Central Americans remain pessimistic about the economic recovery from COVID-19, with 57% unsure of the outlook. Central Americans continue to cut spending and experience reductions in income and savings. Purchase intent remains negative across most categories except groceries. Digital adoption is still low overall, though online entertainment usage has increased. Central Americans expect personal and financial impacts from COVID-19 to last at least 2 more months for most. Their top concerns continue to be taking care of family, the economy, and the health of vulnerable relatives.

1. McKinsey & Company 1
Although pessimism has increased slightly, uncertainty remains the
prevailing sentiment about economic recovery
9% 7% 11%
57%
54%
59%
34% 39%
31%
Confidence in own country’s economic recovery after COVID-191
% of respondents
Unsure: The economy will be impacted
for 6–12 months or longer and will
stagnate or show slow growth thereafter
Pessimistic: COVID-19 will have lasting
impact on the economy and show
regression/fall into lengthy recession
Optimistic: The economy will rebound
within 2–3 months and grow just as strong
as or stronger than before COVID-19
1 Q: How is your overall confidence level in economic conditions after the COVID-19 situation? Rated from 1 “very optimistic” to 6 “very pessimistic”; figures may not sum to 100% because of rounding.
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299; 5/1–5/4/2020, n = 297; 4/7–4/13/2020, n = 311, sampled and weighted to match Central America’s
general population 18+ years
Apr 7–13
Central America
May 1–4 Sep 1–11

2. McKinsey & Company 2
Central Americans continue to be mindful of their spending; their
feelings are largely unchanged since the last survey in May
Overall sentiment in the general population in
Central America1
% of respondents
1 Q: Please indicate how strongly you agree or disagree with each of the following statements. Please select only one response for each statement; figures may not sum to 100% because of rounding.
2 Measures difference in “strongly agree / agree” between current and last pulse survey.
28%
19%
14%
18%
9%
27%
29%
32%
28%
30%
33%
28%
12%
45%
52%
54%
55%
61%
62%
69%
85%
4%
5%
3%
Strongly disagree / disagree
Somewhat disagree / agree
Strongly agree / agree
Strongly agree/
agree difference
since last survey2
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299; 5/1–5/4/2020, n = 297, sampled and weighted to match Central America’s general
population 18+ years
I have been personally affected by the coronavirus (COVID-19)
I am very concerned about losing my job
My ability to work has been reduced by coronavirus or COVID-19
My ability to make financial ends meet has been negatively impacted
by coronavirus or COVID-19
My income has been negatively impacted by coronavirus or COVID-19
Uncertainty about the economy is preventing me from making purchases
or investments that I would otherwise make
Given the economy and my personal finances,
I have to be very careful how I spend my money
I am cutting back on my spending
+2
-5
+4
-2
-2
-3
-1
-3

3. McKinsey & Company 3
Household income1,2
% of respondents
Reduce slightly / reduce a lot Increase slightly / increase a lotAbout the same
69%
5%
20%
Past 2 weeks
74%
27%
Past 2 weeks
4%
17%
45%
38%
Next 2 weeks
1 Q: How has the COVID-19 situation affected your (family’s) overall available income, spending, and savings in the past two weeks? Figures may not sum to 100% because of rounding.
2 Q: How do you think your overall available income, spending, and savings may change in the next two weeks? Figures may not sum to 100% because of rounding.
Central Americans continue to experience reductions in income
and savings, and increases in household spending
Household spending1,2
% of respondents
39%
22%
37%
24%
36%
Past 2 weeks
41%
Past 2 weeks
27%
42%
31%
Next 2 weeks
May 1–4 September 1–11 May 1–4 September 1–11
Household savings1,2
% of respondents
78%
Past 2 weeks Past 2 weeks
7%
15%
6%
13%
61%
82%
12%
28%
Next 2 weeks
May 1–4 September 1–11
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299; 5/1–5/4/2020, n = 297, sampled and weighted to match Central America’s
general population 18+ years

4. McKinsey & Company 4
Purchase intent remains negative in all categories except groceries
7
43
54
40
52
54
61
90
60
59
58
27
11
16
40
74
12
9
7
7
8
22
14
6
8
5
12
4
Groceries
Tobacco products 1
4
Food takeout & delivery
Snacks
Alcohol
Quick-service restaurant
Restaurant
Accessories
3Footwear
Apparel
Jewelry
Skin care & makeup
Non-food child products
Household supplies
Personal-care products
4Furnishings & appliances
Expected spending per category over the next two weeks compared to usual1
% of respondents
Decrease IncreaseStay the same
22
59
69
67
33
53
44
20
56
46
38
100
51
69
75
70
9
8
8
9
10
1
8
13
6
21
14
29
7
Entertainment at home
Pet-care services
Books/magazines/newspapers
Consumer electronics
Out-of-home entertainment
Fitness & wellness
Cruises
Personal-care services
Gasoline
Short-term home rentals
4Vehicle purchases
Travel by car
Adventures & tours
International flights
Hotel/resort stays
0Domestic flights
Net intent2
1 Q: Over the next two weeks, do you expect that you will spend more, about the same, or less money on these categories than usual? Figures may not sum to 100% because of rounding.
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease spending from the % of respondents stating they expect to increase spending.
-13
-51
-61
-58
-23
-52
-36
-7
-52
-40
-17
-100
-37
-40
-68
-70
Net intent2
+5
-21
-3
-70
-39
-53
-31
-48
-47
-54
-87
-52
-37
-44
-11
-28
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299, sampled and weighted to match Central America’s general population 18+ years

