Payment data from countries initially impacted by the outbreak of Covid-19, covering Singapore, Taiwan, South Korea, Japan and Hong Kong – has been mapped by mobile payment company Bango to assess likely shifts in consumer behaviour in Europe and the US.
And it has found that spending on online goods and food delivery, unsurprisingly, are the early winners.
According to its research, spending on food deliveries rose by 30% in the first week of containment then rocketed by 40% during the first week of lockdown in those countries. Online goods saw 11% and 21% increases respectively over the same periods. These were the two most biggest growth sectors – closely followed by streaming – for the regions.
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 behaviour. 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.