CHANGED CONSUMER PRIORITIES DEMAND NEW BUSINESS RESPONSES
The directional shifts in consumer priorities from COVID-19, which we believe will take hold for the next 18 to 24 months, are starting to be defined. Repositioning to address these likely shifts now, while maintaining the flexibility to amp the response to each shift up or down, offers consumer industry companies the opportunity to thrive.
The most impactful changes to consumer behavior can be segmented into four areas: health, hygiene, home, and habits. The impact on consumer behavior across these four areas will have significant implications for companies.
Specifically, we believe there are five key implications that companies should be proactively addressing as we emerge from COVID-19:
- Identifying and targeting consumer segments
- Sustainably adjusting the cost base
- Rethinking top-line management
- Evaluating portfolio strategy
- Accelerating digital transformation
Our experts explain how brands can use these changing priorities to adapt to their consumers' emerging behaviors to continue to grow and thrive.