Consumers in China, and the rest of the world, are becoming more cautious as a result of the current crisis. Bloomberg
Consumers in China, and the rest of the world, are becoming more cautious as a result of the current crisis. Bloomberg
Consumers in China, and the rest of the world, are becoming more cautious as a result of the current crisis. Bloomberg
Consumers in China, and the rest of the world, are becoming more cautious as a result of the current crisis. Bloomberg

#Ditchyourstuff: why the global pandemic is bringing back the less is more approach


Selina Denman
  • English
  • Arabic

A new hashtag, #ditchyourstuff, has started trending on Chinese social media in recent weeks, garnering more than 140 million views.

It’s a sign of the times. Job losses and insecurity, furloughs and salary cuts are radically altering consumer habits around the world, making people more conscious of how they spend their money. Many have been taking their time in isolation to reflect and reassess their priorities. And for some, the current crisis has acted as a wake-up call about how they manage and spend their funds.

The pandemic is likely to produce a more sustainable, healthier era of consumption over the next 10 years

In China, as the #ditchyourstuff trend shows, many young people are rethinking their approach to shopping, offloading their possessions and embracing an age-old mantra: less is more. A recent survey by McKinsey & Co revealed that between 20 and 30 per cent of respondents in China would continue to be cautious, either consuming slightly less or, in a few cases, a lot less.

And this shifting approach to mass consumerism is likely to extend beyond the current crisis, according to a survey of more than 3,000 consumers in 15 countries across five continents, conducted by Accenture between April 2 to 6.

Consumer behaviour could be affected for the next decade, according to experts at Accenture. AP Photo
Consumer behaviour could be affected for the next decade, according to experts at Accenture. AP Photo

The survey found that 60 per cent of respondents are spending more time on self-care and mental well-being, with about six in 10 saying they have started exercising more at home; 64 per cent of consumers said they're focusing more on limiting food waste and will likely continue to do so going forward; 50 per cent said they're shopping more for healthier options and will likely to continue to do so; and 45 per cent said they're making more sustainable choices when shopping and will likely continue to do so.

“The scale of the changes identified in our findings clearly suggest that this is a long-term shift,” says Oliver Wright, managing director and head of Accenture’s global consumer goods practice. “While we have been seeing these trends for some time, what’s surprising is the scale and pace — compressing into a matter of weeks changes that would likely have taken years. The new consumer behaviour and consumption is expected to outlast the pandemic, stretching far beyond 18 months and possibly for much of the current decade.

“The pandemic is likely to produce a more sustainable, healthier era of consumption over the next 10 years, making consumers think more about balancing what they buy and how they spend their time with global issues of sustainability — suggesting a healthier human habitation of the planet.”

Honeymoonish
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UAE currency: the story behind the money in your pockets
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SERIE A FIXTURES

Saturday (UAE kick-off times)

Atalanta v Juventus (6pm)

AC Milan v Napoli (9pm)

Torino v Inter Milan (11.45pm)

Sunday

Bologna v Parma (3.30pm)

Sassuolo v Lazio (6pm)

Roma v Brescia (6pm)

Verona v Fiorentina (6pm)

Sampdoria v Udinese (9pm)

Lecce v Cagliari (11.45pm)

Monday

SPAL v Genoa (11.45pm)

Saturday's results

West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley

Manchester City v Chelsea, 9.30pm 

Kibsons%20Cares
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Analysis

Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.

The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement. 

We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment. 

 

Company%20profile
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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.