1.
McKinsey & Company 1
Five emerging consumer themes in October 2021
1 2
Source: McKinsey & Company COVID-19 Consumer Pulse Surveys
5
4
3
Optimism grows as
categories recover
One-third (32%) of
French consumers are
optimistic for the future
—the highest rate seen
in our surveys; while
net spending intent
remains negative, it is
trending up across all
categories
A gradual return to
out-of-home
About half (52%) of
French consumers are
engaging again in
“normal” out-of-home
activities; however, 75%
say they will engage
more cautiously because
of the Delta variant
Loyalty is shaken
Six in ten French
consumers, including
much larger shares of
Gen Z and millennials,
have changed some
shopping behavior;
value is a major driver
of brand switch for
more than half (54%)
Holidays are back
and in-person
57% of French
consumers expect to
browse in-store this
season, and 30%
started shopping early;
more consumers than
in 2020 report intent to
travel to family
gatherings this year
Omnichannel is
mainstream
Shopping for groceries,
home, and personal
care still occurs in
stores, but other
categories are mainly
omnichannel; about a
third of consumers have
bought online and
picked up in store in the
past 3 months and half
of them are doing this
more often

2.
McKinsey & Company 2
Confidence in own country’s economic recovery after COVID-191
% of respondents
15 14 13 17 17 21
22 32
41
49 52
50 50
65
74
67
44
37 35 33 33
14
5 1
Mixed 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
or 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
French consumers’ confidence in economic recovery improves by
14 points, but France remains the most pessimistic country
1. Q: What is your overall confidence level surrounding economic conditions after the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)? Rated from 1 “very optimistic” to 6 “very pessimistic.” Bars may not sum to
100% due to rounding.
Optimism grows as categories recover | Current as of October 2021
US Germany
10/15–22
UK
10/15–22
10/9–15
Italy
10/15–22
Change in % optimistic vs
Feb survey, percentage points
+3 +3
+13
France
10/15–22
+14 +18
Spain
10/15–22
+16
India
10/18–25
+3
Source: McKinsey & Company COVID-19 Consumer Pulse Survey
China
10/17–22
+6 +2
Japan
10/18–20
22
46
32

3.
McKinsey & Company 3
36% 37% 38% 34% 35% 37% 32%
22%
48% 51% 50%
49% 53% 52%
50%
46%
16% 12% 12% 17% 12% 11%
18%
32%
Oct 2021
Nov 2020 Feb 2021
June 2020
Mar 2020 May 2020
Apr 2020 Sept 2020
1. Q: What is your overall confidence level surrounding economic conditions after the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)? Rated from 1 “very optimistic” to 6 “very pessimistic.” Figures may not sum to
100% because of rounding.
2. Average of biweekly pulse surveys shown for Mar–May 2020.
Optimistic: The
economy will rebound
within 2–3 months and
grow just as strong as or
stronger than before
COVID-19
Mixed: 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 or fall
into lengthy recession
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003; 11/9–11/16/2020, n = 1,000; 9/24–9/27/2020, n = 1,077; 6/18–6/21/2020, n = 1,006; 5/21–5/24/2020, n =
1,011; 4/30–5/3/2020, n = 1,011; 4/16–4/19/2020, n = 1,009; 4/2–4/5/2020, n = 1,011; 3/26–3/29/2020, n = 1,003; 3/20–3/22/2020, n = 1,008, sampled to match French general population 18+ years
Overall optimism is at its highest level since the beginning of the
pandemic in France
Confidence in own country’s economic recovery after COVID-19,1 % of respondents
20202 2021
Optimism grows as categories recover | Current as of October 2021

4.
McKinsey & Company 4
Optimism has risen across all income groups, but higher-income
consumers remain significantly more optimistic
12
18
25
13
32
13
25
46
5
25
0
35
20
15
10
30
40
45
50
15
Feb 2021 Oct 2021
Sept 2020
39 40
29
34
28
22
31
26
10
40
20
25
0
30
5
35
10
15
45
50
Sept 2020 Feb 2021 Oct 2021
1. Q: What is your overall confidence level surrounding economic conditions after the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)? Rated from 1 “very optimistic” to 6 “very pessimistic.”
Optimism by income Pessimism by income
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003; 11/9–11/16/2020, n=1,000, sampled to match French general population
18+ years
Confidence in own country’s economic recovery after
COVID-19 by income level,1 % of respondents
Low (<€25k) Medium (€25k–50k) High (>€50k)
Optimism grows as categories recover | Current as of October 2021

5.
McKinsey & Company 5
Gen Z and millennials boost optimism share, while unvaccinated
people are likelier than vaccinated people to be pessimistic
Confidence in own country’s economic recovery after COVID-191
% of respondents
1. Q: What is your overall confidence level surrounding economic conditions after the coronavirus (COVID-19) crisis subsides (ie, once there is herd immunity)? Rated from 1 “very optimistic” to 6 “very pessimistic.”
2. Baby boomers includes silent generation.
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
By generation By vaccination status
20
28
47
42
33 30
Vaccinated Unvaccinated
10
20 25 26
42
45
48 46
48
35
27 28
Baby boomers2
Gen X
Gen Z Millennials
Optimistic Pessimistic
Mixed
Optimism grows as categories recover | Current as of October 2021

