WITH PANDEMIC STILL IN PLAY, CONSUMERS ARE RESPONDING WITH NEW BEHAVIORS AND SHOPPING HABITS.

Across various industries and markets, business owners are responding to the changes in consumer behavior which has seen a greater emphasis in digital and reduced-contact ways of accessing products and services. According to a latest study from McKinsey & Company, there are some key trends on how consumer sentiment in the US is evolving as companies begin to reopen:

1. Consumers seem to be less optimistic about the economic recovery. 51% of consumers also pointed out that they expect the impact on their personal routines and household finances will still last 4+ months. This has led consumers to spend less and be more mindful in how they spend their money. Spending on categories such as household supplies, groceries and entertainment at home continues to rise.

2. Consumers have been more adaptable to change. The latest data shows that 75% of consumers have tried a new shopping behavior during this pandemic, 40% have tried a new shopping method and 73% intend to adapt this new methods post COVID. Even more impactful is that consumers are leveraging online resources (like social media) to make decisions about where to shop, with 62% of surveyed consumers stating they use digital channels as an inspiration on where to shop. 

3. An immediate result of the pandemic can be seen when consumers were asked about their preferences on shopping as it related to sanitation and employee treatment. 27% of respondents consider cleaning and sanitation as a top priority when deciding to shop in-store. 28% of respondents are also paying more attention to how companies treat their employees.

4. Lastly, there has been a sharp decrease in traditional activities (particularly social, outdoor, and group activities.) 73% of surveyed people are not engaging in out-of-home activities and 23% only plan to leave once there is a vaccine. 64% of respondents are worried about using public transportation and 55% of going to the gym or a fitness studio.

We hope that these highlights help provide some insight into how best to move forward with your business. You can read the entire survey here.

FOR ENTREPRENEURS AND SMALL BUSINESSES OPENING BACK UP, OUR MAIN RECOMMENDATIONS ARE TO:

1. CREATE A STRONG DIGITAL PRESENCE

If you haven’t already, prioritize developing a strong digital presence for your business so customers can find you and learn about your offerings.

2. COMMUNICATE ABOUT YOUR SAFETY PROTOCOL

If you have a physical location, be clear about communication on what you’re doing to keep customers and your staff safe during the health crisis.

3. CONSIDER HOW YOUR BUSINESS WILL PROVIDE WHAT PEOPLE NEED

Think about how you can leverage your expertise and services to solve current problems for your customers – i.e. during this pandemic, do your customers have new challenges? How can you help them?