Five keys to unlocking growth in marketing’s “golden age”

•

284 j'aime•29,209 vues

New trends have moved marketing the cusp of a new golden age. To deliver on the promise, marketing needs to execute on the 5S approach: science, simplicity, substance, speed, and story. This presentation walks through what marketers and business leaders need to get right to execute all of them. This presentation is based on a public webinar given by McKinsey partners Jonathan Gordon and Jesko Perrey.

Marketing Business

Any use of this material without specific permission of McKinsey & Company is strictly prohibited
McKinsey Insights & Publications webinar | February 20, 2015
Five keys to unlocking growth
in marketing’s “golden age”

McKinsey & Company | 1@McKinsey @McK_MktgSales #McKGrowth
New trends shaping marketing today
Consumer
power
Explosion
of digital
Fragmentation
Always on Personalization
Data, data,
data!
1
0
0
1
1
0
Personalization

McKinsey & Company | 2@McKinsey @McK_MktgSales #McKGrowth
This is the dawn of
a new golden age
of marketing
McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 2

McKinsey & Company | 3@McKinsey @McK_MktgSales #McKGrowth
Science
StorySpeed
Simplicity Substance
The 5 S’ of the new golden age

McKinsey & Company | 4@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 4
“The beauty of marketing today is
that we can really show the return.
The data allows us to demonstrate
impact in a much more transparent
way than in the past.”
Lorraine Twohill, Senior VP for Global
Marketing, Google
Science

McKinsey & Company | 5@McKinsey @McK_MktgSales #McKGrowth
Science
Better decisions to
increase impact
$200 billion opportunity

McKinsey & Company | 6@McKinsey @McK_MktgSales #McKGrowth
Science: Better decisions to increase impact
Avg. profit
for promoted
products up
288%
Retail company

McKinsey & Company | 7@McKinsey @McK_MktgSales #McKGrowth
Science: Better decisions to increase impact
International industry player
100,000
price points reset
500 SKUs
1.3 million transactions
Analyticalrendering

McKinsey & Company | 8@McKinsey @McK_MktgSales #McKGrowth
Science: Better decisions to increase impact
vs.
Art Science
Wrong debate

McKinsey & Company | 9@McKinsey @McK_MktgSales #McKGrowth
Science: Better decisions to increase impact
Art Science
Wrong answer

McKinsey & Company | 10@McKinsey @McK_MktgSales #McKGrowth
Art Science Craft
Science: Better decisions to increase impact

McKinsey & Company | 11@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 11
Substance
“Look what [luxury brands] are
doing: they’re building flagship
stores that are beautiful, where
you actually like to just browse
around before you buy. Those
are emotional places.”
Ola Källenius, Board of Management
of Daimler AG

McKinsey & Company | 12@McKinsey @McK_MktgSales #McKGrowth
Substance
Moving beyond
messaging to shape
the substance of
business

McKinsey & Company | 13@McKinsey @McK_MktgSales #McKGrowth
Differentiation
Substance: Shaping substance of business
Products Services Experiences

McKinsey & Company | 14@McKinsey @McK_MktgSales #McKGrowth
Substance: Shaping substance of business
Energy company
Customer
onboarding
7 steps
2 steps

McKinsey & Company | 15@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 15
Story
“It’s not [all data]! … If you fall
down on the art, if you fail on the
messaging and storytelling, all
that those tools will get you are a
lot of bad impressions.”
Lorraine Twohill, Senior VP for Global
Marketing, Google

McKinsey & Company | 16@McKinsey @McK_MktgSales #McKGrowth
Story: Better storytelling for emotional connection
What makes a good
story hasn’t changed.
HOW to tell one has.

McKinsey & Company | 18@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 18
Speed
“Speed comes from decentrali-
zation and creating a local
autonomy to take local action.”
CMO, Consumer goods company

McKinsey & Company | 19@McKinsey @McK_MktgSales #McKGrowth
Speed
A culture of urgency
has placed emphasis
on speed and agility

McKinsey & Company | 20@McKinsey @McK_MktgSales #McKGrowth
Speed: A culture of urgency to keep up with consumers
From To
Batch processing
Command and control
Manual
Slow development
Continuous delivery
Agile
Automated
Real-time test & learn

McKinsey & Company | 21@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 21
Simplicity
“The growing complexity is
unmanageable: in-house vs.
external partners, established
channels vs. new channels. We
need help to get through this jungle.”
CMO, Consumer goods company

