1.
McKinsey & Company 1
Five emerging consumer themes in October 2021
1 2 5
4
3
Optimism returns
and spend increases
Optimism doubles to 33%
in October (versus
February) alongside
growing intent to spend
on most categories
Almost half of consumers,
especially younger and
higher-income
consumers, intend to
splurge in the next six
months
Omnichannel sticks
About six in ten Spanish
consumers research and
purchase products in an
omnichannel way
Social media exerts high
levels of influence across
categories, particularly
with Gen Z and millennials
Holiday shopping
earlier and online
About 40% of Spanish
consumers expect to
shop for the holidays
earlier than usual, with
more than 60%
expecting to start by
November
Over one-third plan to
shop online more this
year than last year
Out-of-home moves
toward normal
About 60% of consumers
are back to participating
in normal activities, in
contrast with about 20%
in February 2021
Top destinations in the
last 2 weeks were the
workplace (79%), social
gatherings (71%), and
malls (69%)
Loyalty under threat
Since the start of the
COVID-19 pandemic,
45% of consumers have
changed brands; price
was the main reason, but
11% switched to more
natural/organic and 7% to
more sustainable brands

2.
McKinsey & Company 2
Confidence in own country’s economic recovery after COVID-191
% of respondents
15 14 13 17 22 21
22 32
41
49 52
50
46
65
74
67
44
37 35 33 32
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
Spanish consumers’ level of optimism is similar to that of
consumers elsewhere in Europe
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.
Growth in optimism and spending | Current as of October 2021
US Germany
10/15–22
UK
10/15–22
10/9–15
Italy
10/15–22
France
10/15–22
Change in % optimistic vs
Feb survey, percentage points
+3 +3
+13 +14
+18
Spain
10/15–22
+16
India
10/18–25
+3
Source: McKinsey & Company COVID-19 Consumer Pulse Survey 2021
China
10/17–22
+6 +2
Japan
10/18–20
17
50
33

3.
McKinsey & Company 3
38 41 41 39 42 40
31
17
46
46 45 48
47 47
52
50
17 13 14 13 11 13 17
33
Sept 2020
Mar 2020 Apr 2020 May 2020 June 2020 Nov 2020 Feb 2021 Oct 2021
Growth in optimism and spending | Current as of October 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.” Figures may not sum to
100% because of rounding.
2. Average of biweekly pulse surveys shown for Mar–May 2020.
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/23–2/27/2021, n = 1,005; 11/9–11/16/2020, n = 1,014; 9/24–9/27/2020, n = 1,054; 6/18–6/21/2020,
n = 1,007; 5/21–5/24/2020, n = 1,010; 4/30–5/3/2020, n = 1,004; 4/16–4/19/2020, n = 1,006; 4/2–4/5/2020, n = 1,006; 3/26–3/29/2020, n = 1,003; 3/20–3/22/2020, n = 1,002, sampled to match Spain general
population 18+ years
Overall optimism about economic recovery increased notably
between February and October
Confidence in own country’s economic recovery after COVID-19,1 % of respondents
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
20202 2021

4.
McKinsey & Company 4
Middle- and high-income consumers are more optimistic than
lower-income consumers
Growth in optimism and spending | Current as of October 2021
16
29
37
13
19
35
30
0
5
10
15
20
25
40
45
Feb 2021
11
9
Sept 2020
18
33
Oct 2021
High (>€50k)
Low (<€25k) Medium (€25k–49k)
41
20
43
28
15
41
15
5
0
20
10
25
30
35
40
45
Sept 2020
32
35
Feb 2021
16
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 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/18–2/22/2021, n = 1,005; 9/24–9/27/2020, n = 1,054,
sampled to match Spain general population 18+ years
Confidence in own country’s economic recovery after
COVID-19 by income level,1 % of respondents

