Digital is here to stay, with 125 million new consumers in the United States and Europe adopting digital channels since the onset of the COVID-19 pandemic. But there are still plenty of opportunities out there, according to McKinsey’s third annual global consumer sentiment survey.1
That should be welcome news for CEOs and other business leaders who are looking to bolster their companies’ resilience in this period of economic and geopolitical uncertainty.
The survey uncovers three “opportunity sets”:
- new opportunities with consumers in large demographic segments, such as those in rural areas, younger populations, and emerging markets, who are digitally underserved
- engagement opportunities through specific services consumers are looking for, particularly in banking and telco, with mobile channels emerging as perhaps the most important digital route to engage with consumers
- opportunities to protect, where companies need to shore up their flanks, such as addressing both consumer dissatisfaction with digital experiences and their concerns with how their data are used and protected
The following charts examine the survey findings and reveal insights on digital users and where further opportunities exist.
