Due to COVID-19 many consumers have been forced to work from home with meetings conducted online, rather than in person. This has had a negative impact on commercial debit card transactions with businesses having fewer expenses related to foodservice charges and travel itineraries in 2020. With the number of COVID-19 cases continuing to rise it is expected that home working will remain in place where possible for the remainder of 2020, with employees avoiding eating out or travelling.…

2020 has seen a surge in demand for credit cards, especially amongst new users. Credit cards are viewed by some consumers as a loan and a means to make purchases even when cash is not available. However, despite the strong rise in consumer demand, the fact that banks have become more conservative in approving new credit card applications has led to decline in the number of credit card accounts in 2020.

ALSO READ:…

With the spread of COVID-19 locally and reports about the ability of the virus to survive on surfaces for days, consumers were becoming increasingly cautious about handling cash and using PIN number pads as they were seen as being possible media for virus transmission. There has therefore been a rise in contactless credit card usage, as it is seen as offering a safer and more convenient method of payment at retail outlets. The presence of an extensive contactless island-wide payment…

Despite a notable decline across the category in terms of cards in circulation, value of transactions and number of transactions made in 2020 compared to 2019, credit cards remained a major method with which many local consumers choose to pay for goods and services. These cards offer a form of unsecured credit from banks, whereby users borrow to make purchases. Credit card payment is the only service available for purchasing online that allows consumers to purchase on credit. With credit…

The number of credit cards in India grew tremendously over the review period as the leading banks incentivised consumers to take out their products. Growth has slowed considerably in 2020, however, due to the impact of COVID-19. Flight tickets, hotel accommodation and fast food are among the leading things purchased on credit cards in India, but with travel restrictions imposed and the lockdown forcing consumers to remain at home spending in these areas has been hit hard in 2020.

ALSO…

The key factor behind the decline in sales in 2020 is the loss of the mainland Chinese tourist dollar. With borders closed or restricted for much of the period, overall sales of cough, cold and allergy medications were hit hard.

ALSO READ:…

The key factor behind the decline in sales in 2020 is the loss of the mainland Chinese tourist dollar. With borders closed or restricted for much of the period, overall sales of cough, cold and allergy medications were hit hard.

ALSO READ:…

Philippines has so far managed to successfully contain the spread of COVID-19 which has helped to lessen the impact on the country’s economy, albeit GDP is still expected to contract by 1.8% in 2020. Nevertheless, with social distancing in place, strict border controls and job and wage insecurity, many consumers have been reticent in taking on additional debt. This is reflected in the significantly slower growth recorded in consumer lending in 2020, both in terms of outstanding balance and…

Taiwan has so far managed to successfully contain the spread of COVID-19 which has helped to lessen the impact on the country’s economy, albeit GDP is still expected to contract by 1.8% in 2020. Nevertheless, with social distancing in place, strict border controls and job and wage insecurity, many consumers have been reticent in taking on additional debt. This is reflected in the significantly slower growth recorded in consumer lending in 2020, both in terms of outstanding balance and gross…

COVID-19 and the ensuing recession have had a detrimental impact on consumer lending in Singapore, with declines in both gross lending and outstanding balance values in 2020. The impact across loan categories has been varied.

ALSO READ:…

Due to the impact of COVID, both gross lending and outstanding balance are expected to witness a sharp dip in growth in 2020. During the lockdown months of April and May, sales of non-essential items were not allowed by the government, while non-essential stores were not allowed to open. This had a big impact on gross lending, with consumers not requiring finance for big ticket purchases during the period. Outstanding balance was slightly less impacted as the government offered a loan…

Consumer health is expected to see higher current value growth in 2020 than was seen the previous year. One of the factors driving growth in this year is COVID-19. As news about the virus emerged and the country went into lockdown, consumers began panic-buying in March, stockpiling certain consumer health products, such as analgesics, cough, cold and allergy (hay fever) remedies, immunity-boosting vitamins and dietary supplements, for fear of shortages.

ALSO READ:…

COVID-19 has had a devastating impact on the consumer health market in Hong Kong. Key to this has been border closures. Hong Kong’s consumer health market relies heavily on mainland Chinese tourist inflows, which generate around 20-30% of total sales. These consumers cross the border to purchase health products in Hong Kong because Hong Kong has stricter regulations and safety records, authenticated products and brands, and also cheaper prices compared to mainland China. In order to limit…

The number of charge cards in circulation is low in the Philippines and COVID-19 is serving to increase the exclusivity of the category and strengthen its niche status. The charge cards category also suffers from a lack of heavy promotion and high-level requirements for cardholders. Personal charge cards, which targets an exclusive audience of affluent consumers, dominates the category, with uptake of commercial cards negligible.

ALSO READ:…

With the uncertain economic outlook making consumers more likely to monitor their spending closely, charge cards offer cardholders an ability to review and keep a close watch on their purchases. Unlike credit cards, charge cards have no pre-defined spending limit, requiring the cardholder to pay off all incurred spending in full within a fixed period. Cardholders are unable to have the leeway of spending on credit and delaying the main repayments, which helps them keep a close eye on their…

Charge cards is the smallest category in terms of cards in circulation and value transactions, driven by the dominant personal charge cards. Prior to the pandemic, demand for personal charge cards was primarily driven by affluent consumers with a high-end lifestyle, which includes expatriates, who unlike credit card holders who tend to be wary about spending, tend to be more willing to spend on expensive electronics, high-end household items and luxury travel. Overseas spending before the…

For breakfast, Vietnamese consumers have traditionally enjoyed many options, such as fried rice, sticky rice, pho (broth containing rice noodles, meat and herbs), bun bo Hue (spicy Vietnamese soup associated with the city of Hue) and banh mi (baguette-like bread with savoury filling). Those kinds of food are very popular and considered convenient in Vietnam. They are also affordably priced at around VND15,000 to VND30,000 per breakfast. Thanks to Westernisation in Vietnam, breakfast cereals…

As part of the government’s efforts to curb COVID-19 community transmission, in the first half of the year Singapore residents were required to stay at home and avoid unnecessary contact with others. At the same time, stand-alone food or drink outlets were required to close. This has led to a strong fall in foodservice volume sales in 2020. However, given that foodservice volume sales of breakfast cereals were already very small, due to the availability of other more preferable breakfast…

Breakfast cereals are predominantly sold and purchased in supermarkets in Serbia, which are expected to increase their value share in the category in 2020 once again. In Serbia, the traditional shopping option of independent small grocers will remain popular in 2020 but is expected to lose some value share in 2020 due to the modernisation of retailing and the growing presence of supermarkets.

ALSO READ:…

Changing lifestyles due to the outbreak of COVID-19 are expected to have a considerable impact on breakfast cereals in 2020. The category as a whole is expected to exhibit strong retail current value and retail volume growth in 2020 as foodservice, workplace and school closures increase the amount of food being prepared and consumed in homes around Saudi Arabia.

ALSO READ:…