The spread of COVID-19 has quickly transformed how consumers shop, what they buy and what they want from retailers. And many say these new spending and shopping habits will last long after the crisis lifts. These are a few key findings from Capgemini Research Institute‘s “The Consumer and COVID-19” survey of more than 11,000 consumers in the U.S., U.K., EU, India, and China. The recently published report that included the survey results revealed that retailers and consumer product brands that emphasize safety, offer convenience, and show a sense of purpose are in the best position to succeed now and post-pandemic. There may be no going back to the way consumers shopped before the COVID-19 crisis, therefore, let’s look in more detail at some of the survey results and what they mean for consumer product and retail (CPR) companies.
Consumer spending priorities have changed
In all 11 countries where we conducted the survey, consumers showed a dramatic shift in spending patterns. Nearly a third said they’re spending more now on groceries, personal care products and at-home entertainment. More than half said they’re cutting back on luxury spending, and expect those trends to hold over the next six months to nine months.