5.
McKinsey & Company 5
Younger consumers are more optimistic about economic recovery
Growth in optimism and spending | Current as of October 2021
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 Spain Consumer Pulse Survey, 10/15-10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
By generation By vaccination status
17 16
50 50
33 34
Vaccinated Unvaccinated
9 12
20 24
58 50
49 46
33 38
31 30
Millennials
Gen Z Gen X Baby boomers2
Mixed
Optimistic Pessimistic

6.
McKinsey & Company 6
Growth in optimism and spending | Current as of October 2021
28
23 21
26
17
15
10
6
55
62
69 68
Gen Z Millennials Baby boomers3
Gen X
24 21
11 13
65 66
Vaccinated Unvaccinated
24
11
65
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.
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
Not affected/already returned
In or after 2022 In 2021
By generation By vaccination status2
Younger generations
are more optimistic
about the return, while
two-thirds of older
consumers expect a
longer lead time
Over 20% of
unvaccinated
consumers are
engaging in their
normal routine, as are
a similar proportion of
vaccinated consumers
(24%)
While ~25 percent say their routines are back to normal, most
expect their routines to go back to normal in 2022 or later
Expectations on routines returning to normal,1 % of respondents

7.
McKinsey & Company 7
Income and consumption have grown in the last six months,
seemingly at the expense of savings
Growth in optimism and spending | Current as of October 2021
Reduced slightly/a lot Increased slightly/a lot
About the same
62
58
3
Past 2 weeks
39 35
Past 2 weeks
3 5
67
28
Past 2 weeks
10
12
41
47
Past 2 weeks
9
36
Past 2 weeks
55
Past 2 weeks
48
42
28
21
49 50
30
22
Past 2 weeks
Past 2 weeks
28
51
21
Past 2 weeks
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15-10/22/2021, n = 1,023; 2/23–2/27/2021, n = 1,005; 11/9–11/16/2020, n = 1,014,
sampled to match Spain general population 18+ years
1. Q: How has the coronavirus (COVID-19) crisis affected the following over the past two weeks?; Figures may not sum to 100% because of rounding
Household income Household spending Household savings
Nov 2020 Feb 2021 Oct 2021
Nov 2020 Feb 2021 Oct 2021
Nov 2020 Feb 2021 Oct 2021
COVID-19 impact on household finances,1 % of respondents

8.
McKinsey & Company 8
While 45 percent of consumers say their finances are back
to normal, almost 50 percent say it will take until 2022 or later
Growth in optimism and spending | Current as of October 2021
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.
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
By generation By vaccination status2
60% of baby boomers
say their finances are
either not affected or
back to normal, vs
~50% for Gen Z and
millennials
Unvaccinated
individuals were less
affected in economic
terms; ~60% were not
affected or have
already recovered their
personal finances
Expectations on personal/household finances
returning to normal,1 % of respondents
38 38
45
54
9
14
6
53
48 49
42
Baby boomers3
Gen Z
4
Gen X
Millennials
44
49
8
10
48
41
Vaccinated Unvaccinated
In 2021
In or after 2022 Not affected/already returned
45
8
47
Overall

9.
McKinsey & Company 9
Growth in optimism and spending | Current as of October 2021
Almost half of consumers plan to splurge, with higher rates for
younger generations
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 half which you feel you
will spend more on now?
2. Baby boomers includes silent generation. 3. Small base (n < 30).
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/23–2/27/2021, n = 1,005, sampled to match Spain general population 18+ years
Millennials
Gen X
Baby boomers3
63%
7
68%
12
Gen Z 53%3
−11
43%
−2
53%
−4
87%
9
22%
5
35%
13
50%
17
31%
0
54%
17
49%
3
Generation
2
Respondents who plan/do not plan to
splurge/treat themselves in 20211
% of respondents
Low
(<€25k/year)
Middle
(€25k–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, %
46
Plan on
splurging
40
Feb 2021
60
54
Do not plan
on splurging
Oct 2021
Change < −10 pp
.

