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Consumer Spending

How have your buying habits changed amidst the pandemic? Take a moment to grasp a definitive answer. Chances are that your shopping may have been mostly digital. According to the Wall Street Journal, “consumer spending rose 5.6% alone during the month of June”, and, alongside another source named DigitalCommerce360 says that “As the pandemic pushes on, online sales grow 76% in June”. The typical consumer has changed immensely as the safety of others and their own health are prominent concerns, it makes sense that the consumer sentiment is to buy what you need on sites such as Amazon, Ebay or Etsy.

Appropriately, there is a renewed concern for products relating to health, safety and care. The website McKinsey elaborately puts, “Consumers are actively looking for use of masks and physical barriers when deciding where to shop in-store, and the importance of this visible safety sign has increased since our first measure in May. Companies’ care for their employees continues to be an important buying factor for some consumers.”

Although there is a change in consumer perception of what is a necessity to buy (and rightfully so), the pandemic presents an opportunity for brands and consumers to connect in ways never sought before. Digital shopping has exploded in popularity, which gives many brands an opportunity to present themselves online as a worthwhile merchant to purchase goods from. Companies and brands that relied heavily on in-person transactions will need to adapt to the new guidelines consumers have written out, and through the various fundamental changes of shopping, this will give new businesses the opportunity to shine and create a chain of loyal customers through this time of uncertainty.

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