9th December 2021

A time for hope: Consumers’ outlook brightens despite headwinds

Here are six of the most significant findings.

Vaccination status and flexible workstyle influence consumer optimism

  • Overall, 61% of respondents are optimistic about the future, and only 18% are not.
  • Vaccination against COVID-19 is a major driver of optimism. Sixty-six percent of vaccinated respondents are optimistic about the future, compared with 43% of unvaccinated respondents.
  • Optimism seems to be manifesting in spending, too. Respondents say they’ll spend more across categories over the next six months, with 41% predicting increased spending on groceries, 33% on fashion, and 30% on health and beauty.
  • Flexible work also drives optimism. Survey respondents who work from home are 10 percentage points more optimistic than those who work away from home. And those who can work in a hybrid way are 9 percentage points more optimistic than those who are required to either be at home or in an office all of the time. 

Millennials, city dwellers, those working mostly from home or in a hybrid way, and those who are vaccinated are the most optimistic cohorts. Presumably, because optimism is partly tied to vaccination rates, the climbing global vaccination rate will bode well for consumer confidence heading into 2022.

It's particularly important for business leaders to note the factors influencing optimism that they can control or affect, such as flexible work and vaccination. Supportive workplace policies that facilitate health and well-being will not only help companies rewrite the social contract with their people but could also create a ripple effect of activity and spending that yield business benefits.

Impact of vaccination status on optimism for the future

Optimistic

66% At least partially vaccinated

43% Not Vaccinated

Not optimistic  

16% At least partially vaccinated

27% Not Vaccinated

Bases: At least partially vaccinated (7,123); not vaccinated (1,311); all respondents who are employed (7,047); working from home (2,738); working away from home (2,671); hybrid (2,988); non-hybrid (3,901). Hybrid means able to work in any location or at home all of the time. Note: 2% prefer not to say. Source: December 2021 PwC Global Consumer Insights Pulse Survey

More information here

Comments from PwC Czech Republic here (in Czech language only).

Members of the American Chamber of Commerce in the Czech Republic