Portugal and Belgium report the largest increase in consumer spending in Europe during the novel coronavirus (COVID-19) outbreak, according to data from McKinsey & Company, surveying consumers at the beginning of May.
Over one-third of consumers in Portugal (38%) and Belgium (35%) say they have spent more in the previous two weeks. They're also the only two markets where more people reported an increase than a decrease.
Half of consumers in the UK (49%), France (48%) and Switzerland (47%) said they have cut their consumer spending over the past two weeks. Electronics, home products, apparel and cosmetics have...