1. The Short and Long-term
Implications of COVID-19 on
Businesses and the Economy
Results from a Mexico Nationwide
Survey
Shifting
Expectations
April 2020

2. Mexico

3. Research Methodology
3
FTI Consulting conducted this research online from March 25th – 30th, 2020. The survey was conducted
among the Mexican general population (adults age 18 and older), opinion elites, and retail investors
General
Population
Opinion
Elites
Retail
Investors
Audience size: 1,209
To qualify for this audience:
✓ Age 18+
✓ Weighted to represent
population
Audience size: 592
To qualify for this audience:
✓ Closely following news
✓ Participated in 3 or more
community activities in
last 12 months
Audience size: 478
To qualify for this audience:
✓ Invest in ETFs, annuities,
and/or bonds
NOTE: Unless otherwise noted, data represents General Population

4. The Implications
4
The potential impact and implications of the virus focuses around 4 key pressure points:
• Changing personal behaviors will impact industries across the spectrum, from how families come
together; how they approach sustainability; to what is on the dinner table
• Government’s management of the pandemic is being scrutinized leading many Mexicans to turn
to health professionals and other more trusted sources
• Given this, businesses have an opportunity to have an outsized voice in their response to and care
for employees, customers and those in need throughout the pandemic
• Mexicans have a watchful eye on businesses’ and CEOs’ responses to the pandemic, using social
media platforms to mostly amplify positive actions, as well as call out some negative ones

5. Reactions to
Company & CEOs

6. 35%
37%
41%
43%
46%
47%
47%
46%
41%
43%
18%
16%
13%
16%
12%
How and where companies source their
products/supply chains
How companies are paying or retaining their
employees
How companies treat their customers
Leaders/CEOs stepping up to help others in
need
How companies care for their employees’
safety and well-being
Much more than usual Somewhat more than usual No more than usual
Attention to Company Actions During Coronavirus
6
Companies and CEOs should expect greater attention—throughout the pandemic, Mexicans are taking a
closer look at how companies are caring for their employees, those in need and their customers.
Q: As a result of the Coronavirus pandemic, how much attention are you paying to…

7. Key Subgroups Attention to Company Actions During Coronavirus
7
Many key subgroups are paying closer attention to CEO and company operations than the general public,
however Opinion Elites are most likely to be paying attention much more closely.
Q: As a result of the Coronavirus pandemic, how much attention are you paying to…
How companies care for their
employees’ safety and well-being
Leaders/CEOs stepping up to help
others in need
How companies treat their
customers
How companies are paying or
retaining their employees
How and where companies source
their products/supply chains
Employed Parents
with children <18
Employed with
Layoff Concerns
Mexicans with Extreme
COVID-19 Concerns
50%
Much More Closely
49%
Much More Closely
50%
Much More Closely
55%
Much More Closely
47%
Much More Closely
46%
Much More Closely
46%
Much More Closely
53%
Much More Closely
44%
Much More Closely
46%
Much More Closely
46%
Much More Closely
51%
Much More Closely
41%
Much More Closely
41%
Much More Closely
42%
Much More Closely
48%
Much More Closely
39%
Much More Closely
39%
Much More Closely
39%
Much More Closely
43%
Much More Closely
Opinion
Elites

8. Social Media Amplification of Companies & Leaders
8
In light of the pandemic, social media use is on the rise with nearly half of Opinion Elites and Investors
posting about positive actions taken by a business or its leader.
Q: [IF USE SOCIAL MEDIA] How has your usage of the following social media sites changed since the declaration of the Coronavirus pandemic?
Q: [IF USE SOCIAL MEDIA] Thinking of the reaction to the Coronavirus pandemic specifically... Have you shared/ posted a comment, picture or news story of...
General
Population
Opinion
Elites
Retail
Investors
45%
Posted about a
business/ leader
going above and
beyond
49% Significantly Increased
Social Media Use
56% Significantly Increased
Social Media Use
55% Significantly Increased
Social Media Use
48%
Posted about a
business/ leader
going above and
beyond
34%
Posted about a
business/ leader
going above and
beyond
Posted about a business/ leader
not doing the right thing
23% Posted about a business/ leader
not doing the right thing
26% Posted about a business/ leader
not doing the right thing
25%