6.
McKinsey & Company 6
26
39 40
52
10
11 7
8
64
50 53
40
Gen Z Millennials Gen X Baby boomers3
42 41
9
5
49
54
Vaccinated Unvaccinated
42
9
49
Overall
1. Q: When do you expect your routines will return to normal? Figures may not sum to 100% because of rounding.
2. Q: Which best describes your vaccination status?
3. Baby boomers includes silent generation.
In or after 2022 In 2021 Not affected/already returned
By generation By vaccination status2
Younger generations,
especially Gen Z, tend
to predict a later return
to normal; only 26% of
Gen Z are back to
normal already, vs
52% of baby boomers
Vaccination status is
not significantly
associated with
expectations: ~50% of
both vaccinated and
unvaccinated
consumers expect a
return to normal in or
after 2022
Half of consumers, including two-thirds of Gen Z, expect a return to
normalcy in 2022
Expectations on routines returning to normal,1 % of respondents
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Optimism grows as categories recover | Current as of October 2021

7.
McKinsey & Company 7
Income increased slightly, which may encourage households to
increase their spending and reduce their savings
Reduced slightly/a lot About the same Increased slightly/a lot
33
3
33
64
65
Past 2 weeks Past 2 weeks
4
63
30
6
Past 2 weeks
32
Past 2 weeks
51
17 21
27
53
Past 2 weeks
13
55
32
Past 2 weeks
37
47
19
Past 2 weeks Past 2 weeks
42
39
Past 2 weeks
18
44
23
30
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003; 11/9–11/16/2020, sampled
to match French general population 18+ years
1. Q: How has the coronavirus (COVID-19) crisis affected the following over the past 2 weeks? Figures may not sum to 100% because of rounding.
Household income Household spending Household savings
Nov 9–16 Feb 23–27 Oct 15–20
Nov 9–16 Feb 23–27 Oct 15–20
Nov 9–16 Feb 23–27 Oct 15–20
Optimism grows as categories recover | Current as of October 2021
COVID-19 impact on household finances,1 % of respondents

8.
McKinsey & Company 8
More than half of consumers say their finances are back to normal;
another 40 percent say it will take at least until 2022
1. Q: When do you expect your personal/household finances will return to normal? Figures may not sum to 100% because of rounding.
2. Q: Which best describes your vaccination status?
3. Baby boomers includes silent generation.
By generation By vaccination status2
Over 60% of baby
boomers say their
finances either were
not affected or are
back to normal, vs
only 34% for Gen Z
and less than 50%
for other generations
Vaccination status is
not significantly
associated with
expectations of
finances returning to
normal
Expectations on personal/household finances
returning to normal,1 % of respondents
34
49 49
62
12
6
54
45 47
34
Gen X
Millennials
Gen Z
4
4
Baby boomers3
53
48
5
6
42 46
Vaccinated Unvaccinated
In or after 2022 In 2021 Not affected/already returned
52
5
43
Overall
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Optimism grows as categories recover | Current as of October 2021

9.
McKinsey & Company 9
Three in ten consumers intend to treat themselves in 2021; this
ratio is now higher in low-income groups than it was in February
1. Q: With regard to products and services you will spend money on, do you plan to splurge/treat yourself in 2021? For example, are there categories of products or services you have spent less on over the last year and a half that you feel you
will spend more on now?
2. Baby boomers includes silent generation.
3. Low sample size, N<25.
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003, sampled to match French general population 18+ years
Plan on
splurging
32
68
Feb 2021
30
70
Oct 2021
Do not plan
on splurging
Millennials
Gen X
Baby boomers
53%
+3
48%
−3
Gen Z 73%3
+6
33%
+1
33%
−8
48%
−7
17%
+5
14%
−6
35%
+7
26%
+6
29%
0
32%
−1
Generation
2
Respondents who plan/do not plan to
splurge/treat themselves in 20211
% of respondents
Low
(<€25K/year)
Middle
(€25–€50K/year)
High
(>€50K/year)
>70%
<30% 50–70%
30–50% pp change from Feb 21
XX
Respondents who plan to splurge, by household income, %
Optimism grows as categories recover | Current as of October 2021
Change < −10 pp
.

10.
McKinsey & Company 10
All generations have a strong desire to splurge on restaurants and
travel, except Gen Z, who would rather splurge on apparel
Categories where consumers intend to treat themselves1
% of all respondents with intent to splurge
1. Q: You mentioned that you plan to splurge/treat yourself in next 6 months. Which categories do you intend to treat yourself to? Please select all that apply.
2. Baby boomers includes silent generation.
47
40
35
26
26
23
21
18
15
13
13
10
9
Items for your home
Out-of-home entertainment
Restaurants, dining out, bars
Sports apparel and equipment
Travel, lodging, vacation
Electronics
Apparel, shoes, accessories
Personal services
Fitness, sports, outdoors
Makeup, skin-care products
Outdoor living
Pets
Household essentials
Millennials Gen X
Gen Z
Baby
boomers2
−16 3 5 3
−25 −1 1 25
10 4 2 −20
5 3 3 −13
1 3 −4 1
−2 7 0 −10
6 4 −7 −4
−3 0 1 2
0 4 −1 −3
Generational cut
8 4 −8 −3
−5 4 −3 2
−2 6 −2 −7
−3 5 −4 −1
Change from
Feb 2021,
percentage points
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003, sampled to match French general population 18+ years
Between −3 and +3
< −3 > +3
−12
−17
−4
0
−14
−4
N/A
−13
−5
N/A
N/A
N/A
−11
Categories
Difference from all respondents,
percentage points
Optimism grows as categories recover | Current as of October 2021