McKinsey & Company | 22@McKinsey @McK_MktgSales #McKGrowth
Simplicity: Simplify to execute
Speed and agility
require relentlessly focusing
on simple

McKinsey & Company | 23@McKinsey @McK_MktgSales #McKGrowth
Complexity kills
Expanding
geographic
footprints
Product and
channel
proliferation
Digital and
technology
specializations
Hierarchies,
silos, gaps,
redundancies
Simplicity: Simplify to execute

McKinsey & Company | 25@McKinsey @McK_MktgSales #McKGrowth
The most important questions to ask
Speed
Faster than our competitors or slower?
Simplicity
Simplifying processes or overwhelming with new things?
Story
Making connections or speaking into space?
Substance
Differentiated experience or “me-too” selling?
Science
Today’s insights or yesterday’s facts?

Contenu connexe

Tendances

The Great Mobility Tech Race: Winning the battle for future profits

Boston Consulting Group

Salesforce Basecamp Helsinki 8.5.2018 - Boston Consulting Group

Salesforce Finland

The Industrialist: Trends & Innovations - July 2022

accenture

What is the speed at which digital is and will change our world? How is Europe performing in digital compared to the United States? Where is the progress? And where is the paralysis? What some of the challenges and risks of digital – its potential to divide business and society – between the highly digitized: the “have-mores,” and the “haves:” those who are not able or willing to adapt fast enough. And what is our share our vision with you for how Europe needs to capture the huge digital prize. What can start-ups, companies, public authorities – everyone in this room – do, to make it happen?

Digital Europe: Pushing the frontier, capturing the benefits

McKinsey & Company

What’s Chipping Away at Automotive Production

Boston Consulting Group

Shifting Trade Rules and the Future for North America’s Auto Industry

Boston Consulting Group

Shattering the Glass Screen: Gender inequality in media and entertainment

McKinsey & Company

The Decade to Deliver: A Call to Business Action

accenture

2020 Women in the Workplace Participant Briefing

McKinsey & Company

Cloud value in cash management

McKinsey & Company

Decoding the digital consumer, bcg

Retailers Association of India

Pathways to Profitability for the Communications Industry

accenture

Productivity in the engineering and construction industry has been stagnant for decades. The proliferation of digital solutions has made it difficult for users to develop a coherent strategy. Companies who are able to successfully navigate the new digital landscape are on the brink of a transformation that will see top performers reduce overall project costs by 20-45%. However, digital transformations require developing digital capability across all aspects of the organization. Therefore, each entity involved in the industry must understand its critical challenges in order to guide its path to increased digital capability.

Digital and Innovation Strategies for the Infrastructure Industry: Tim McManu...

Smart City

Consumer privacy in retail

Deloitte United States

Indian consumers’ optimism has remained high since October 2021 and has reached the highest levels across other Asian markets since COVID-19 started. Nearly three-quarters of India’s consumers are optimistic about economic recovery, and net intent to spend is growing and positive across many categories. Omnichannel usage continues across the majority of categories, and social-media influence is high, especially for Gen Z and millennials. More than 90 percent are engaging in social media and entertainment platforms. There is an upward trend for new technology, such as crypto and augmented reality/virtual reality, and consumers intend to continue digital activities as the COVID-19 crisis subsides. About 40 percent of consumers are engaging in out-of-home activities, especially among the vaccinated segment. Most consumers have tried new shopping behaviors such as new retail outlets and new brands.

McKinsey Survey: Indian consumer sentiment during the coronavirus crisis

McKinsey on Marketing & Sales

2019 CPG Growth Leaders Report

Boston Consulting Group

#BainWebinar Next Generation Industrial Performance Post COVID-19

Bain & Company Brasil

Fintech New York: Partnerships, Platforms and Open Innovation

accenture

Microsoft to Acquire LinkedIn: Overview for Investors

Microsoft

The Bionic Future - Future Work Summit

Miguel Carrasco

Tendances (20)

The Great Mobility Tech Race: Winning the battle for future profits

Salesforce Basecamp Helsinki 8.5.2018 - Boston Consulting Group

The Industrialist: Trends & Innovations - July 2022

Digital Europe: Pushing the frontier, capturing the benefits

What’s Chipping Away at Automotive Production

Shifting Trade Rules and the Future for North America’s Auto Industry

Shattering the Glass Screen: Gender inequality in media and entertainment

The Decade to Deliver: A Call to Business Action

2020 Women in the Workplace Participant Briefing

Cloud value in cash management

Decoding the digital consumer, bcg

Pathways to Profitability for the Communications Industry

Digital and Innovation Strategies for the Infrastructure Industry: Tim McManu...