10.
McKinsey & Company 10
Older consumers plan to splurge on experiences like traveling or
eating out, while younger consumers focus on apparel
Growth in optimism and spending | Current as of October 2021
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.
51
42
37
28
25
17
16
15
13
10
9
9
7
Sports apparel and equipment
Travel, lodging, vacation
Makeup, skin-care products
Restaurants, dining out, bars
Personal services
Apparel, shoes, accessories
Out-of-home entertainment
Electronics
Items for your home
Household essentials
Fitness, sports, outdoors
Pets
Outdoor living
Millennials Gen X
Gen Z
Baby
boomers2
38 47 51 70
37 35 49 48
46 40 31 33
23 32 28 26
20 25 27 29
19 19 19 10
14 19 15 16
26 16 12 10
7 18 13 9
Generational cut
10 11 8 11
11 11 5 7
12 9 9 6
4 11 3 8
Change from
Feb 2021
percentage points
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 468; 2/18–2/22/2021, n = 400, sampled to match Spain general population 18+ years
Between −3 and 3
< −3 >3
−14
−3
2
3
−1
N/A
−9
N/A
−2
−1
−5
N/A
N/A
Categories
Difference from all respondents,
percentage points

11.
McKinsey & Company 11
Growth in optimism and spending | Current as of October 2021
Net intent >1
Net intent −15 to 1
Net intent: < −15
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/23–2/27/2021, n = 1,005, sampled to match Spain general population 18+ years
6
24
30
33
32
26
30
28
53
47
31
7
23
46
35
37
20
15
11
8
11
20
8
13
6
6
20
7
6
7
11
8
9
Restaurant
Alcohol
Kitchen and dining
Tobacco products
Groceries
5
Food takeout and delivery
Quick-service restaurant
Sports and outdoors 10
Footwear
Apparel
Jewelry
Accessories
Toys and baby
10
Home improvement, garden
Household supplies
Personal-care products
Skin care and makeup
Home and furniture
Decrease Stay the same Increase
11
16
25
37
30
24
19
24
16
30
38
25
47
43
46
42
40
7
23
9
16
8
24
11
17
17
19
20
21
18
14
10
Pet food and supplies
Entertainment at home
Vitamins and OTC medicine
10
Fitness and wellness
10
10
Books, magazines, newspapers
10
Consumer electronics
Personal-care services
Out-of-home entertainment
Pet-care services
Gasoline
Vehicles
Travel by car
Short-term home rentals
Cruises
Adventures and tours
International flights
Hotel/resort stays
Domestic flights
Net
intent2
0
−15
−27
−7
−15
−3
−16
8
−21
−8
−28
−23
−25
−24
−6
−19
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 weeks vs usual1
% of respondents who bought these categories at least once since 2019
1
−8
−4
2
16
36
23
26
8
30
−1
1
9
12
11
2
6
1
Change since
Feb 2021
percentage points
Change since
Feb 2021
percentage points
−4 1
14
0
7
12
49
13
27
11
37
23
37
31
25
30
51
43
−26 43
Net
intent2
−47
9
−11
-3
−35
−19
−19
−25
−21
−6
−22
−15
−41
−1
−16
−25
−29
−11
Significant growth seen in Spanish consumers’ plans to spend,
despite net intent remaining negative in most categories

12.
McKinsey & Company 12
30
−30
−80
−10
−40
0
−70
10
−50
20
−60
−20
May 2020 Sept 2020
Apr 2020 June 2020
Consumer electronics
Mar 2020 Nov 2020 Feb 2021 Oct 2021
Skin care and makeup
Fitness and wellness
Personal-care products
Apparel
Meal at restaurant
Entertainment out of home
Domestic flights
Groceries
Expected spending per category over the next 2–3 months vs usual1
Net intent2
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/23–2/27/2021, n = 1,005; 11/9–11/16/2020, n = 1,014; 9/24–9/27/2020, n = 1,054; 6/18–6/21/2020,
n = 1,007; 5/21–5/24/2020, n = 1,010; 4/30–5/3/2020, n = 1,004; 4/16–4/19/2020, n = 1,006; 4/2–4/5/2020, n = 1,006; 3/26–3/29/2020, n = 1,003; 3/20–3/22/2020, n = 1,002, sampled to match Spain general
population 18+ years
Intent to spend has increased steadily in all categories—especially
leisure activities, where it approaches pre-COVID-19 levels
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.
Growth in optimism and spending | Current as of October 2021
2020 2021

