “ , The executive of EY-Parthenon said.
Estrada said the long-term impact would be interesting. That is, if the consumer will continue to use the most accessible price brands or if the economy stabilizes they will return to normal.