11.
McKinsey & Company 11
French consumers still report negative net intent to spend, despite
positive increase on most categories relative to February 2021
Net intent >1
Net intent −15 to 0
Net intent: < −15
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003, sampled to match French general population 18+ years
11
28
34
28
35
34
33
31
46
46
26
12
9
24
45
37
37
31
12
8
11
7
16
6
9
9
5
17
6
6
11
9
14
8
Footwear
Groceries
Tobacco products
Accessories
Food takeout and delivery
Alcohol
10
Restaurant
5
Quick-service restaurant
Toys and baby
Apparel
Jewelry
Household supplies
Personal-care products
Skin care and makeup
Home and furniture
Sports and outdoors
Home improvement, garden
Kitchen and dining
Stay the same
Decrease Increase
9
22
14
27
37
33
22
25
22
17
34
31
28
46
33
40
42
37
8
9
9
6
7
17
8
7
31
12
17
18
15
18
13
16
Out-of-home entertainment
Pet-care services
Entertainment at home
Pet food and supplies
Vitamins and OTC medicine
Books, magazines, newspapers
Consumer electronics
10
Fitness and wellness
Hotel/resort stays
Personal-care services
International flights
Gasoline
10
Vehicles
Short-term home rentals
Travel by car
Cruises
Adventures and tours
Domestic flights
Net
intent2
−5
−21
−30
16
−14
−15
−15
14
−19
−11
−28
−18
−22
−29
−13
−24
1. Q: Over the next 2–3 months, 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.
Expected spending per category over the next 2–3 months vs usual1
% of respondents who bought these categories at least once since 2019
−4
−6
−7
+6
+21
+50
+14
+15
+13
+11
+17
+14
+3
+8
+2
+3
−10
+7
Change since
Feb 2021
Change since
Feb 2021
−1 +5
+2
−3
−4
+4
+53
+7
+38
+17
+40
+12
+38
+30
+43
+47
+48
+42
−21 +50
Net
intent2
−37
1
−9
−6
−34
−20
−23
−21
−25
−18
−27
−22
−41
−4
−18
−28
−23
−23
Optimism grows as categories recover | Current as of October 2021

12.
McKinsey & Company 12
−10
−80
−70
−60
−40
−50
−30
−20
0
10
Mar 2020 Apr 2020 May 2020 June 2020 Sept 2020 Nov 2020 Feb 2021 Oct 2021
Expected spending per category over the next 2–3 months vs usual1
Net intent2
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003; 11/9–11/16/2020, n = 1,000; 9/24–9/27/2020, n = 1,077; 6/18–6/21/2020, n = 1,006; 5/21–5/24/2020, n =
1,011; 4/30–5/3/2020, n = 1,011; 4/16–4/19/2020, n = 1,009; 4/2–4/5/2020, n = 1,011; 3/26–3/29/2020, n = 1,003; 3/20–3/22/2020, n = 1,008, sampled to match French general population 18+ years
Net spending intent is trending up in most categories except
groceries and at-home entertainment
1. Q: Over the next 2–3 months, 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.
2020 2021
Consumer electronics
Skin care and makeup
Groceries
Household supplies
Fitness and wellness
Personal-care products
Apparel
Domestic flights
International flights
Out-of-home entertainment
At-home entertainment
Close trips (≤2 hours by car)
Optimism grows as categories recover | Current as of October 2021

13.
McKinsey & Company 13
1. Q: Which best described how you have researched the following categories over the last 3 months?
2. Q: Which best describes how you have purchased the following categories over the last 3 months?
47
45
44
40
34
32
31
30
27
27
27
26
23
22
19
14
50
51
53
47
59
56
59
61
68
56
56
60
66
62
68
57
3
4
3
13
7
12
10
9
5
17
17
14
11
16
13
29
Kitchen and dining
Personal-care products
Skin care and makeup
Household supplies
Fitness and wellness services
Groceries
Pet food, supplies
Vitamins, supplements, OTC medicine
Home improvement and gardening
Footwear
Jewelry
Accessories
Home decoration, furniture
Apparel
Sports and outdoors equipment, supplies
Consumer electronics
Research and purchase only in-store Omnichannel Research and purchase only online
Omnichannel is mainstream in all categories, but groceries, home,
and personal care still occur in stores
Omnichannel is mainstream | Current as of October 2021
Product searches1 and purchases2 by channel
% of respondents who purchased in these categories in the last 3 months
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years