13.
McKinsey & Company 13
43
37
35
34
32
32
30
26
24
24
23
23
21
18
15
57
58
58
56
59
59
56
66
60
58
66
64
65
65
57
59
5
7
10
9
9
14
8
16
18
11
13
14
17
28
30
Vehicles
Meal at restaurant
Toys and baby supplies
Kitchen and dining
Meal at quick-service restaurant
Fitness and wellness services
Home improvement, gardening supplies
Skin care and makeup
Footwear
Accessories (eg, handbags)
Books, magazines, newspapers
Home decoration and furniture
Apparel
Sports and outdoors equipment, supplies
Food takeout, delivery
11
Consumer electronics
Research and purchase only in-store Omnichannel Research and purchase only online
A majority of Spanish consumers report they are shopping in an
omnichannel way across categories
Omnichannel sticks | 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 Spain Consumer Pulse Survey, 10/15–10/22//2021, n = 1,023, sampled to match Spain general population 18+ years
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?

14.
McKinsey & Company 14
Social media influences purchases to a greater extent among Gen Z
and millennials than older generations
Omnichannel sticks | 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 towards a certain brand by a post on social media in the following categories?
2. Baby boomers includes silent generation.
47
41
40
39
39
38
38
36
34
33
33
32
30
30
30
27
Accessories (eg, handbags, sunglasses)
Jewelry
Skin care and makeup
Consumer electronics
Home decoration and furniture
Apparel
Books, magazines, newspapers
Toys and baby supplies
Meal at restaurant
Footwear
Fitness and wellness services (eg, gym, workout classes)
Sports and outdoors equipment, supplies
Home improvement and gardening supplies
Food takeout, delivery
Vehicles
Kitchen and dining
Millennials Gen X
Gen Z
Baby
boomers2
48 27 39
71 53 31 21
66 51 32 28
78 56 27 17
68 52 27 20
56 55 29 18
81 54 25 20
46 46 27 25
54 43 24 13
Generational cut
53 43 27 19
64 48 24 14
42 47 23 23
46 39 20 19
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/18–2/22/2021, n = 1,005, sampled to match Spain general population 18+ years
Between −3 and 3
< −3 >3
Categories
Categories where respondents were influenced by social media1
% of all respondents who purchased in these categories in the last 3 months
55
24
79
39
40
45
38
25
22
24
14
19
11
Difference from all respondents,
percentage points
Selection; additional data available

15.
McKinsey & Company 15
14
47
34
52
34 58
49
47
43
8
38
35
17
17
43
43
15
47
41
12
39
9
12
44
38
18
39
43
12
44
37
37
20
11
52
52
40
46
44
14
55
45
8
34
11
14
63
29
35 55
10
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey Pulse Survey, 10/15–10/22/2020, n = 1,023, sampled to match Spain general population 18+ years
Many Spanish consumers continue to use new technologies to
facilitate their retail and restaurant purchases
Omnichannel sticks | Current as of October 2021
13
9
33
12
10
21
10
23
9
15
8
26
29
7
16
29
58
Using less Using about the 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
More than half of Spanish consumers used online streaming and
social media in the past three months – and increasingly so
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2020, n = 1,023, sampled to match Spain general population 18+ years
Omnichannel sticks | Current as of October 2021
31
44
56
40
29
31
29 31
31
41
13
25
49
34
17
34
45
21
38
41
21
34
14 52
26
37
37
22
43
26
48
36
13
35
33
37
48
15
41
16
61
41
45
14
32
46
42
36
22
17
30
14
14
8
4
35
34
64
27
42
4
26
11
14
16
22
28
73
Using less Using more
Using about the same
1. Q: Have you used or done any of the following in the last 3 months? If yes, Q: Which best describes how often you have used each of the following items in the past 3 months?
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
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

