EY Malta’s Future Consumer Survey shows only 4% have long-term job concerns

As Covid-19 continues to have a transformative impact on the lives of consumers, the ramping up and rollout of vaccines across several nations over the past few months are seen as an important step closer to the end of the pandemic era.

The previous edition of the EY Future Consumer Survey was completed in November 2020 ahead of a critical period for retailers and businesses. The indications at the time were that, while there was a deterioration in general anxiety levels to carry out a number of activities, consumers were generally more positive towards their personal financial outlook and spending abilities. Consumption shifts persisted in favour of home improvements, personal care, delivery and subscription services.

What has changed in terms of local consumer behaviour and spending patterns since November 2020?

The third survey cycle completed in April 2021 finds that consumers are increasingly yearning for an improvement in their lifestyle. The number of people who would fo3go an international vacation is at its lowest since EY has been running the survey (33% in April 2021 compared to 47% in November 2020). The number of people who say they will work from home more often has reduced to 35% of respondents compared to 51% in November 2020, while 60% of people plan to eat out more frequently now compared to 39% in November 2020.

How long will it take you to feel comfortable doing the following?

It is encouraging to note that 59% of respondents have a significant level of trust in healthcare providers – crucial for the broader success of the vaccination programme.

At the same time, despite the increasing number of vaccinations that are being administered, we note that consumers today are significantly more anxious and concerned than at any point during our previous survey cycles.

The pandemic is deeply impacting how people feel about their lives as 20% of people say that their values and perception of life has changed. 16% also say that their focus on value for money in the future will change.

The longer-term financial perception seems to be relatively positive as only 4% of respondents are concerned about their employment status beyond the next 12 months and 8% believe they will be worse off financially in the next year (12% in November 2020).

The current perspective among respondents remains that the pandemic will keep impacting lives for some time depending on the type of activity.