9. 9
The most positive actions have centered around employee care and guaranteeing pay.
Positive company or CEO actions in
response to the Pandemic
“Banorte is giving 3 months
for those who can't pay
during this pandemic”
“Send your workers to
work from home with
full pay, like Amazon
and Microsoft”
“Banco Santander Mexico and
Scotiabank said that their
customers will have support to
defer, up to four months, loan
payments”
“Supermarkets allow only one
person per family during their
shopping to reduce the risk of
spread of the virus”
“Unilever, British Petroleum
and KPMG have assured their
employees that they will
guarantee their normal wages
for the duration”
Q: What is the most positive thing that you have seen come from a company or a CEO in response to this Coronavirus pandemic?
Who Stands Out Positively?
7%
12%
18%
49%
8%
13%
13%
52%
9%
12%
17%
47%
Cleaning/Health (extra
cleaning, helping
everyone stay healthy)
Donations (money,
medical donations, food,
internet)
Other mentions (helping
people, no late fees,
senior hours)
Employee Care (pay,
helping employees, sick
leave, raises/bonuses)
“Carlos Slim supports his
employees by not firing them
and donating millions of pesos
for the Mexican economy”

10. “The group Salinas-Banco
Azteca did not give its
employees security in the crisis
and is only looking for money,
at the cost of people's health”
10
Conversely, companies are standing out negatively if they do not exhibit employee
care and understanding.
“Starbucks, Burger King,
KFC decided not to pay
their employees”
“The lack of monies for the
local fishermen to survive.”
“Companies like Elektra or
Coppel do not want their
employees and put them to
work cleaning the store
which is not their job.”
“President of the Republic kept
saying that they could keep
going out”
“That a certain CEO said that
they had to continue working
their employees even when the
virus is spreading everywhere”
Negative company or CEO actions in
response to the Pandemic
Q: What is the most negative or not well-considered thing that you have seen come from a company or a CEO in response to this Coronavirus pandemic?
Who Stands Out Negatively?
*
1%
2%
18%
62%
*
*
2%
17%
68%
*
1%
2%
21%
61%
Lack of supplies (no
supplies, no masks)
Cleanliness (not
cleaning/washing
hands)
Government
(President's actions,
company bail out)
Other mentions (not
helping, price gauging,
not social distancing)
Employee Care (firing,
layoffs, not offering sick
leave)

11. Industry Rating

12. 11%
14%
14%
15%
17%
17%
27%
28%
43%
45%
38%
40%
40%
45%
30%
30%
35%
33%
30%
31%
21%
21%
8%
6%
12%
7%
11%
5%
10%
Excellent Good Fair Poor Not applicable
Performance Rating of Businesses & Community Organizations
12
Mexicans are most impressed with the response of individual people throughout the pandemic,
highlighting an opportunity for businesses to bring out the human element of their responses.
Q: In general, in your country, how would you rate the job the following organizations have done to meet the needs of individual people during the
Coronavirus pandemic?
Large sized corporate businesses
Small & medium sized businesses
Community Groups
Individual people helping others
Grocery Stores & food retailers
Religiously affiliated organizations
Not-for-profit organizations

13. Attention to Industry Reactions to Coronavirus – Most Watched Industries
13
Healthcare industries garner the greatest amount of attention during the pandemic, along with higher
education institutions.
Q: For each of the following industries, please indicate how much attention you are paying to what each does to reduce the impact of the Coronavirus
on everyday people?
59%
60%
61%
76%
28%
28%
30%
19%
Pharmaceuticals
Clinical labs that test for diseases
Hospitals
A great deal of attention Some attention
Higher education institutions