Consumer privacy in retail

McKinsey Survey: Indian consumer sentiment during the coronavirus crisis

2019 CPG Growth Leaders Report

#BainWebinar Next Generation Industrial Performance Post COVID-19

Fintech New York: Partnerships, Platforms and Open Innovation

Microsoft to Acquire LinkedIn: Overview for Investors

The Bionic Future - Future Work Summit

En vedette

Everything you want to know about sales growth but are afraid to ask

McKinsey on Marketing & Sales

Breakthrough Sales Productivity

McKinsey on Marketing & Sales

Sales 2.0

McKinsey on Marketing & Sales

Sales Growth: Quotes from select interviews

McKinsey on Marketing & Sales

Megatrends for sales organizations

McKinsey on Marketing & Sales

Marketing Performance Infographic

McKinsey on Marketing & Sales

“Haves” and “have-mores”: the accelerating digitization of the US economy

McKinsey on Marketing & Sales

Four megatrends are defining today's and tomorrow's sales landscape: Technology, demographic shifts, economics of experimenting, and the power of the user. This speech by McKinsey's Jennifer Stanley explores the trends, and lays out the five things that sales executives need to do now to adapt. For more on McKinsey's megatrends, be sure to check out: http://www.mckinseyonmarketingandsales.com/megatrends-for-sales-organizations

Megatrends for sales organizations

McKinsey on Marketing & Sales

Big Data and advanced analytics are critical topics for executives today. But many still aren't sure how to turn that promise into value. This presentation provides an overview of 16 examples and use cases that lay out the different ways companies have approached the issue and found value: everything from pricing flexibility to customer preference management to credit risk analysis to fraud protection and discount targeting. For the latest on Big Data & Advanced Analytics: http://mckinseyonmarketingandsales.com/topics/big-data

Big Data and Advanced Analytics

McKinsey on Marketing & Sales

The best companies boost revenues by not just building advanced pricing analytics programs but also developing relevant capabilities - people, processes, tools. A successful revenue growth program is a journey, and this presentation highlights the four areas where companies need to focus to become leaders. Brian Elliott (CEO of McKinsey Periscope) gave a version of this presentation at the Professional Pricing Society event in Oct., 2014.

The Journey to Revenue Growth

McKinsey on Marketing & Sales

Why do companies need to manage the entire customer experience? New analysis reveals that the entire customer journey - the series of interactions with a brand - is more important than any single touchpoint experience. Leading companies identify and effectively manage a few "key journeys." When companies perfect managing the entire customer journey, they reap significant benefits—including enhanced customer and employee satisfaction, reduced customer churn, increased revenue, lower costs, improved organizational collaboration, and competitive advantage. Presented at the Harvard Business Review webinar. For more on customer decision journeys: http://mckinseyonmarketingandsales.com/topics/customer-decision-journey

Transforming Customer Experience: From Moments to Journeys

McKinsey on Marketing & Sales

For companies to be successful today, they have to plan for customer journeys not just customer experiences. In the digital age where engaging with customers across the entire purchase process, the experience with the brand can as important - if not more so - than the product itself. The best companies are aligned on their customer journey strategy, are truly omnichannel, get and keep the right talent, know what their return on marketing investment is, have campaigns tailored to their customers, and are agile. David Edelman made this presentation at the Financial Times Future of Marketing Summit.

It's All About the Customer Journey

McKinsey on Marketing & Sales

How b2b brands talk past their customers

McKinsey on Marketing & Sales

The digital tide is hitting all of us, profoundly transforming our everyday lives, and dramatically transforming the way consumers behave and think about brands. Far from being the harbinger of the end of retail, digital is a big competitive advantage for stores that know how to use it. This presentation was shared by McKinsey partner Nathalie Remy (Paris) at the Women's Wear Daily Apparel and Retail CEO Summit. View McKinsey's top retail content: http://mckinseyonmarketingandsales.com/sector/retail

Are stores out of fashion?

