Most Consumers Changed the Brands They Purchase From [Research Explains Why]
Discover the changes with consumer behavior, purchasing from different brands, why and what you need to do with it.
Now that 2020’s global pandemic has taught most of the world how to live and work completely from home, marketers planning their 2021 strategy are asking one big question:
“Will this uncertain time change the way people spend money?”
McKinsey — which recently polled consumers in over 48 countries about their 2020 spending habits — says, “Yes.”
One of the biggest findings in the McKinsey study was that 75% of consumers have changed brands at least once during the pandemic.
McKinsey’s research also noted four other key shifts in consumer spending behavior that could majorly impact brands in the near or far future.
In this blog post, we’ll walk you through all five shifts noted in the McKinsey study, while giving our insights on how marketers and brands can navigate them.
How Purchasing Behaviors are Changing in 2020
1) Brand loyalty is being tested.
2) Consumers aren’t rushing to grab their wallets.
3) Shoppers need ecommerce.
4) Health plays a role in purchasing decisions.
5) Shoppers have become homebodies.
Read more here.