14.
McKinsey & Company 14
Younger generations are significantly influenced by social media,
especially on home decoration, jewelry, skin care and makeup
Omnichannel is mainstream | Current as of October 2021
1. Q: Think about the purchases you have made in the following categories over the past 3 months. Were you influenced toward a certain brand by a post on social media in the following categories?
2. Baby boomers includes silent generation.
27
25
23
22
22
21
21
20
20
19
15
15
10
9
8
8
Home decoration and furniture
Skin care and makeup
Jewelry
Apparel
Accessories
Home improvement and gardening supplies
Fitness and wellness services
Kitchen and dining
Consumer electronics
Sports, outdoors equipment and supplies
Footwear
Vitamins, supplements, and over-the-counter medicine
Personal-care products
Pet food and supplies
Groceries
Household supplies
Millennials Gen X
Gen Z
Baby
boomers2
5 −7 −16
24 6 −15 −21
32 10 −10 −16
30 10 −9 −16
26 3 −11 −12
−13 14 −4 −14
11 12 −7 −11
12 6 −7 −7
21 5 −9 −11
Generational cut
34 4 −8 −12
8 7 −4 −7
14 7 0 −8
15 7 −3 −7
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Between −3 and +3
< −3 > +3
Categories
Categories where respondents were influenced by social media1
% of respondents who purchased in these categories in the last 3 months
11
15
33
13
6
4
4
−4
−3
0
−5
−6
−7
Difference from all respondents,
percentage points

15.
McKinsey & Company 15
12 51
14
67
8
62
27
53
6
37
8
44
39
3
49
7
53
40
35
8
39
68
62
39
24
12
51
10
51
11
53
60
30
7
9
28
40
51
44
49
12
35
12
47
10
29
30
52
37
11
64
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
French consumers continue to intensify their usage of pickup and
delivery services
Omnichannel is mainstream | Current as of October 2021
16
14
4
33
6
11
8
23
6
7
9
14
32
5
20
12
56
Using less Using same Using more
1. Q: And have you used or done any of the following in the last 3 months? If yes, Q: Which best describes when you have done or used each of these items?
Frequency of participating1
% shown among consumers who have participated in the activity in the last 3 months
Used or did in last 3 months
% of total respondents
Drive-thru line for a fast-food restaurant
Curbside pickup from a restaurant
Used a food delivery provider
Self checkout or scan-and-go at a physical store
Buy online, pick up in store
Curbside delivery at a store
Purchased secondhand products online
Downloaded/used deal-finding plug-ins
Downloaded/used a new store/restaurant app
Purchased directly from social media
Used an app/website for same-day delivery
Used an app/website for delivery within 1 hour
Shopped at a store I had not shopped at before for groceries
Changed my primary grocery store
Cooked regularly for myself/my family
Personal care/grooming at home
Tried making something myself/DIY project

16.
McKinsey & Company 16
French consumers have acquired at-home alternatives to out-of-
home activities, mainly online streaming and social-media use
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Omnichannel is mainstream | Current as of October 2021
46
11
8
33
54
54
51
10 46
12
4 52
44
41
42
40
43
18
38
51
11
43
15
12
70
15
10 55
35
33
32
47
58
8
57
28
15
25
38
58
33
14
9
54
8
32
37
37
41
63
5
8
10
5
6
20
17
44
15
12
3
15
4
6
10
8
15
35
Using less Using same Using more
1. Q: Have you used or done any of the following in the last 3 months? Q: Which best describes how often you have used each of the following items in the past 3 months?
Wellness app
Digital workout bike or machine
Online personal training/fitness
Grocery delivery
Restaurant food delivery
Meal kit delivery
Online streaming
Video conferencing for professional use
Virtual hangouts and video chats for personal use
Telemedicine for physical health care
Telemedicine for mental health care
Playing online games
Watching online games
Remote learning for myself
Remote learning for my kids
Used social media
Used TikTok
Frequency of participating1
% shown among consumers who have participated in the activity in the last 3 months
Used or did in last 3 months
% of total respondents

17.
McKinsey & Company 17
Nearly half of respondents have faced some product unavailability,
and 44 percent of them have put their purchase on hold
1. Q: Over the last 3 months, have you wanted to buy something and not been able to purchase it because it was out of stock or otherwise not available?
2. Q: The most recent time this happened (when you wanted to buy something and it was not available), what did you do?
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Respondents who planned to purchase
something but could not, due to unavailability1
% of respondents
27
25
24
19
4
Bought the product
at different retailer
Waited until product was available
at the same retailer
Did not buy anything
Bought a different brand or similar
product at a different retailer
Bought a different product
at the same retailer
Consumer responses to stockouts2
% of respondents who could not make a planned purchase
53
47
Could not purchase
at least 1 item
Oct 2021
Able to purchase
all items
Loyalty is shaken | Current as of October 2021

