COVID-19 has lured more Pakistani consumers to shop online, Global Survey

The ongoing coronavirus pandemic has created radical shifts in how we purchase, after a recent global survey by Standard Chartered in its latest report Future Money has found that consumers around the world have switched from cash and personal purchases to online shopping during the pandemic.

“The pandemic has sped up changes that might otherwise have taken years. Many people are now enthusiastically embracing new digital ways of managing their money, finding a greater ease and convenience in doing so,” said Ben Hung, CEO Retail Banking and Wealth Management, Standard Chartered.

The report surveyed 1,000 adults online per market. It targeted a nationally representative sample by age, gender and macro-region in 12 markets: Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, UAE, the UK and the US.

As per the report, 72 percent of those surveyed in Pakistan agree that that COVID-19 has made them more positive about shopping online.

COVID-19 has made consumers much more careful (75 percent) and conscious of their spending decisions, with the majority more likely to shop locally, sustainably and with small businesses. Expressing caution, 79pc of respondents to the survey from Pakistan responded that the economic impact of COVID-19 had prompted them to keep an eye on their spending, with 56pc Pakistanis saying that COVID-19 has made them more inclined to buy sustainably sourced products.

As per the report, almost two-thirds (64pc) of consumers expect their country to go cashless, with almost half expecting it to happen by 2030. However, only 39pc of Pakistanis believe that in the future their country will become a completely cashless country. This ratio is the lowest among the countries surveyed.

Before the pandemic in Pakistan, 76pc of people preferred to shop in person and only 24pc used to shop online but this trend has changed and now more than one third of people (37pc) prefer online payments, showing an increase of 13pc.

More than three-quarters (79 percent) of Pakistani survey said that the pandemic made them even more cautious about their spending, with 56pc Pakistani saying that COVID-19 has made them more inclined to buy sustainably sourced products.