14. Attention to Industry Reactions to Coronavirus – Secondary Tier
14
Mexicans are also keeping their eyes on a secondary tier of industries that represents signs of a return to
routine from transportation to grocery stores and carry-out.
Q: For each of the following industries, please indicate how much attention you are paying to what each does to reduce the impact of the Coronavirus
on everyday people?
41%
43%
43%
44%
44%
44%
34%
34%
38%
31%
32%
41%
A great deal of attention Some attention
Airlines
Mass transit
The military
App-based carry-out providers
Grocery Stores
Banks & financial services companies

15. Attention to Industry Reactions to Coronavirus – Lowest Tier
15
Those industries that have the least attention paid to them throughout the pandemic signal long-term
economic growth, such as auto companies and construction.
Q: For each of the following industries, please indicate how much attention you are paying to what each does to reduce the impact of the Coronavirus
on everyday people?
14%
18%
19%
23%
24%
26%
30%
33%
35%
36%
38%
40%
39%
43%
40%
41%
43%
40%
33%
38%
A great deal of attention Some attention
Hotels
Auto companies
Commercial construction
Residential construction
Oil & gas producers
Electric utilities
Manufacturing
Retail
Credit card and payment companies
App-based transportation

16. 16
Retail is the industry that stands out the most on employee pay with Cinépolis & Walmart being the most
top of mind for the ways they have reassured their employees.
Q: For each of the following measures, which companies and/or leaders are standing out to you?
How companies and/or leaders are paying or retaining their employees
“Walmart sending
employees home
with payment”
“Azteca, it seems bad
to me that both
banks and television
do not protect their
employees”
Who Stands Out On Employee Pay?
4%
5%
5%
5%
13%
Backs
Entertainment
Tech companies
Foods &
Beverages
Retail
Topic Industry
2%
8%
8%
44%
Leader
Recognition
Efforts (taking
care of
employees,
donations, etc)
Nothing Stands
Out
Company
Recognition
“Cinépolis took part
of the money they
have and started to
give them to the most
vulnerable people”

17. 17
Retail again is the most cited industry looking out for employee safety.
Who Stands Out On Employee Safety?
4%
4%
5%
5%
15%
Entertainment
Tech
Banks
Food &
Beverages
Retail
Topic Industry
4%
8%
8%
44%
Leader
Recognition
Efforts (taking
care of
employees,
donations, etc)
Nothing Stands
Out
Company
Recognition
Q: For each of the following measures, which companies and/or leaders are standing out to you?
How companies and/or leaders care for their employees’ safety and well-being
“HEB, Grand, suBodega
and Walmart have
implemented measures
to ensure the safety of
their employers and
customers”
“The companies
in the city who
sent home
offices such as
Toyota,
Volkswagen”
“SuperKompras and
Walmart are really
helping their
employees,
especially older
adults.”

18. 18
Mexicans feel retail, and to a lesser extent banks, are best demonstrating that
they care for their customers.
4%
4%
9%
17%
Tech
Food &
Beverages
Banks
Retail
Topic Industry
2%
7%
7%
45%
Leader
Recognition
Efforts (taking
care of
employees,
donations, etc)
Nothing Stands
Out
Company
Recognition
Q: For each of the following measures, which companies and/or leaders are standing out to you?
How companies and/or leaders treat their customers
Who Stands Out On Treating Their Customers Well?
“Coca Cola launched
a campaign about
keeping distance
from others that
shows concern for its
customers”
“Banorte
because it was
the first bank to
show real
support”
“The banks (except
Aztec) since they
provided extensions
to payments in order
to help a little to the
economy of their
clients.”

19. Mexicans are worried about retail shortages, as well as supporting
local supply chains and family businesses.
Who Stands Out on Product & Supply Chain Sourcing?
3%
3%
23%
Tech
Food &
Beverages
Retail
Topic Industry
1%
4%
10%
38%
Leader
Recognition
Efforts (taking
care of
employees,
donations, etc)
Nothing Stands
Out
Company
Recognition
Q: For each of the following measures, which companies and/or leaders are standing out to you?
How and where companies and/or leaders source their products/supply chains
19
“Not enough
product in stock,
and they are
devastating the
deliveries”
“Super Sanchez,
Soriana and Aurrera,
limit the number of
purchases to avoid
shortages”
“Buying the largest
amount of products
in local markets to
help families living
daily”