18.
McKinsey & Company 18
61
34
30
23
15
10
Different retailer/store/website
Any new shopping behavior
New shopping method3
Different brand
Private label/store brand
New digital shopping method
Loyalty is shaken | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003, sampled to match French general population 18+ years
Low
(<€25k/
year)
Gen Z
Baby
boomers4
59
78 45
10
20 4
Income cut
Generational cut
All consumers
Between −3 and +3
< −3 > +3
1. Q: Over the past 3 months, which of the following have you done? 39% replied “None of these”
2. Q: Which best describes whether or not you plan to continue with these shopping changes? Possible answers: “will go back to what I did before 3 months ago”; ”will keep doing both this and what I did before 3 months ago”; ”will keep doing
this and NOT go back to what I did before 3 months ago.” Intent to continue includes respondents who selected “will keep doing both this and what I did before 3 months ago” and “will keep doing this and NOT go back to what I did before 3
months ago.”
3. “New shopping method” includes curbside pickup and delivery apps.
4. Baby boomers includes silent generation.
Behaviors in the past 3 months1
% of respondents
About six in ten consumers have changed some shopping behavior;
this is significantly higher for Gen Z and millennials
Difference from all respondents,
percentage points
Medium
(€25k–
50k/year)
61
10
High
(>€50k/
year)
66
14
Gen X
60
10
Millen-
nials
74
14
29
42 23 36 38
34
43
29
42 20 31 31
29
39
22
31 14 22 25
23
30
14
29 6 15 18
12
23

19.
McKinsey & Company 19
Reason for trying a new brand since COVID-19 began1
% of respondents who tried a new brand since COVID-19 began
Loyalty is shaken | Current as of October 2021
1. Q: You mentioned you tried a new/different brand than what you normally buy. What were the main reasons that drove this decision? Select up to 3 relevant reasons. “Brand” includes different brand, new
private label/store brand. Overarching reason based on % of individual respondents responding to at least 1 reason in the group.
2. Baby boomers includes silent generation.
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Better value
The company treats its employees well
Larger package sizes
Better shipping/delivery cost
17
16
Is available where I’m shopping (ie, in-store or online)
Shares my values
Supporting local businesses
Is more sustainable/better for the environment
Wanted to try a new brand I found
Wanted to try a type of product I’ve never tried before
Wanted to treat myself
Better quality
Wanted variety/a change from my normal routine
24
Better prices/promotions
Products are in stock
Is cleaner/safer
35
24
7
3
13
13
7
5
18
18
12
15
14
6
Is natural/organic
Novelty
Personal choice
Purpose-driven
Quality/organic
Convenience
Health/hygiene
Availability 13
Value 54
33
27
32
14
6
32
Baby
boomers2
Gen Z +
millennials Gen x
34 29
44
20 30
26
4 2
3
10 3
5
11 24
15
11 19
11
6 6
9
7 3
3
20 17
12
16 25
14
27 22
20
11 14
12
16 14
20
15 14
15
14 14
15
13 16
9
9 3
3
All consumers
Between −2 and +2
< −2 > +2
Value is driving brand switch for 54 percent of respondents,
followed by purpose, novelty, and personal choice
x Net % of respondents per category
Difference from all respondents,
percentage points

20.
McKinsey & Company 20
A gradual return to out of home | Current as of October 2021
52
12
10
49
41
13
Nov 2020
Oct 2021
Feb 2021
June 2020
Sept 2020
May 2020
Overall
57%
Vaccinated
28%
Unvaccinated
Millennials
Gen Z Gen X
51%
Baby boomers3
57%
54%
47%
60%
Medium
(€25k–50k)
Low (<€25k) High (>€50k)
47%
53%
1. Q: Which best describes when you will regularly return to stores, restaurants, and other out-of-home activities? Chart shows those already participating in these activities.
2. Gen Z are people under 25 years old, millennials are 25–44 years old, Gen X are 45–54 years old, and baby boomers are 55 years old and above.
3. Baby boomers includes silent generation.
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003; 11/9–11/16/2020, n = 1,000; 9/24–9/27/2020, n = 1,077; 6/18–6/21/2020, n = 1,006;
5/21–5/24/2020, n = 1,011; 4/30–5/3/2020, n = 1,011; 4/16–4/19/2020, n = 1,009; 4/2–4/5/2020, n = 1,011; 3/26–3/29/2020, n = 1,003; 3/20–3/22/2020, n = 1,008, sampled to match French general population 18+ years
By
generation2
By
vaccination
adoption
By income
57%
of baby boomers are
doing out-of-home
activities
60%
of higher-income
households are doing
out-of-home activities
57%
of people who are
vaccinated are doing
out-of-home activities
Consumers engaging in ‘normal’ out-of-home activities,1 % of respondents
Over half of French consumers are again engaging in ‘normal’ out-
of-home activities

21.
McKinsey & Company 21
Out-of-home activities done in the past 2 weeks1
% shown for respondents who engaged in the activity at least once prior to COVID-19
A gradual return to out of home | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
1. Q: Did you leave your house for the following activities over the past 2 weeks?
Social
Personal
care
Entertain-
ment 57
24
33
32
49
40
58
64
63
Go to the gym or fitness studio
Attend an outdoor event
Get together with family
Dine indoors at a restaurant or bar
Go out for family entertainment
Attend an indoor cultural event
Visit a crowded outdoor public place
Go to a hair or nail salon
Get together with friends
81
93
80
75
42
59
30
15
34
28
16
Shop for groceries/necessities
Work outside my home
Shop for non-necessities
Travel by airplane
Go to a shopping mall
Use a ride-sharing service
Travel more than 2 hours by car
Use public transportation
Travel by train
Stay in a hotel
Rent a short-term home
Work
Shopping
Transport/
travel
≥50%
<50%
Consumers increased all out-of-home activity since February,
especially social activities, dining indoors, and going to the gym