17.
McKinsey & Company 17
53
47
Could not purchase
at least 1 item
Oct 2021
Able to purchase
all items
When a product is not available, consumers are much more likely to
switch retailers or brands than to wait until it is available
Loyalty under threat | Current as of October 2021
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 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
Respondents who planned to purchase
something but could not, due to unavailability1
% of respondents
30
25
22
18
6
Bought a different brand of a
similar product at the same retailer
Bought the product at a
different store or website
Did not buy anything
Waited until it was available
at the same retailer
Bought a different product
at the same retailer
Consumer responses to stockouts2
% of respondents who could not make a planned purchase

18.
McKinsey & Company 18
1. Q: Over the past 3 months, which of the following have you done? 25% replied “None of these.”
2. “New shopping method” includes curbside pickup and delivery apps.
3. Baby boomers includes silent generation. .
75
45
42
42
24
17
Any new shopping behavior
New shopping method2
Different brand
Different retailer
Private label
New digital shopping method
Loyalty Loyalty under threat | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
Gen Z Millennials
75
88 87
39
52 54
45
55 53
35
48 38
8
26 14
11
34 24
Generational cut
All consumers
Between −3 and 3
< −3 >3
Behaviors in the past 3 months1
% of respondents
More than 40 percent of consumers who have changed shopping
behavior have changed brands or retailers or tried a private label
Difference from all respondents
percentage points
59
30
33
26
34
22
Gen X Baby boomers3

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 under threat | 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 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; sampled to match Spain’s general population 18+ years
13
25
Larger package sizes
Is available where I’m shopping
Is more sustainable/better for the environment
Better shipping/delivery cost
Better value
Wanted to try a type of product I’ve never tried before
Wanted to treat myself
Shares my values
Better prices/promotions
40
Wanted variety/a change from my normal routine
Wanted to try a new brand I found
35
Supporting local businesses
The company treats its employees well
Better quality
Is natural/organic
Products are in stock
Cleaner/has better hygiene measures
7
7
16
8
23
12
4
4
15
14
11
8
5
Quality/organic
Convenience
Personal choice
Purpose-driven
Availability
Health/hygiene
Novelty 42
Value 68
24
23
8
5
27
Baby
boomers2
Gen Z +
millennials Gen X
31 44
46
32 41
34
10 2
7
11 5
7
20 28
21
23 27
25
20 15
14
15 11
12
9 20
10
7 9
5
4 2
5
4 2
4
16 11
14
15 10
7
14 14
16
9 9
6
7 1
5
All consumers
Between −2 and 2
< −2 >2
Though value is the main reason given for switching brands, some
consumers switched in pursuit of more novelty
x Net % of respondents per category
Difference from all respondents,
percentage points
15

20.
McKinsey & Company 20
Return to out-of-home | Current as of October 2021
57
18
18
28
20
11
June 2020
Sept 2020
May 2020
Feb 2021
Oct 2021
Nov 2020
Overall
57
Vaccinated Unvaccinated
50
Gen Z Baby boomers3
Millennials
52
Gen X
66
56 61
Low (<€25k)
59
Medium
(€25k–50k)
High (>€50k)
61
54
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 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/18–2/22/2021, n = 1,005; 11/9–11/16/2020, n = 1,014;
9/24–9/27/2020, n = 1,054; 6/18–6/21/2020, n = 1,007; 5/21–5/24/2020, n = 1,010, sampled to match Spain general population 18+ years
By
generation2
By
vaccination
adoption
By income
66%
of Gen Z are doing out-
of-home activities
61%
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
Nearly 60 percent of consumers are now engaging in ‘normal’ out-
of-home activities, versus less than 20 percent in February

