How can companies prepare for this changed world?
While many consumers will prioritize going back to spending through familiar pre-pandemic mechanisms, others will focus on finding the best value for their money either through experiences or through better deals, and some may choose to splurge. It is imperative for consumer-facing companies to understand what has, and is continuing to cause, these changes—many of which have developed into habits that will not be renounced any time soon. Read more for additional research outcomes.
Our ongoing research finds that consumers are taking on four distinct behavioral dimensions
Behaviors are shifting within every age group, gender, income level, and location—but not in the same way. Put another way, identifying consumers who anticipate permanently changed buying habits is more difficult than relying solely on traditional demographics. So, how can we identify the large percentage of consumers who are leaning toward long-term changed behaviors? When mapped by worries around health and finance, consumers take on four distinct dimensions. Find out more about each.
INTERACTIVE: CHANGING CONSUMER PRIORITIES IN RETAIL
Consumers are taking on four unique behavioral dimensions because of the pandemic. As these consumers shift their priorities to focus more on value and sustainability, retailers across the apparel, footwear, electronics, beauty sectors, and more must reevaluate their strategies for addressing evolving consumer expectations post-pandemic. Click below to view our interactive graphic and see how these four consumer dimensions are impacting the global retail industry.