What was a necessity 6 months’ ago may no longer be needed now or in the future.

We have seen:

  • A strong move to on-line shopping across all age groups, which changes the way customers find and consume brands. This in turn changes logistics, stock holding and the way we need to communicate.
  • Loyalty to brands and products is being tested – in the US 75% of consumers have tried a new shopping behaviour and 36% have tried a new brand
  • Value becomes a key driver in purchase decisions with budgets under pressure
  • As consumers re-evaluate what is important to them, purchasing changes. Consider how fashion needs have changed with work from home and how health becomes more aspirational than handbags
  • Connectivity and Bandwidth is as important to us, as our homes and food
  • Seeking out local providers takes centre stage as we try to support our friends and communities
  • Home threatens commercial office space and traditional schooling
  • Arts, crafts, home improvements, cooking and gardening show a resurgence as we look for comfort
As behaviour changes and budgets are increasingly under pressure, what does this mean for your brand, product and service?

Key questions for companies and brands are:

  • Is your offer or product a necessary or a discretionary spend?
  • In your category, how have consumers’, clients’ and stakeholders’ needs and aspirations changed?
  • Is the way we define our products and service still appropriate?
  • Who is our market now?
  • What do we need to do to keep our customers loyal?