21.
McKinsey & Company 21
Out-of-home activities done in the past 2 weeks1
% of respondents
Return to out-of-home | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/18–2/22/2021, n = 1,005, sampled to match Spain
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 65
18
32
29
63
44
51
73
71
Attend an outdoor event
Dine indoors at a restaurant or bar
Go out for family entertainment
Visit a crowded outdoor public place
Go to the gym or fitness studio
Go to a hair or nail salon
Attend an indoor cultural event
Get together with family
Get together with friends
79
94
71
69
44
59
34
14
32
21
19
Shop for non-necessities
Work outside my home
Use public transportation
Shop for groceries/necessities
Travel more than 2 hours by car
Go to a shopping mall
Use a ride-sharing service
Travel by airplane
Travel by train
Stay in a hotel
Rent a short-term home
Work
Shopping
Transport/
travel
≥50%
<50%
Consumers are engaging in out-of-home activities, especially social
activities, at relatively high levels

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 Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
29 25 25
35 40 43
33 32 29
Medium
(€25k–50k)
High (>€50k)
3
Low (<€25k)
3 3
Return to out-of-home | Current as of October 2021
26 32
39 33
32 34
3
Vaccinated Unvaccinated
1
27
38
32
Engage same as
before Delta
3
Overall
Engage less
Engage with
adjusted behavior
Engage more
By income By vaccination status
Medium- and higher-
income consumers
are more cautious
when going out
A third of
unvaccinated
consumers have not
reduced or changed
their out-of-home
behavior despite the
Delta variant
Adjustments to out-of-home behavior due to prevalence of Delta variant,1 % of respondents
Seven in ten consumers have changed the way they engage in out-
of-home activities because of the Delta variant

23.
McKinsey & Company 23
Return to out-of-home | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain 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
55
41
59
Go out for family entertainment
Go to a hair or nail salon
Dine indoors at a restaurant or bar
60
43
57
57
63
45
Attend an indoor cultural event
43
40
Attend an outdoor event
45
37
Visit a crowded outdoor public place
40
29
71
Go to the gym or fitness studio
60
Get together with family
55
Get together with friends
24
47
36
78
Work outside my home
65
53
35
60
76
Shop for groceries/necessities
Shop for non-necessities
38
62
Go to a shopping mall
40
22
44
56
Travel more than 2 hours by car
37
Stay in a hotel
Use public transportation
64
Use a ride-sharing service
44
56
Travel by airplane
Travel by train
45
55
Rent a short-term home
63
Doing less, doing in a modified way
Doing as much as and in the same way as pre-COVID-19
Engagement in out-of-home activities,1 % of respondents
Over half of consumers have modified their behavior in out-of-
home activities; three in four have modified work and shopping

24.
McKinsey & Company 24
Main life events done in the last 12 months as a result of COVID,1 % of respondents
Return to out-of-home | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023; 2/18–2/22/2021, n = 1,005, sampled to match Spain general population 18+ years
Change >3 pp
28
7
3
18
14
12
10
5
3
4
3
Set up a gym at home
Got a new pet at home (eg, dog, cat)
Set up a specific work-from-home space
Decided to change jobs
Renovated/remodeled my home
Worked more from home
Started homeschooling children3
Bought a property
Sold a property
Moved into a bigger home
Moved into a smaller home
Work/study
change
Oct 2021
Pet adoption
House move
Home
renovation
Investments/
divestments
Total2
Change from
Feb 2021,
percentage points
−1
−2
3
−2
2
−1
−5
−1
0
−5
−4
10
34
8
34
7
1. Q: Which of the following have you done in the last 12 months as a result of the COVID-19 crisis?
2. Total percentage of people who choose option(s) in the category.
As consumers have increased out-of-home activity, investments in
their home have declined slightly since February