McKinsey on Marketing & Sales

The marketer strikes back

McKinsey on Marketing & Sales

In recent years loyalty programs that reward buyers for sticking with the brand have steadily grown in popularity. Between 2008 and 2012, U.S. loyalty memberships increased by 10 percent per year – reaching over 23 memberships per household. But for all their growth and popularity, do loyalty programs really pay off for the companies that offer them? A recent McKinsey study suggests that on average, they do not – and may in fact destroy value for program owners. For more on loyalty, visit: http://www.mckinseyonmarketingandsales.com/topics/loyalty

Making loyalty pay: How to build - not destroy - value

McKinsey on Marketing & Sales

Women Matter 2012: Making the breakthrough, examines the gender-diversity programs of 235 large European companies. The report investigates what initiatives companies are taking, what is working well or less well, and why. The research found that most companies are now taking gender diversity issues extremely seriously, devoting real resources to redressing the gender imbalance. But many companies also expressed frustration that their efforts do not always create the expected impact.

McKinsey presentation

Constructingeq

Companies that want to turn excellent customer experience into growth need to master Customer Journeys. Customer Journeys (the set of interactions a customer has with a brand to complete a task) and less moments of truth are what matter for a customer. Companies that master not only see an improvement in customer experience, loyalty, and operational productivity; they also see above-market growth.

Customer Journey Analytics and Big Data

McKinsey on Marketing & Sales

For ten years or more, China has been a uniquely powerful engine of the global economy, regularly posting high single-figure or even double-digit annual increases in GDP. More recently, growth has slowed, prompting sharp falls in international commodity prices and casting a shadow over the near-term prospects for developed and emerging markets. What will happen next? Pessimists struggle to see what China can do for an encore after what they say was an extraordinary, one-off period of catching up. Optimists believe that during the next 10 to 15 years, China has the potential to continue to outperform the rest of the world and to take its place as a full-fledged advanced economy (see summary infographic, “What’s next for China?”).

The CEO guide to China's future

McKinsey & Company

Digital globalization: The new era of global flows

McKinsey & Company

En vedette (20)

Everything you want to know about sales growth but are afraid to ask

Breakthrough Sales Productivity

Sales 2.0

Sales Growth: Quotes from select interviews

Megatrends for sales organizations

Marketing Performance Infographic

“Haves” and “have-mores”: the accelerating digitization of the US economy

Megatrends for sales organizations

Big Data and Advanced Analytics

The Journey to Revenue Growth

Transforming Customer Experience: From Moments to Journeys

It's All About the Customer Journey

How b2b brands talk past their customers

Are stores out of fashion?

The marketer strikes back

Making loyalty pay: How to build - not destroy - value

McKinsey presentation

Customer Journey Analytics and Big Data

The CEO guide to China's future

Digital globalization: The new era of global flows

Similaire à Five keys to unlocking growth in marketing’s “golden age”

McKinsey & Company - NOAH15 Berlin

NOAH Advisors

New Industrial Revolution and Digital Business Models

Robin Teigland

Powering B2B Sales with Digital

McKinsey on Marketing & Sales

Predictive Analytics - Case Study & Trial Results

Steve Susina

LinkedIn Executive Summit in Munich: Digital Transformation @ Scale

LinkedIn D-A-CH

OR135264 (2).pptx

RajeshKumar989524

OR135264 (2).pptx

ankit492326

Webinar: Building a Data-Driven, Customer Focused Business

The world of marketing is undergoing unprecedented transformation. Trends such as Digital Transformation and Innovations including Cloud, Social Media and Big Data and Analytics have redefined the landscape of marketing technology. The Modern Marketer must combine both art and science to meet the constantly changing needs of stakeholders and the marketplace. In this session, we’ll examine the characteristics of a successful Modern Marketer, look at technology as a key enabler to Transformation and Innovation, address best practices for Thought Leadership and storytelling and examine the required skills for Modern Marketing.

Navigating Modern Marketing, Digital Transformation and Innovation

Fred Isbell

2015 q1 McKinsey quarterly - Marketing & sales

Ahmed Al Bilal

When IBM started using Optimizely in late 2015, they were running less than a hundred experiments a year. Fast forward to today and they’re on track to run well over 3,000 a/b tests and personalization campaigns this year. In this webinar you’ll get a behind the scenes look at how the testing Center of Excellence (COE) at IBM empowers one of the world’s largest marketing organizations to achieve digital excellence.

How IBM is Unifying the Customer Journey with Personalization

Optimizely

Beyond Basic Targeting

Etumos

Emerging technologies and how they will impact the business and marketing lan...