20. 20
Companies that go above and beyond get noticed, however so do those companies that take negative or
no action.
Who Stands Out On Helping Others In Need?
4%
4%
4%
13%
Tech
Banks
Food &
Beverage
Retail
Topic Industry
3%
7%
10%
38%
Leader
Recognition
Efforts (taking
care of
employees,
donations, etc)
Nothing
Stands Out
Company
Recognition
Q: For each of the following measures, which companies and/or leaders are standing out to you?
How companies and/or leaders are stepping up to help others in need
“Online
entertainment
services for free
concessions”
“Soriana this
company has seen by
its senior citizens and
has created a way to
help them through
donations”
“Carlos Slim,
donating for medical
supplies, as well as
the Mexico and
Coppel group”

21. Personal Behaviors
& Expectations

22. Summary of Top Concerns for Personal Well-Being During Coronavirus
Mexicans’ top concern is family, be it, caring for children or family members at risk of being laid off.
Personal health and finances are top of mind as well.
Q: As a result of the Coronavirus pandemic, how concerned or unconcerned are you about each of the following?
General
Population
1
2
3
Childcare for
children
Personal health
Personal finances
22
Opinion
Elites
Retail
Investors
A family member being
laid off or furloughed
Childcare for children
A family member being
laid off or furloughed
Childcare for
children
Personal healthPersonal health

23. Concern for Personal Well-Being During Coronavirus
23
Mexican’s are anxious about a range of possible outcomes of the pandemic. For those who are
unemployed, finding a job is an overwhelming concern, same as childcare for parents.
Q: As a result of the Coronavirus pandemic, how concerned or unconcerned are you about each of the following?
46%
49%
56%
56%
59%
60%
61%
64%
74%
74%
33%
31%
23%
28%
31%
21%
29%
25%
17%
20%
12%
11%
10%
10%
8%
9%
8%
5%
5%
5%
5%
6%
5%
6%
Having to provide increased caregiving responsibilities to
someone who has, or might contract, the virus
[IF NOT WORKING] Ability of a family member to offer you
financial assistance if s/he is laid off or furloughed
Children passing on the virus to elderly family members
[IF PARENT] Schooling and education for my children
Your own personal health
[IF WORKING] Getting laid off or furloughed
Your personal finances
A family member being laid off or furloughed
[IF PARENT] Childcare for my children
[IF UNEMPLOYED] Not finding a job
Very Concerned Somewhat Concerned Not Too Concerned Not at all Concerned Not Applicable

24. Long-term Changes in Behavior Post-Pandemic
24
Mexicans expect to shift their behaviors post-pandemic, driven by measures to limit contact with others,
as well as with a focus on family and sustainable practices.
22%
26%
26%
28%
28%
29%
29%
32%
32%
37%
37%
40%
44%
45%
54%
57%
35%
32%
37%
33%
36%
26%
30%
25%
33%
31%
34%
35%
27%
28%
24%
23%
27%
26%
21%
25%
22%
23%
20%
18%
20%
15%
16%
13%
12%
10%
6%
6%
14%
11%
12%
10%
12%
13%
11%
13%
10%
8%
7%
6%
5%
5%
9%
9%
11%
5%
9%
7%
9%
10%
13%
15%
13%
Use telehealth options more such as consulting doctors via video
Purchase goods in bulk to visit stores less
Use app-based food delivery services more
Use home delivery services more such as grocery delivery
Convert your home to solar panels or self-sustaining energy
Take fewer domestic flights
Take public transportation less
Take fewer international flights
Work from home more
Workout at home instead of going to a gym
Have more video conversations with friends or family
Experiment with cooking by trying out new recipes or spices
Purchase or maintain access to streaming services
Use more reusable containers instead of single-use plastics
Cook at home more frequently
Regularly deep clean your home
Very Likely Somewhat Likely Not Too Likely Not at all Likely I did this already
Q: As a result of this Coronavirus pandemic, how likely are you to do the following after the outbreak has ended:

25. Summary of Employer Communications’ Strengths & Weaknesses
25
Employers, for the most part, have been effectively communicating work from home policies. However,
employees would like to see greater reassurance on the future of the company and their place in it.
Q: [IF EMPLOYED] How would you rate your employer’s communication in each of the following areas since the Coronavirus pandemic began…
EMPLOYER STRENGTHS:
What they are doing well
EMPLOYER WEAKNESSES:
What they are failing to communicate
1
2
3
Effectively and efficiently
working from home
Duration of working from
home
Personal job security
1
2
3
Potential furloughs
or staff reduction
Modifying work
hours
The future of the
company

26. Employer Communications’ Strengths & Weaknesses
26
Beyond working from home protocol, employees hear their employers concern for their personal health,
but could use some reassurance when it comes to the future health of the business.
12%
19%
21%
22%
25%
25%
27%
28%
35%
26%
44%
43%
39%
43%
44%
41%
46%
50%
31%
29%
25%
28%
23%
20%
23%
21%
13%
23%
6%
9%
7%
7%
9%
7%
9%Potential furloughs or staff reductions
The future of the company you work for
Your working options
Modifying your work hours (i.e. longer or shorter, flexible
working)
Your personal job security
Health benefits available to you
Concern for your health and safety
[IF WORKING FROM HOME] Duration of working from home
[IF WORKING FROM HOME] Effectively and efficiently
working from home
Excellent Good Fair Poor Not applicable
Q: [IF EMPLOYED] How would you rate your employer’s communication in each of the following areas since the Coronavirus pandemic began…

27. A Tale of Two Workforces
27
Those required to work form home are more likely to be college educated and feel greater job security, yet
both groups are optimistic about the community and corporate outcomes of the pandemic.
Among Those
Working from Home
Among Those Working
at Normal Location
General Population 29% 24%
College Educated 77% 54%
DEMOGRAPHICS
EMPLOYER
RATINGS
Your Personal
Job Security
Potential Furloughs
or Staff Reductions
76%
39%
59%
36%
LIKELY
OUTCOMES
This will bring out best
of people in my area
Companies who
receive govt assistance
will appropriately
83%
70%
72%
60%

28. Expectations of
Government &
Economy

29. 11%
12%
14%
33%
32%
28%
31%
30%
27%
24%
25%
30%
Excellent Good Fair Poor Not applicable
Performance Rating of Government Handling COVID-19
29
Mexicans are frustrated with how their government at all levels have managed the pandemic. Over half of
the general population rating all government branches efforts as only fair or poor.
Q: In general, in your country, how would you rate the job the following organizations have done to meet the needs of individual people during the
Coronavirus pandemic?
Local government
Federal government
State government 12%
13%
18%
37%
32%
28%
30%
32%
27%
20%
22%
27%
14%
16%
19%
39%
34%
32%
27%
27%
22%
19%
21%
27%

30. Summary of Confidence in Institutions to Inform the Public
30
As expected in a health crisis, medical professionals have the public’s highest level of trust. Employers and
peers are the next most trusted source and government, especially at the local level is the least.
Q: How confident are you in each of the following sources to regularly inform and update you on accurate and relevant information regarding the
Coronavirus pandemic?
Highest Confidence
Mid-Level Confidence
Lowest
Confidence Your
national
government
officials
Local
Community
Government
Officials
Employer National
Media
Personal Doctor or
health Care
Professionals
Medical Doctor or
Medical Prof. In
Media
People and
Organizations on
social media
Close Family
and Friends
State
government
officials

31. 39%
49%
59%
64%
43%
39%
30%
28%
Shows how innovative and responsive private sector companies
can be in providing needed health care products and services
Shows the weaknesses of private sector capitalism to address
basic health care needs and safety during a pandemic
Shows the limitations of government in being able to act quickly
and efficiently to address basic health care needs and safety
during a pandemic
Shows how strong, well-funded national or central governments
are needed in order to address basic health care needs and safety
during a pandemic
Strongly agree Somewhat agree
Perception of Government and Private Sector Actions
31
Mexicans are divided on the whether the strengths or limitations of government have been exposed by
the pandemic. Opinions are less strong when it comes to the private sector.
Q: How strongly do you agree or disagree that the Coronavirus pandemic has done any of the following?

