Choi expects consumers will unleash their demands once the coronavirus crisis ends
There is no doubt the Covid-19 outbreak has badly shaken consumers in China, with the number of infections and deaths continuing to rise and the spread of the virus sparking fears of a global pandemic. Purchases of consumer goods were put off first by worries over the US-China trade war, and now by the Covid-19 outbreak. A study indicates that consumers are waiting to unleash their pent-up demand, and brands should be prepared to capitalise. “Consumer-facing businesses in Hong Kong and on the mainland need to plan beyond the crisis to position themselves for a recovery," said Joon Nak Choi, adjunct assistant professor and our faculty associate at the Hong Kong University of Science and Technology. He further added that we do not know how quickly the recovery will materialise; while the situation in China appears to be heading in the right direction, the spread of the virus elsewhere raises concerns about the broader global economy. He believed that the volatility of these circumstances highlights the need to closely track consumer sentiment and pounce on the recovery at the right time.
Read his opinion piece published on 26 Feb on South China Morning Post.
