Changes expected in share of wallet of products & services
Proportion of consumers who agree and strongly agree.
Source: Post-Covid-19 Consumer Behaviour Study in APAC by Frost & Sullivan and Cint
Sample Size: Equally distributed among the 6 countries Source: Post-Covid-19 Consumer Behaviour Study in APAC by Frost & Sullivan and Cint
Chart: Proportion of consumers who spend less, more, no changes or not interested.
The pandemic has greatly impacted household incomes across Asia-Pacific, with 74% of consumers expecting their household incomes to plunge even further. Household finances do not look promising for developing countries like Indonesia, the Philippines and Thailand, as consumers predict an average decline of 11% of their household incomes.
Low-income households have been hit the hardest by COVID-19, with 34% indicating a fall of more than 20% in their household income.
The pandemic has significantly revolutionized the workforce landscape as employers are compelled to revisit their hiring budgets and maneuver toward a more flexible workforce. This has resulted in a massive acceleration of the freelance market, and it is anticipated to surge after the pandemic. About 37% have kick-started their freelancing career due to COVID-19, predominantly in the Philippines (51%). About half (51%) across Asia are planning to retain their freelancing jobs after COVID.