22.
McKinsey & Company 22
1. Q: With the rise of the Delta variant of COVID-19, how, if at all, has your out-of-home behavior changed?
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
22 22 24
42 40
49
32 35
24
4
Low (<€25k)
3
Medium
(€25k–50k)
3
High (>€50k)
A gradual return to out of home | Current as of October 2021
21
28
43
44
32
24
4
Vaccinated
4
Unvaccinated
22
43
32
Engage with
adjusted behavior
Overall
3
Engage less
Engage same as
before Delta
Engage more
By income By vaccination status
Higher-income
consumers in France
are likelier than others
to engage with
adjusted behavior and
less likely to reduce
engagement (24%, vs
32% for lower-income
groups and 35% for
medium)
Vaccinated
respondents are more
cautious with the Delta
variant than
unvaccinated ones
Adjustments to out-of-home behavior due to prevalence of Delta variant1
% of respondents
Three-quarters of French consumers have changed the way they
engage in out-of-home activities because of the Delta variant

23.
McKinsey & Company 23
A gradual return to out of home | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
1. Q: Which best describes how you are engaging in each of these activities? Possible answers: “Not doing this at all”; “Doing this in the same way as pre-COVID-19, but less often”; “Doing this in a modified way vs. pre-COVID-19”;
“Doing this just as much and in the same way as I did pre-COVID-19.”
Work
Shopping
Transport/
travel
Social
Personal
care
Entertain-
ment
36
34
66
38
Get together with family
Go out for family entertainment
Visit a crowded outdoor public place 26
Attend an outdoor event
Dine indoors at a restaurant or bar
64
62
Attend an indoor cultural event
38
62
74
29
68
71
Go to the gym or fitness studio
Go to a hair or nail salon
23
77
30
70
32
Get together with friends
38
36
Work outside my home
34
24
21
Travel by train
79
Shop for non-necessities
20
71
80
76
29
71
Travel by airplane
Shop for groceries/necessities
66
64
Use public transportation
Travel more than 2 hours by car
28
72
Rent a short-term home
29
Use a ride-sharing service
37
63
36
64
Stay in a hotel
62
Go to a shopping mall
Doing less, doing in a modified way Doing as much as and in the same way as pre-COVID-19
Out-of-home activities engagement,1
% of respondents
When going out of home, more than 60 percent of French
consumers have changed their behavior

24.
McKinsey & Company 24
Main life events done in the last 12 months as a result of COVID-19,1 % of respondents
A gradual return to out of home | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000; 2/23–2/27/2021, n = 1,003, sampled to match French general population 18+ years
Change >3 pp
22
8
1
16
9
7
8
3
2
4
2
Moved into a bigger home
Worked more from home
Decided to change jobs
Got a new pet at home (eg, dog, cat)
Started homeschooling children
Set up a gym at home
Renovated/remodeled my home
Set up a specific work-from-home space
Moved into a smaller home
Bought a property
Sold a property
Work/study
change
Oct 2021
Pet adoption
House move
Home
renovation
Investments/
divestments
Total2
Change from
Feb 2021,
percentage points
−2
−2
0
2
−2
0
−1
0
−4
3
N/A3
8
28
5
28
6
1. Q: Which of the following have you done in the last 12 months as a result of the COVID-19 crisis?
2. Total % of people who choose option(s) in the category.
3. Data not available in Nov 2020 survey or low sample size (<30).
Even though consumers increasingly go out, they are still working
from home and investing in their home environment

25.
McKinsey & Company 25
Three themes are emerging among French consumers for the 2021
holiday shopping season
Consumers indicate a return
to stores
Stores remain a central place place to
research purchases, with 57% of
consumers intent on browsing this
holiday season; however, younger
generations report outsize influence
by brands and social media
Spend pulled forward Loyalty switching at play
About a third of consumers plan to
start holiday shopping earlier this
year, concerned mostly about
availability
Three in ten of consumers plan to
shop at different retailers than last
year, as they look for better value
1 2 3

26.
McKinsey & Company 26
Younger generations are more excited and stressed by the end-of-
year holidays
Holidays are back and in person | Current as of October 2021
32
22 18 16
28
39
57
70
40 38
25
14
Baby
boomers2
Gen Z Millennials Gen X
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
1. Q: Which best describes your general attitude toward the holiday shopping season? Selected from "Anxious," "Stressed," "Neutral," "Eager,“ "Excited," and "Other."
2. Baby boomers includes silent generation.
20
53
27
Overall
Excited/
eager
Neutral
Stressed/
anxious
Consumer attitudes toward the 2021 holiday shopping season1
% of respondents
By annual income By generation
21 21 18
51 53 55
28 26 27
High (>€50k)
Low (<€25k) Medium
(€25k–50k)

27.
McKinsey & Company 27
Vaccination status would seem to have no impact on sentiment
toward the 2021 holiday shopping season
Holidays are back and in person | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
1. Q: Which best describes your general attitude toward the holiday shopping season? Selected from "Anxious," "Stressed," "Neutral," "Eager," "Excited," and "Other."
Consumer attitudes toward the 2021 holiday shopping season1
% of respondents
20
53
27
Overall
Excited/
eager
Neutral
Stressed/
anxious
20 18
53 57
27 24
Vaccinated Unvaccinated
By vaccination status
No differences reported when
comparing overall respondent
results to those of vaccinated
consumers.
Vaccinated consumers are
slightly more excited and eager
toward the 2021 holiday
shopping season but also
report being slightly more
stressed

