SHIFTING LOYALTIES

The pandemic is reshaping CONSUMER BEHAVIOR. Shoppers have more choices than ever- and what they want are brands that share their values

- Meghan Gunn

WHY AND HOW WE BUY WHAT WE BUY IS always a complicated subject to parse. It is a constantly changing blend of economics, demographics, taste and psychology. Two years plus of disruption by COVID-19 have dramatically stirred what was already a murky brew to start with.

Two lasting changes, however, seem clear. The pandemic has reinforced the fact that consumers have more choice than ever before, and accelerated a revolution in what buyers think is important. All this confronts brands with a challenge and an opportunity: how to attract and keep customers loyal at a time when they are not only rethinking what they want but also have money to spend and almost unlimited options about where to spend it.

“During the pandemic, consumers became much more aware of their choices," says Katherine Cullen, senior director of industry and consumer insights at the National Retail Federation. She points out that while learning to navigate lockdowns, changing safety measures and store closures, consumers discovered not only new retailers and brands but also new ways of shopping, like curbside pickup and contactless delivery.

Online hasn't erased brick-and-mortar by any means, Cullen says, but it has forced stores to step up their game. “[The] bar is higher in terms of what people expect from stores,” she says, “because they know that they have a lot of choice.”

Looking Past the Product