The change in consumers’ shopping habits is likely to be permanent.
Since the beginning of the pandemic, consumers globally have been unusually consistent in their shopping habits, according to Nielsen data. Starting with the panic buying and stockpiling the essentials as a response to the news around COVID-19, most consumers now are accustomed to in-home lifestyle due to enforced lockdowns.
Consumers’ expectation around the products that they intend to buy are also evolving and want brands to fulfil the claims that they make for their products. But, they increasingly prefer local products or shorter and transparent supply chains to ensure they know what are they are eating and where it is sourced from.
With lockdowns reducing the number of physical stores, consumers are also increasingly relying on online shopping. Retailers should embrace this online expansion and focus on addressing the change in consumer demands as they “recalibrate” their budgets.
[4 minute read]