32. Economic Normalcy
32
ANALYSIS OF DATA GOES HERE
Q: How long do you expect it will be before economic conditions return to where they were before this Coronavirus pandemic?
Most Mexicans believe it will take between 3 months to 1 year for the economy to rebound to where it
was pre-pandemic.
2%
6%
15%
23%
29%
17%
8%
Less than 2
weeks
Between 2 - 4
weeks
Between 1 - 3
months
Between 3 - 6
months
Between 6
months - 1 year
Between 1 - 2
years
More than 2
years

33. Likelihood of Industries to Recover in Next 6 Months – Most Likely to Recover
33
Industries dealing with the pandemic directly and those that are state run are expected to be the most
likely to recover quickly – in particular businesses in the healthcare sector.
52%
53%
55%
55%
56%
59%
64%
35%
32%
34%
35%
32%
31%
29%
Very likely Somewhat likely
Q: How likely is it that, over the next 6 months, each of the following industries will financially recover to where they were before the
Coronavirus pandemic?
The military
Pharmaceuticals
Clinical labs that test for diseases
Hospitals
Banks & financial services companies
Higher education institutions
Mass transit

34. Likelihood of Industries to Recover in Next 6 Months – Second Tier
34
As seen with the industries garnering the most attention, industries more closely aligned with the return
to normal routine life are expected to rebound the next most quickly.
39%
43%
44%
44%
46%
48%
48%
40%
41%
36%
40%
39%
36%
37%
Q: How likely is it that, over the next 6 months, each of the following industries will financially recover to where they were before the
Coronavirus pandemic?
Very likely Somewhat likely
Grocery Stores
App-based transportation
Airlines
Oil & gas producers
App-based carry-out providers
Credit card and payment companies
Electric utilities

35. Likelihood of Industries to Recover in Next 6 Months – Most Likely to Struggle
to Recover
35
Mexicans expect that industries that signal long-term economic growth are the most likely to struggle to
recover from the pandemic.
28%
31%
31%
32%
33%
36%
45%
47%
41%
37%
42%
39%
Q: How likely is it that, over the next 6 months, each of the following industries will financially recover to where they were before the
Coronavirus pandemic?
Auto companies
Hotels
Commercial construction
Residential construction
Retail
Manufacturing
Very likely Somewhat likely

36. Implications for key industries
Banks & Financial Services
Retail
Oil & Gas
36
• They are receiving significantly more attention than
any other industry, and medics are the most trusted
source of information, since a vast majority of
Mexicans are concerned about their family’s health.
This is a great opportunity to be heard.
• Retail and grocery stores are spontaneously mentioned as
the ones doing the best job for Mexicans right now. This
will be a great opportunity for showing them as really
committed with the well-being of the population.
• There are mixed views: while some industrials are
recognized for their donations, some are criticized for
caring more about their economic results than for the
people. What would this mean for the private sector
image on Mexico?
• Half of Mexicans considers very/ somewhat likely to
work more from home. This would also contribute
to their quality of life (lots of time saving traveling to
work, especially in Mexico City). Is Mexico ready for
tele-working?
IndustrialsHealthcare & Life Sciences
TMT
• They are expected to quickly recover from this
situation, but also has received some criticisms due to
certain messages that showed little empathy with
clients. Never has been more important to care about
communications
• 44% thinks that the oil & gas industry will rebound
quickly, but they’re likely not thinking on the oil
price, nor the decisions that are being take. They
should be ready for having a serious conversation,
as soon as possible.

37. Questions?

38. Remember: Ask us for a
briefing for your team
Contact:
Brent McGoldrick, SMD
Brent.McGoldrick@fticonsulting.com
Javier Restrepo, SD
Javier.Restrepo@fticonsulting.com
Thank you!
April 2020