According to two reports by Mastercard that analyze how companies and consumers are weathering the Covid-19 pandemic and preparing for the future, deep data insights are driving recovery strategies across all industries, including the travel and entertainment sectors where promising signs of improvement are starting to emerge.
“Businesses in Asia Pacific have been dealing with the pandemic longer than anywhere else. Amid a continued uncertainty in the operating environment and the ongoing change in consumer sentiment and behavior, businesses need a compass to chart their path to growth and many are finding that clarity through data-driven insights,” Asia Pacific Mastercard Advisors Senior Vice President Donald Ong said.
He added that combined with analytics expertise, agile strategic planning, a relentless focus on the changing consumer and a sharp pivot to digital, these businesses are clearly accelerating their pace of recovery.
Meanwhile, Mastercard Recovery Insights: Travel Check-In identifies key trends in the Group of 20 nations that reflect broader consumer spending patterns – in particular the shift to a smaller retail radius as people travel and spend closer to home.
Trends highlighted in the second report include consumers maintain a “home-centered retail radius”; travelers opt to stay small, spending at boutique hotels; and air travel and auto rentals is returning ahead of commercial travel.
Mastercard has been committed to helping retailers, restaurants and consumer brands mely snapshot of economic performance.