The vast majority of consumer-facing companies — 70% — are understandably concerned about a new wave of COVID-19 infections (vs. 59% for all sectors), since interactions with the public are the lifeblood of their business. As they begin cautiously reopening their doors, CFOs at consumer markets (CM) companies also worry more about consumer confidence dragging down consumption (42%) than their counterparts in all sectors (29%).
Consumer-facing companies are more confident in their ability to meet customers’ safety expectations (72% are very confident) than to provide a safe working environment (56% are very confident), likely because workers in customer-facing roles face a constant stream of potential COVID-19 exposures.
CM companies want to provide customers with safe, engaging shopping and travel options to keep them coming back: 65% report that new ways of serving customers — by combining the best of physical and digital options forged in the throes of the current crisis — will improve the company over the long term (vs. 53% for all sectors).
Over the next 12 months, 41% of technology-related spending at consumer-facing companies will accrue to growth in the form of things like new products and services (vs. 32% for all sectors) — in response to a sharp uptick in online buying, the result of consumers in many parts of the country continuing to shelter in place. Consumers have signaled that many of these habits, that began during the current crisis will likely last well beyond it. Consumer-facing companies are paying close attention to these signals.
Consumer Markets Industry Leader, PwC US
Consumer Markets Tax Leader, PwC US
Global Digital and Consumer Markets Advisory Leader, PwC US
Consumer Markets Assurance Leader, PwC US