Portuguese save more in pandemic
Six out of every 10 Portuguese are saving more because of the pandemic.
Coronavirus has affected 34% of incomes with the Portuguese now being more cautious resulting in 67% trying to save more than usual as concerns over financial stability rise.
In fact over 30% of the Portuguese saw their revenue streams impacted by the coronavirus according to the findings of a survey carried out by consultants EY.
The survey, undertaken between 28 September and 31 October involved 21 countries worldwide with the objective of understanding the impact of the pandemic on consumers.
Some 91% of the Portuguese say they have changed the way they shop, 82% the way they work, and 54% the products that they buy.
The survey called the “EY Future Consumer Index” in fact revealed a change in consumer habits, not just globally, but also nationally.
“We are clearly seeing an economy which is changing as a result of new consumer habits and which reflects a reduction in close social contact, keeps us apart and increases public health restrictions.
“That is having an effect on the ways in which we live, work, shop, how we have fun, move around and use technology. It will have and already does have these effects and the results are clear for all to see,” says Sérgio Ferreira, executive director of EY’s Digital Experience and Customer department.
34% said their incomes were now lower, so they were more cautious in their spending habits. Eight out of every 10 admitted to thinking twice before spending and on what they were spending, and 67% say they are saving more and cutting on unnecessary expenses.
All of this is making a dent in Christmas spending plans with 71% saying they will spend less at Christmas and New Year parties.
The survey also showed that the majority of Portuguese are scared about travelling on public transport, are spending less on leisure and fitness activities, holidays and luxury products.
On the other hand home consumer and food delivery services are doing well. In terms of food purchases, the Portuguese are buying more fresh foods, canned foods, frozen and dried products.
Around 70% feel uncomfortable going to the gym, 60% fear flying now, and over 80% avoid public transport. 80% also wouldn’t book a cruise holiday right now, while around 70% are less inclined to go to an entertainment event.
That said, the Portuguese are more optimistic about work and life returning to normal with 64% believing life will get back to normal within days or weeks. Only 10% through that life would never to back to normal.