28.
McKinsey & Company 28
One-fourth of French consumers plan to spend more on gifts for
themselves or others
Holidays are back and in person | Current as of October 2021
63
64
Gifts (for
myself and
others)
17
18
Personal travel
18
Family travel
20
7
59
80
13
Out-of-
home eating
25
66
9
33
8
Redecorate my
home, put out
seasonal items
14
72
14
Large
household
appliances
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
1. Q: If you compare the upcoming holidays 2021 with the ones last year, how much do you plan to change your spending level in the following categories?
Will spend more Will spend less
Will spend about the same
2021 holiday spending plans vs. spending in 20201
% of respondents who spent on the category during the holidays in 2020
Majorities of consumers (59–
80%) plan to spend about the
same amount as last year
across all categories during
2021
However, 33% plan to spend
more this year on home
seasonal decoration, and 25%
plan to spend more on gifts

29.
McKinsey & Company 29
Stores remain the main place to research purchases, but younger
generations say they’re more influenced by brands and social media
Holidays are back and in person | Current as of October 2021
57
36
33
23
22
16
10
10
9
Offline advertisements
Advertisements on TV or streaming media
Browsing in stores
Brand websites
Retailer websites
Browsing through holiday markets
Social media
Browsing in pop-up stores
Emails from relevant retailers
Generational cut
Gen Z
53
30
Millennials
51
26
Gen X
54
22
Baby
boomers3
66
15 11 8 6
14 11 12 8
34 27 12 4
37 38 39 31
15
21 32 36 36
21 12 10 4
26 23 20 25
Research channels
Between −3 and +3
< −3 > +3
Difference from all respondents, percentage points
1. Q: Which channels are you planning to use to get new ideas and do research for your holiday shopping? Please select top 3.
2. Offline advertisements include catalogues, flyers, magazines, and newspaper advertisements.
2. Baby boomers includes silent generation.
Consumer research plans by channel for holiday 20211
% of all respondents
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years

30.
McKinsey & Company 30
Social media is expected to have significant influence on holiday
purchase decisions among younger consumers
Holidays are back and in person | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
1. Q: How much influence do you expect social media to have on your holiday purchase decisions this season? Selected from "Significant influence", "Some influence," and "Will not influence."
2. Q: Which channels do you think will influence your holiday purchase decisions? Asked of respondents indicating social media will influence their 2021 holiday purchases.
3. Baby boomers includes silent generation.
Expected influence of social media on 2021 holiday
purchases,1 % of respondents
61
20
50
66
81
39
80
50
34
19
Overall
Gen Z
Millennials
Baby boomers3
Gen X
Will not influence Will influence
30 49
71 46 21 30 24
55
60 50 23 25 26 22
36
69 36 11 15 12 13
15
57 39 2 20 3 10
48
54 45 22 21 20 19
Most influential social-media channels2
% of respondents who expect social-media influence
Top 3 platforms by %
Facebook YouTube Instagram TikTok Twitter Snapchat
Pinterest

31.
McKinsey & Company 31
Plans to gather with family increase by 10 percent, but most
consumers still plan to limit get-togethers for upcoming holidays
Holidays are back and in person | Current as of October 2021
1. Q: What best describes what you expect to do for the holidays this year [2021]? Figures may not sum to 100% because of rounding.
2. Q: What best describes your holiday get togethers last year [2020]? Figures may not sum to 100% because of rounding.
3. Baby boomers includes silent generation.
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Split by annual income Split by generation
9 11 9
+4 5 8 13 5
16 23 31 31 22 21
+5 19
29 24 24 36 31 24
+1 20
51 45 31 24 36 46
−10 56
Medium
(€25k–
50k)
Low
(<€25k)
High
(>€50k) Millennials Gen X
Gen Z
Baby
boomers3
Change
from 2020,2
percentage
points
Holiday plans in 20211
% of respondents
< −3 Between −3 and +3 > +3
Difference from all respondents, percentage points
8
22
26
44
Will not travel but will have a family/friends get
together outside my immediate family
Will travel to and attend a large get together
with family and friends
Do not plan to travel and will limit getting together
to immediate family only
Will travel to a limited family get together

32.
McKinsey & Company 32
Number of in-person holiday-related events is expected to decrease
compared with before COVID-19, across all generations
Holidays are back and in person | Current as of October 2021
1. Q: About how many in-person holiday-related events do you attend in a typical year without COVID-19?
2. Q: Compared with the number of in-person events you attended pre-COVID-19, about how many in-person events do you expect to attend over the holidays this coming year [2021]?
3. Baby boomers includes silent generation.
3.1
Family gatherings
Work-related gatherings
Parties with friends
4.3
1.4
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Event type
Between −1 and +1
< −1 > +1
Millennials Gen X
Gen Z
Baby
boomers3
Generational cut
4.9 4.9 3.2 4.3
4.4 3.6 2.4 2.7
2.3 2.1 1.6 0.4
Difference in
number vs
pre-COVID-19
−1.0
−1.1
−0.5
Holiday-related events consumers attended1 or expect to attend2 in 2021
Number of events
Difference from all respondents, percentage points