25.
McKinsey & Company 25
Three themes are emerging among Spanish consumers for the 2021
holiday shopping season
Consumers expect to shop
more online
35% of consumers expect to shop
more online, with almost equal shares
planning to visit retailer or brand
websites
Spend pulled forward Decrease of loyalty and
brand switching
40% of consumers plan to shop
earlier, driven mostly by concerns
about product shortages, shipping
delays, and unexpected challenges
related to COVID-19
Nearly three in ten consumers plan to
shop at a different place this year,
most often to find value for money and
be able to consolidate shopping trips
1 2 3

26.
McKinsey & Company 26
Consumers with higher incomes are the more excited for the 2021
holiday shopping season than consumers with low income
Holiday outlook | Current as of October 2021
30 26 24 18
34 37
53 63
36 36
24 19
Gen Z Gen X
Millennials Baby
boomers2
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/25/2021, n = 1,023, sampled to match Spain 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.
23
49
28
Overall
Excited /
eager
Neutral
Stressed /
anxious
Consumer attitudes toward the 2021 holiday shopping season1
% of respondents
By annual income By generation
28
19 23
50
50 43
22
31 33
Medium
(€25k–
50k/year)
Low
(<€25k/year)
High
(>€50k/year)

27.
McKinsey & Company 27
Nearly two in three consumers plan to spend about the same as last
year across all categories during the 2021 holidays
33
10
30
Family travel
33
Pesonal travel
20
57 57
10
26
60
14
Out-of-
home eating
19
66
15
24
Gifts (for
myself and
others)
Redecorate my
home, put out
seasonal items
11
65 50
Large
household
appliances
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/25/2021, n = 1,023, sampled to match Spain 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 less
Will spend more 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
One-third of consumers plan to
spend more on personal and family
travel during the holidays, and one-
fourth on eating out of home
30% plan to spend less on large
appliances, and 24% on
redecorating their home
Holiday outlook | Current as of October 2021

28.
McKinsey & Company 28
In-store browsing is expected to be the most popular research
channel, with a large focus on social media for younger consumers
Holiday outlook | Current as of October 2021
51
33
28
28
26
20
16
10
6
Social media
Offline advertisements
Browsing in stores
Brand websites
Emails from relevant retailers
Retailer websites
Browsing through holiday markets
Advertisements on TV or streaming media
Browsing in pop-up stores
Generational cut
Gen Z
48
23
Millennials
50
23
Gen X
50
30
Baby
boomers3
56
10 7 6 2
20 19 16 12
18 16 20 26
41 39 34 24
26
57 44 17 12
10 10 13 7
16 32 31 28
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 catalogs, fliers, 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 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years

29.
McKinsey & Company 29
Roughly eight in ten millennials and Gen Z consumers expect to be
influenced by social media
Holiday outlook | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain 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
44
16
23
53
66
56
84
77
47
34
Baby boomers3
Millennials
Overall
Gen Z
Gen X
Will not influence Will influence
19 88
47 41 36 9 27
53
52 75 30 30 5 18
48
60 50 19 23 3 15
49
66 38 15 23 6 24
51 64 26 28 5 20
Most influential social-media channels2
% of respondents who expect social-media influence
Top 3 platforms by %
50
Facebook YouTube Instagram TikTok Twitter Snapchat
Pinterest

30.
McKinsey & Company 30
Consumers expect to engage in family and friend gatherings this
holiday season, though mainly in a limited way
Holiday outlook | 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 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
Split by annual income Split by generation
29 27 47
−23 48 36 36 54
25 25 26 39 24 24
7 21
17 23 25 17 29 20
6 18
9 15 13 16 20 9
10 7
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
42
25
21
12
Do not plan to travel and will limit getting together
to immediate family only
Will travel to and attend a large get-together
with family and friends
Will travel to a limited family get-together
Will not travel but will have a family/friends
get-together outside my immediate family
Will establish some limitations

