Looking at data from Singapore, Taiwan, South Korea, Japan and Hong Kong provides an insight into the likely shifts in consumer behaviour in European and North American markets, as governments and businesses respond to the outbreak of Covid-19, adopting “stay at home” policies.
Here is what it found:
Note: These changes represent data taken from one week across a range of sources.
Data points were gathered measuring spend prior to containment and lockdown taking effect in each analysed market and measuring growth in online activity in the weeks following containment or lockdown measures. Spending patterns were also analysed in the US and Italy.
Based on the early indicators, it is likely that increases in spending could be twice as high with the introduction of new services to meet demand. Key dates can be found below:
The latest information analysed by Bango includes data from NHN Ace – the leading payment and data company in South Korea and a strategic partner of Bango – which reveals deeper underlying trends in consumer behavior. Following a policy of voluntary self-isolation, South Korea moved to mandatory closures of schools, factories and other meeting places. Bango also owns Audiens, a Customer Data Platform (CDP) based in Milan, Italy.
Commenting on these findings, Anil Malhotra, co-founder and Chief Marketing Officer at Bango says: “The human cost of Covid-19 is truly tragic, and this is a time for us all – individuals, public service providers and businesses – to pull together. The infrastructure of our societies is being heavily tested as we scramble to protect our population’s health and economic well-being. With much of this infrastructure now provided online, Bango is able to identify and quantify the changes in consumer behavior as people isolate at home under emergency response plans. At a time of great concern for governments, businesses and citizens across the world, Bango – alongside other providers of essential online technology – is helping to make it easier for individuals to comply with stay-at-home policies by supporting the sudden increase in people’s need for online services.”
NOTE This analysis suggests general trends in consumer behavior and is not intended as a forecast of changes to End User Spend or other financial metrics relating to Bango or other online companies.