33.
McKinsey & Company 33
1. Q: Do you plan to shop for the holidays earlier or later in 2021 compared with last year’s holiday season [2020]? Possible answers: “significantly earlier”; “slightly
earlier”; “starting at about the same time”; “slightly later”; “significantly later”; “I am not planning to do any holiday season shopping.” Figures may not sum to 100%
because of rounding; 7% of French consumers surveyed indicated they do not plan to shop for the holidays this year
2. Q: What are the primary reasons you plan to shop earlier for the holidays in 2021?
3. Baby boomers includes silent generation.
Low
5
32
35
60 62
6
Medium
28
69
3
High
Earlier
5
32
Overall
62
Later
About the
same time
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
Overall By income By generation
3
48
43 53
9
44
Baby
boomers3
6
Gen Z Millennials
27
67
Gen X
20
78
2
About a third of consumers plan to start holiday shopping earlier
this year, concerned mostly about availability
Holidays are back and in person | Current as of October 2021
Main reasons for consumers
to start shopping earlier2
% of respondents who plan to shop
earlier in 2021
50%
37%
20%
38%
Holiday shopping start vs last year1
% of respondents who plan to shop for the holidays this year
of French consumers are
concerned about
availability
of French consumers are
concerned about
shipping lead time
of French consumers
want to do something
fun right now
of French consumers are
concerned about
unexpected challenges
due to COVID-19

34.
McKinsey & Company 34
About half of French consumers plan to start shopping in
November this holiday season, and 29 percent have already started
Holidays are back and in person | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
29
48
22
1
I already started
In November
In December
In January
18
19
63
75–100% of my shopping
50–74% of my shopping
1–49% of my shopping
1. Q: When do you plan to start your shopping for the seasonal holidays this year? Excludes 7% of French consumers who indicated they do not plan to shop for the holidays this year; Figures may not sum to 100% because of rounding.
2. Q: How much of your holiday season shopping have you done so far? Question asked of respondents who have indicated they already started.
Holiday shopping timing, 20211
% of respondents who plan to shop for the holidays this year
Holiday season shopping status, 20212
% of respondents having already started

35.
McKinsey & Company 35
Three in ten consumers plan to shop at different retailers than last
year, as they look for better value
Holidays are back and in person | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
21
8
6
Check more things
off my list at once
More value for money
Safety
31
30
25
18
17
Shop more online
Shop at a different place
Shop more at local/independent stores
Shop earlier
Shop more in person
1. Q: Please select all the ways you anticipate your holiday shopping might be different from last year. Figures may not sum to 100% because of rounding.
Anticipated different holiday shopping behaviors1
% of respondents who said they will do holiday shopping this year
Reasons to change place to shop during holiday season
% of respondents who said they will do holiday shopping this year

36.
McKinsey & Company 36
31 percent of consumers plan to shop more online, and a quarter
plan to shop early; younger generations are even more likely
Holidays are back and in person | Current as of October 2021
31
18
25
Shop earlier
Shop more in person
Shop more online
Income cut
Gen Z
Millen-
nials Gen X
Baby
boom-
ers2
Shopping behaviors
Between −3 and +3
< −3 > +3
Difference from all respondents, percentage points
1. Q: Please select all the ways you anticipate your holiday shopping might be different compared to last year. Figures may not sum to 100% because of rounding.
2. Baby boomers includes silent generation.
Anticipated shopping behavior change for holiday
20211
% of respondents who anticipate shopping differently this year Generational cut
36 32
40 20
26 18 14 18
33 35 23 16
29 31 32
18 16 20
30 24 19
Medium
(€25k–
50k)
Low
(<€25k)
High
(>€50k)
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years

37.
McKinsey & Company 37
Better price and availability are the top two factors in consumers’
decisions about where to shop
Holidays are back and in person | Current as of October 2021
Source: McKinsey & Company COVID-19 France Consumer Pulse Survey, 10/15–10/20/2021, n = 1,000, sampled to match French general population 18+ years
35
22
14
46
12
20
15
22
17
6
9
8
Easy to shop across store and online
Unique items offered
Convenience
Product availability
Better quality
Better prices, promotions
Ability to see products in person
Ability to purchase most gifts from 1 place
Better shipping, delivery costs
Supporting local businesses
Company treating employees well
Cleaner, better hygiene measures
Generational cut
12
33
34
15
26
15
7
10
21
17
2
Gen Z
14
25
17
17
16
19
14
8
13
29
12
44
Millennials
11
36
11
14
16
14
10
9
17
24
8
50
Gen X
12
41
21
11
19
13
9
7
15
23
4
48
Baby
boomers2
41
1. Q: Please tell us what your primary considerations will be when deciding where to shop. Please select up to 3.
2. Baby boomers include Traditional or silent generation.
Between −3 and +3
< −3 > +3
Primary considerations when deciding where to shop1
% of respondents
Convenience
Availability
Value
Quality
Uniqueness
Health/hygiene
Purpose-driven
53
58
x Net % of respondents per category
33
22
22
9
8
Difference from all respondents, percentage points