McKinsey on Marketing & Sales

Teori Belajar dan.pptx

MuhammadHaikal836998

Integrated Live How to create a successful content marketing strategy in a (l...

Giuseppe Caltabiano

Cmw2014 mfglab mc_duffee_final

Manufacturing Marketing Group

Data & Digital Effectiveness Leaders Masterclass - Manchester 2019

John McCambley

Find out how you can build the brand and generate leads for your business by marketing on LinkedIn. I'll be sharing best practices that both large and medium companies have used to achieve success, as well as tips my own LinkedIn marketing team uses. After the session, you'll be better able to meet your marketing objectives on LinkedIn by understanding: - How to build your company's brand on LinkedIn - How to drive leads on LinkedIn - How large and medium companies are achieving success - How to increase performance with LinkedIn solutions like Sponsored Updates, InMail and Display

Best practices for marketing on LinkedIn

Practices and Behaviours for Transforming Public Servives - Mary Cook

DesignOps Global Conference

Simon McDougall, Regional Leader EEMA, McKinsey – How Should Startups Engage ...

Techsylvania

Similaire à Five keys to unlocking growth in marketing’s “golden age” (20)

McKinsey & Company - NOAH15 Berlin

New Industrial Revolution and Digital Business Models

Powering B2B Sales with Digital

Predictive Analytics - Case Study & Trial Results

LinkedIn Executive Summit in Munich: Digital Transformation @ Scale

OR135264 (2).pptx

Webinar: Building a Data-Driven, Customer Focused Business

Navigating Modern Marketing, Digital Transformation and Innovation

2015 q1 McKinsey quarterly - Marketing & sales

How IBM is Unifying the Customer Journey with Personalization

Beyond Basic Targeting

Emerging technologies and how they will impact the business and marketing lan...

Teori Belajar dan.pptx

Integrated Live How to create a successful content marketing strategy in a (l...

Cmw2014 mfglab mc_duffee_final

Data & Digital Effectiveness Leaders Masterclass - Manchester 2019

Best practices for marketing on LinkedIn

Practices and Behaviours for Transforming Public Servives - Mary Cook

Simon McDougall, Regional Leader EEMA, McKinsey – How Should Startups Engage ...

Plus de McKinsey on Marketing & Sales

Spanish consumers are pessimistic about the economy. Rising prices, unemployment, and the invasion of Ukraine are top concerns, and consumers are trading down. In Spain, consumers are most concerned about rising prices, unemployment, and the invasion of Ukraine. Their views of the current and future state of the economy remain pessimistic, at a level comparable to attitudes in the early months of the COVID-19 pandemic. Spend for groceries and gasoline soared, while consumers reduced money directed to savings and spent less on non-essentials. Of the 80 percent of consumers who have assumed new shopping behaviors in the last three months in search of value for money, more than half tried private labels. Trade-down in retailers visited and brands is evident, with the key drivers of choice being prices and value for money. However, 39 percent of consumers say they plan to splurge in 2022.

McKinsey European consumer sentiment survey: How current events are shaping S...

McKinsey on Marketing & Sales

UK consumers are pessimistic about the economy. Rising prices and the invasion of Ukraine are top concerns, and consumers are trading down significantly. In the United Kingdom, consumers are most concerned about rising prices and the invasion of Ukraine. Their views of the current and future state of the economy are extremely pessimistic, worse than throughout the entire COVID-19 pandemic. Spend for groceries and gasoline soared, while consumers reduced spend in non-essential categories. Almost two-thirds of consumers have assumed new shopping behaviors in the last four to six weeks, with more than four out of ten trying private label. Trade-down in retailers visited and brands is evident, with the key drivers of choice being prices and value for money.

McKinsey European consumer sentiment survey: How current events are shaping U...

McKinsey on Marketing & Sales

COVID-19 is no longer among Italian consumers’ top concerns. Consumers remain pessimistic about economic recovery and inflation; many aim to reduce their spend. Italian consumers are increasingly worried about the effects of rising prices and the invasion of Ukraine. Unemployment is a number-two concern for respondents in Gen Z, millennials, and the low-income group. Almost six out of ten share a negative view of Italy’s current economic state; hopes for an economic recovery are lower than during the entire COVID-19 pandemic. Consumers observed the highest price increases in groceries and gasoline. To cope with inflation, Italian consumers are changing their purchase behavior, shifting toward discounters and private labels. The leading factors for these choices are prices and value for money.