5. McKinsey & Company 5
Digital adoption remains low, however the shift to online
entertainment has accelerated
1 Q: Over the next two weeks, where do you expect you’ll buy these categories? Tell us if you will shop in the following places more, about the same, or less in the next two weeks; please note, if you don’t buy
in one of these places today and won’t in next two weeks, please select “N/A.”
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease shopping frequency from the % of respondents stating they expect to increase shopping frequency.
Expected change in shopping channel per category over the next two weeks1
Axes show net intent,2 bubble size relative to share of respondents that have purchased category in last six months
-35 -10
-20
-10
-25 -20-30
-40
0
-30
0
-5-15 5 10 15 20 25
-70
-60
10
-50
Accessories
Snacks
Skin care & makeup
Footwear
Groceries
Food takeout & delivery
Alcohol
Household supplies
(e.g., cleaning, laundry)
Furnishings &
appliances
Non-food child products
(e.g., diapers)
Fitness &
wellness
Apparel
Jewelry
Personal-care products
(e.g., soap, shampoo)
Entertainment
at home (e.g., Netflix)
Books/
magazines/
newspapers
Tobacco
Consumer
electronics
Household essentials
Discretionary
Entertainment at home
In-store
Online
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299, sampled and weighted to match Central America’s general population 18+ years

6. McKinsey & Company 6
As employment picks up, consumers expect to spend more time on
work and less time on leisure activities
9%
15%
23%
19%
16%
23%
42%
28%
51%
56%
51%
48%
61%
55%
59%
62%
56%
40%
54%
32%
29%
34%
42%
24%
23%
23%
22%
22%
18%
18%
17%
15%
15%
Reading news online
Social media
Working
Movies or shows
Texting, chatting, messaging
Video content
Reading for personal interest
Live news
Online shopping for groceries
Online shopping for non-food purchases
Video games
Decrease
Stay the same
IncreaseExpected change to time allocation over the next two weeks1
% of respondents
1 Q: Over the next two weeks, how much time do you expect to spend on these activities compared to how much time you normally spend on them? Figures may not sum to 100% because of rounding.
2 Net intent is calculated by subtracting the % of respondents stating they expect to decrease time spent from the % of respondents stating they expect to increase time spent.
Net intent2
+33
+9
0
+3
+6
-1
-24
-10
-34
-41
-36-25
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299, sampled and weighted to match Central America’s general population 18+ years

7. McKinsey & Company 7
Have you used or done any of the following since COVID-19 started1
% of respondents
1 Q: Have you used or done any of the following since the COVID-19 situation started? If yes, Q: Which best describes when you have done or used each of these items? Possible answers: “just started using since COVID-19 started”;
“using more since COVID-19 started”; “using about the same since COVID-19 started”; “using less since COVID-19 started.”
Central Americans are adopting digital habits in food, work, and
entertainment
39%
37%
31%
33%
12%
10%
5%
17%
10%
10%
23%
19%
7%
5%
20%
19%
21%
9%
8%
5%
7%
3%
8%
8%
8%
3%
Tiktok
Online fitness
Playing online games
Online streaming
Video chat: personal
Videoconferencing: professional
Remote learning: my children or myself
Wellness app
Watching e-sports
Grocery delivery
Meal-kit delivery
Restaurant delivery
Telemedicine: physical or mental
Not using Using more Just started usingUsing less / the same
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299, sampled and weighted to match Central America’s general population 18+ years

8. McKinsey & Company 8
Consumers remain concerned about taking care of their families,
the economy, and the health of their relatives
78%
74%
70%
70%
69%
67%
60%
56%
55%
52%
51%
47%
39%
38%
26%
Impact on upcoming events
Health of my vulnerable relatives
Taking care of my family
The economy
Contributing to spread of virus
Not knowing how long it will last
Overall public health
Safety of me or my family
Negative impact on my business
Not being able to get the supplies I need
Negative impact on my job or income
My personal health
Not being able to make ends meet
My mental health
Impact on upcoming travel plans
1 Q: What concerns you most about the COVID-19 situation? Possible answers: “not a concern”; “minimally concerned”; “somewhat concerned”; “very concerned”; “extremely concerned.”
Largest concerns of Central America’s population related to COVID-191
% of respondents who are very concerned or extremely concerned
Very concerned /
extremely concerned
78%
of Central Americans are
very/extremely concerned
about taking care of their
families
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299, sampled and weighted to match Central America’s general population 18+ years

9. McKinsey & Company 9
About 90 percent of Central Americans expect ongoing personal
and financial impact from COVID-19 for at least two more months
24%
8%
35%
18%
14%
0–1 month
4–6 months
2–3 months
7–12 months
More than one year
4%
10%
15%
33%
21%
17%
No impact
2–3 months
4–6 months
0–1 month
7–12 months
More than one year
Adjustments to routines1
% of respondents
Impact on personal/household finances2
% of respondents
~92%
believe it will take
2+ months before
routines can return to
normal, up from 89%
in the last pulse
survey
~86%
believe their finances
will be impacted for
2+ months by the
COVID-19 situation,
same as in the last
pulse survey
1 Q: How long do you believe you need to adjust your routines, given the current COVID-19 situation, before things return back to normal in Central America (e.g., government lifts restrictions on events/travel)? Figures
may not sum to 100% because of rounding.
2 Q: How long do you believe your personal/household finances will be impacted by the COVID-19 situation? Figures may not sum to 100% because of rounding.
Source: McKinsey & Company COVID-19 Central America Consumer Pulse Survey 9/1–9/11/2020, n = 299; 5/1–5/4/2020, n = 297, sampled and weighted to match Central America’s general
population 18+ years

10. McKinsey & Company 10
Disclaimer
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based on information currently available and do not contain all of the
information needed to determine a future course of action. Such information
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