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Survey: Korean consumer sentiment during the coronavirus crisis

South Korean consumers believe that it will take more than six months for an economic recovery.

South Korean consumers continue to report a decline in household income and spending, and they believe that the impact to their routines will last well beyond the next two months. With growing uncertainty, South Korean consumers expect to continue cutting back on spending across most discretionary categories, and they plan to shop more online for many household essential categories. They are more price conscious and are increasingly looking for ways to save. Most consumers are not yet fully comfortable going back to regular out-of-home activities and are waiting for milestones beyond government lifting restrictions to return to normal consumption patterns. Thus, they have started adopting digital and low-touch activities, as well as actively looking for in-store safety measures when deciding where to shop.

These exhibits are based on survey data collected in the South Korea from June 19–21, 2020. Check back for regular updates on South Korean consumer sentiments, behaviors, income, spending, and expectations.

About the author(s)

Younghoon Kang is a partner in McKinsey’s Seoul office, where Hejin Kim and Sangyun Lee are consultants and Jihye Lee is an expert.

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