McKinsey European consumer sentiment survey: How current events are shaping I...

McKinsey on Marketing & Sales

German consumers are pessimistic about the economy. Rising prices and the invasion of Ukraine are top concerns, and we see a significant down-trade in shopping. In Germany, consumers’ top concerns are rising prices and the invasion of Ukraine, followed by climate change and COVID-19. Pessimism about the current and future state of the economy has eased but remains at a level comparable to attitudes in the early months of the COVID-19-pandemic. As spend for groceries and gasoline soared, consumers reduced money directed to savings and spent less on non-essentials. Of the 70 percent of consumers who have assumed new shopping behaviors in the last three months, more than four out of ten tried private labels. Trade-down in stores visited and brands is clearly visible, with the key drivers of choice being prices and value for money. However, 46 percent of consumers say they plan to splurge in 2022.

McKinsey European consumer sentiment survey: How current events are shaping G...

McKinsey on Marketing & Sales

For consumers in France, inflation eclipses other sources of concern. It triggers changes in shopping behaviors as consumers seek better value for money. French consumers’ optimism regarding the economic recovery is stable at around 14 percent—a level last seen in the depths of COVID-19 lockdowns. Top sources of concern are rising prices (cited by 54 percent), followed by the invasion of Ukraine (13 percent) and climate change (10 percent) and far ahead of COVID-19 (4 percent). Nine out of ten survey respondents perceive high price inflation in the country. These trends have implications for brand and retailer loyalty: of the 73 percent of respondents saying they have tried new shopping behaviors in the last three months, 40 percent say they purchased private labels. Household products remain the category most affected by this trading-down trend.

McKinsey European consumer sentiment survey: How current events are shaping F...

McKinsey on Marketing & Sales

Japanese consumers’ behaviors and finances are gradually recovering to normal, though their responses indicate a slight increase in pessimism. The long-lasting impact of COVID-19 is prolonging Japanese consumers’ intent to stay conservative about spending across categories. In a further sign of cautiousness, the trend of shrinking pessimism over the past few years reversed for the first time. Meanwhile, people’s demand for travel is rising, considering the next seasonal vacations.

McKinsey Survey: Japanese consumer sentiment during the coronavirus crisis

McKinsey on Marketing & Sales

Australian consumers, in view of the omicron variant, are feeling less optimistic about economic recovery than last year and remain cautious on spending. In Australia, optimism about economic recovery has declined since the November 2020 pulse survey but remains higher than at the onset of the COVID-19 pandemic. Six in ten consumers predict routines will return to normal only after June 2022; two-thirds do not plan to splurge in 2022. Although Australian households increased their spending in the past month, net intent to spend remains negative. Digital and omnichannel adoption continues in most categories, and intent to use out-of-home services rose. Seventy-five percent of consumers have addressed the rise of omicron by changing how they engage in out-of-home activities. Most consumers have tried a different brand or retailer, especially to switch brands in pursuit of value.

McKinsey Survey: Australian consumer sentiment during the coronavirus crisis

McKinsey on Marketing & Sales

McKinsey Survey: Indian consumer sentiment during the coronavirus crisis

McKinsey on Marketing & Sales

Indonesian consumers remain optimistic on the economy, expecting higher incomes and spending. Many tried and plan to keep using digital services and omnichannel methods. In Indonesia, optimism about future economic conditions increased more than 25 percent over September 2020 from an already high base, boosted by planning for the upcoming holiday season. Eight out of ten consumers say they will dine out, shop for gifts, and redecorate. Out-of-home activities are generally rising but remain far below prepandemic levels. Optimism about the economy is tempered by views of household finances; half predict finances won’t return to normal before June. The loyalty shake-up continues, with 60 percent citing value as their primary reason to try a new brand. New digital behaviors are starting to show evidence of stickiness: 60 percent say they intend to use new shopping methods when the pandemic subsides.

McKinsey: Survey: Indonesian consumer sentiment during the coronavirus crisis

McKinsey on Marketing & Sales

Most Korean consumers expect that normalcy will return to routines only after June 2022, yet there are signs of pre-COVID-19 routines returning. Korean customers have been less optimistic than those in other countries about the economic recovery. But optimism in Korea is much higher now than two years ago. Half of consumers indicate a desire to splurge, with intent to do so being the strongest in Gen Z and millennials. One-eighth of consumers say they have returned to out-of-home activities.

