Post-COVID Consumption Outlook

◆In this report, we analyze consumption trends in three time frames: the Coronavirus crisis, Infection brought under control, and Post-COVID, in which we examine future trends.

◆Changes in consumption brought about by the Coronavirus crisis include a decrease in consumption of services, an increase in demand for home based services, an increased preference for small luxuries, and the disappearance of inbound consumption. These changes are expected to gradually unwind as the disease is gradually brought under control.

◆However, new work styles and lifestyles which spread during the pandemic will take root to a certain extent after the disease is brought under control. The popularization of telework may increase home-based leisure time through a decrease in commuting time and boost related consumption. In some households, the use of telework by husbands promotes the sharing of housework and childcare between husbands and wives, and promotes the employment of wives. Consumption can be expected to increase as income increases.

◆Looking at consumption ten years from now, it is expected that there will be a change similar to the Coronavirus crisis era, such as an increase in home demand due to demographic changes and a shift from service consumption to goods consumption.

◆Therefore, it is by no means wasteful for corporations to review products, services, business models, etc. originally developed in response to the Coronavirus crisis, and they will be able to utilize these approaches in the Post-COVID era as well.