31.
McKinsey & Company 31
Across all generations, consumers expect the number of in-person
holiday-related events to be lower than before COVID-19
Holiday outlook | 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.
4.2
Family gatherings
Work-related gatherings
Parties with friends 2.5
1.4
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
Event type
Between −1 and 1
< −1 >1
Millennials Gen X
Gen Z
Baby
boomers3
Generational cut
4.1 4.3 4.5 3.8
4.1 2.9 2.3 1.6
1.4 1.9 1.6 0.6
Difference in
number vs
pre-COVID-19
−1.5
−1.6
−0.7
Holiday-related events consumers attended1 or expect to attend2 in 2021
Number of events
Difference from all respondents, percentage points

32.
McKinsey & Company 32
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; 8% of Spanish 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.
Medium
Low
5
43
58
52
5
37
59
36
5
High
39
55
About the
same time
Overall
5
Earlier
Later
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
Overall By income By generation
50
Millennials
42
47
8 5
Gen Z
48
34
62
4
Gen X
32
66
2
Baby
boomers3
Around 40 percent of consumers plan to start their holiday
shopping earlier this year
Holiday outlook | Current as of October 2021
Main reasons for consumers
to start shopping earlier2
% of respondents who plan to shop
earlier in 2021
51%
35%
Holiday shopping start vs last year1
% of respondents who plan to shop for the holidays this year
of Spanish consumers
are concerned about
availability
are concerned about
shipping lead time
16%
want to do something
fun right now
35%
are concerned about
unexpected challenges
due to COVID-19

33.
McKinsey & Company 33
Only a small percentage of Spanish consumers indicate an intent to
start their holiday shopping before November
Holiday outlook | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 944; sampled to match Spain general population 18+ years
16
50
33
1
In December
In November
I already started
In January
14
61
25
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 8% of Spanish 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 (n = 91).
Timing of holiday shopping, 20211
% of respondents who plan to shop for the holidays this year
Status of holiday shopping, 20212
% of respondents having already started

34.
McKinsey & Company 34
Almost four in ten consumers plan to shop more online these
holidays; more than 25 percent intend to shop at a different place
Holiday outlook | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
15
9
10
Check more
things off my
list at once
Safety
More value for money
81
35
28
27
26
24
Shop earlier
Shop more online
Any change on shopping behavior2
Shop more in person
Shop more at local/independent stores
Shop at a different place
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.
2. Percent of respondents who picked at least 1 activity differing from how they shopped last year.
Anticipated different holiday shopping behaviors1
% of respondents
Reasons to change place to shop during holiday
season
% of respondents who say they will shop at a different place

35.
McKinsey & Company 35
One-third of Spanish consumers plan to shop more online during
the upcoming holidays
Holiday outlook | Current as of October 2021
35
28
24
Shop more in person
Shop earlier
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 intending to shop differently this year Generational cut
39 38
45 21
29 25 28 31
36 27 20 17
33 36 36
27 29 29
23 23 25
Medium
(€25k–
50k)
Low
(<€25k)
High
(>€50k)
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years

36.
McKinsey & Company 36
Price, convenience, and availability are Spanish consumers’ top
three considerations for where to shop
Holiday outlook | Current as of October 2021
Source: McKinsey & Company COVID-19 Spain Consumer Pulse Survey, 10/15–10/22/2021, n = 1,023, sampled to match Spain general population 18+ years
46
17
31
19
14
31
18
21
6
24
14
11
Convenience
Ability to see products in person
Better prices/promotions
Easy to shop across store and online
Better shipping/delivery costs
Cleaner/better hygiene measures
Product availability
Ability to purchase most gifts from 1 place
Supporting local businesses
Company treating its employees well
Better quality
Offers unique items
Generational cut
18
44
11
28
35
16
11
14
5
29
21
Gen Z
14
49
21
23
34
22
20
5
8
17
25
10
Millennials
13
45
19
29
31
18
15
10
8
18
30
14
Gen X
12
47
19
39
28
17
12
12
5
19
22
21
Baby
boomers2
25
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
Value
Availability
Purpose-driven
Uniqueness
Health/hygiene
Quality
52
54
x Net % of respondents per category
45
25
24
14
11
Difference from all respondents, percentage points