Yes, there was “revenge spending” in the second quarter in Portugal
According to a study carried out by Kantar, analyzed by Centromarca – Portuguese Association of Branded Products Companies, the second quarter of the Portuguese population was marked by a resumption of consumption. Before, it had been online to gain space.
According to a statement released this Thursday, in the second quarter of 2021 the phenomenon of “revenge spending“(Revenge consumption, a concept used to characterize high and large consumption after the consumer has been without for some time) with a growth in sectors with dynamics outside the home – which coincides with the beginning of the reopening of the economy.
It was also in the second quarter that hyper and supermarkets regained their market share, since, with the second wave and the second confinement between January and March, online consumption gained momentum.
Pandemic evidenced asymmetries in consumption
By analyzing the results, the study, called “Consumer Bipolarity. Pandemic and now?”, also identifies and distinguishes groups of consumers, revealing the asymmetries that the pandemic brought to light.
One of the groups is made up of vulnerable consumers, the most pessimistic about their economic situation as they have suffered from a pandemic. Then come the realists, a more optimistic group despite concerns about the pandemic. It is this second group, which represents 25% of respondents, that accumulates the most purchases in their pantries and one of those that most reduced consumption outside the home.
Kantar also highlights the fearful and stable, “who are concerned about the pandemic situation, have not changed their economic situation”, but some are pessimistic and others more optimistic about the pandemic.
There are also the confident ones, the group that didn’t suffer with covid-19 and that doesn’t expect to suffer in the future. This is the group “that least reduced consumption for the home, went to the gym the most, canceled fewer trips and used public transport the most”.
“As we have been showing practically since the beginning, the impacts of the pandemic are strongly asymmetric and are and will impact quite differently on different groups of consumers, with the groups identified in this work by Kantar as vulnerable and received after completion increased in the management of their families and losing purchasing power ”, explains, quoted in the note, Pedro Pimentel, general director of Centromarca.