McKinsey Survey: Korean consumer sentiment during the coronavirus crisis

McKinsey on Marketing & Sales

As inflation rises, French consumer hopes for economic recovery wane, with optimism sinking back to the lows of lockdown. Optimism regarding the economic recovery has decreased to 14 percent in France—levels last seen in the depths of COVID-19 lockdown. Top sources of concern are rising prices, the invasion of Ukraine, and political uncertainty. Nine out of ten survey respondents perceive high price inflation in the country, and 60 percent expect prices to rise further over the next year. These trends have implications for loyalty: in the search for higher purchasing power, 69 percent of respondents have tried new shopping behaviors in the last four to six weeks. Household products remain the most impacted category, with 65 percent of consumers switching for cheaper options.

McKinsey European consumer sentiment survey: How current events are shaping F...

McKinsey on Marketing & Sales

Pessimism about recovery is at an all-time high in the United Kingdom. Rising prices are the top concern, with consumers significantly trading down in stores and products. UK consumers are feeling great economic uncertainty. With energy and transport costs eating away at consumer savings and non-food spend, the top reasons given by survey participants for economic anxiety are the gas supply, supply-chain shortages, and energy issues. Consumers report the highest perceived price increases in groceries and household supplies, with two-thirds becoming more conscious about energy usage. Half of consumers changed their grocery brands in the last four to six weeks, with trading down a clear trend: price and value were the strongest drivers here.

McKinsey European consumer sentiment survey: How current events are shaping U...

McKinsey on Marketing & Sales

Rising prices and the Ukraine invasion are top concerns for German consumers, fueling a general slide into economic pessimism. German consumers are experiencing intense unease regarding the state of the economy and its future outlook—with public sentiment sinking lower than at any time during the COVID-19 pandemic. Survey participants felt the greatest concern about rising prices and the invasion of Ukraine. Spend on groceries and gasoline has soared, even as consumers cut spending in non-essential categories. Almost two-thirds have assumed new shopping behaviors in the last four to six weeks, with more than forty percent trying private-label brands. There’s a clear trade-down trend in stores visited and brands chosen, with prices and value for money as key drivers.

McKinsey European consumer sentiment survey: How current events are shaping G...

McKinsey on Marketing & Sales

Across the continent, the pattern holds: Europeans are anxious about the state of their countries’ economies, and worried about the future. Russia’s invasion of Ukraine and price inflation overshadow other concerns, and consumer anxieties in turn are impacting confidence in household finances and national economies, especially among vulnerable populations. Worried about spending more on food, transport and fuel, consumers report cutting back on less essential items. Most say they’ve changed their shopping behaviors in recent months, trading down to more affordable brands and retailers. With no relief clearly in sight, 2022 continues to prove a challenging year for the continental consumer.

McKinsey European consumer sentiment survey: How current events in Europe are...

McKinsey on Marketing & Sales

Spanish consumers are primarily concerned about inflation and the invasion of Ukraine, and are becoming increasingly pessimistic about the economy. Only 14 percent of Spanish consumers are optimistic about economic recovery, with concerns focused on inflation and the invasion of Ukraine. Four in ten have an increasingly negative sense of the economic outlook—mostly due to petrol and supply-chain shortages, as well as unemployment. Price-increase Perceptions of price increases are particularly high regarding groceries (at 95 percent) and other household products. In these categories, more than half of respondents have reacted to inflation by trying less costly brands. Over the last six weeks, half have tried a private-label brand, 30 percent have switched brands, and a quarter have tried out a different retailer.

McKinsey European consumer sentiment survey: How current events are shaping S...

McKinsey on Marketing & Sales

Italian consumers are increasingly pessimistic about the economy, with many aiming to reduce spending and modify consumption habits. Italian consumers are increasingly worried about the effects of rising prices, as well as the invasion of Ukraine. Of Italians surveyed, six in ten expressed a negative view of the current economy; hopes for an economic recovery are lower than they were throughout the entire COVID-19 pandemic. Consumers perceived the highest price increases in groceries and fuel, along with strong increase in spend. These sentiments have translated into reduced consumption. Changed consumer behavior is also apparent, with a shift towards discounters and private-label brands. Price, value for money and availability are the biggest drivers of these choices.

McKinsey European consumer sentiment survey: How current events are shaping I...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

Plus de McKinsey on Marketing & Sales (20)