New Brazil Banking Survey: Consumer Trends Shift As a Result of COVID-19 Outbreak

New Brazil Banking Survey: Consumer Trends Shift As a Result of COVID-19 Outbreak

By Jenny Johnston

Since March, Flourish has been taking the pulse of the economies where we invest, gauging the global impact of COVID-19 on families and businesses. This post puts a spotlight on Brazil, with fresh data from one of our portfolio companies, Neon.

The challenger bank, which serves lower-income Brazilians, surveyed 6,000 customers in April. Neon found that half of respondents experienced a drop in income since the COVID-19 shutdown. As a result, 76% are concerned that their income may not cover their expenses, and 62% say they may need to resort to debt, or more debt, to meet their needs. The majority of Neon’s customers earn less than USD 1,000 per month, and nearly 60% have limited savings.

Read the results of Neon’s April 2020 COVID consumer survey on Medium