Lagging Consumer Sectors Like Travel, Hospitality, Clothing and Department Stores Staging a Comeback This Holiday Season
U.S. consumers once again have proven themselves to be highly resilient and adaptive during the Covid-19 pandemic. Their buying behaviors have evolved quickly and dramatically to address new priorities and limitations, with consumer spending growing solidly in most categories, according to a new report just published by the CMO Council.
Consumer-facing brands and retailers were also responsive to the changes brought about by Covid, moving rapidly to upgrade digital and e-commerce experiences, and becoming increasingly data-driven. They will need to continue to adapt to the realities of a post-pandemic world, with new products, selling and marketing models, and digital and in-store experiences that align with tomorrow’s new normal, according to the report, developed in partnership with Commerce Signals, a Verisk company.
The report, “Gaining Lift from the Consumer Shift: Insights into Buying Behavior During Covid and Beyond,” explores how consumers, businesses, and marketers shifted focus during the pandemic to address changing needs and requirements, as well as what these changes will mean to the future. Many of the findings are based an analysis of anonymized credit and debit card spending data for 40 million U.S. households from Commerce Signals. The report also incorporates the views of senior marketers and other executives from a cross-section of retailers, media companies, and brands, including Audacy, Cuisinart, Echelon, Lamp Plus, Pokeworks, Fandom, and Trax.