People are living, shopping, and spending differently as they strike a balance between adapting to a “new normal” and clinging to traditional habits of the past. They seem suspended in a gray area, torn between prioritizing brand loyalty, convenience, and values-driven purchases that bring peace of mind. To help us and our clients understand this new consumer mindset—and anticipate future concerns—we partnered with Resonate, a leading AI-driven consumer data and intelligence company, to gather fresh research. Their data set includes more than 14,000 attributes that describe upward of 230 million U.S. individuals.
The result is a deep insight into today’s consumer sentiment that businesses can use as they compete to win over today’s consumers—to meet them where (and how) they spend. Who are they? What do they want?
The answers to those questions have shifted so much in the past few years. Here’s what we learned with Resonate—and what you might be able to do to win consumer loyalty moving forward.
In a world of uncertainty, offer stability
The finding: Resonate has been tracking consumer concerns regarding the economic impact of COVID-19, the war in Ukraine, and rising inflation.
In the spring of 2020, more than 30% of consumers were concerned about the economy “to an extremely large extent,” while those who were only concerned “to a moderate extent” made up roughly 15%. By the fall of 2022, the number of extremely concerned consumers dropped below 20%. Interestingly enough, those who were moderately concerned increased by more than 10%.
“It’s a really fascinating trend,” says Ericka Podesta McCoy, Resonate’s chief marketing officer. “More people have moved into this moderate state of concern regarding economic and health uncertainty.”
The analysis: After existing in an environment where challenges seem to be a constant, some consumers appear to be conditioned to expect them. The good news is that they may give your business more leeway in the face of supply chain issues or short staffing.
The more challenging aspect of this data is that your customers and clients now exist in a seemingly permanent sense of moderate anxiety: They don’t know what’s coming next, but they’re on edge in anticipation of it. This may make it harder for them to make buying decisions or choose to switch from one brand to another.
What businesses can do: By understanding exactly what stresses specific groups of consumers (and more specifically, those you are trying to serve and attract), you can not only attend to their needs through your goods or services—you may also help them feel better about their situation overall.
Balance personalization and privacy with customer data
The finding: Shoppers are more impressionable now than during other periods in history. In their “Next in Personalization 2021 Report,” McKinsey & Co. found that 75% of consumers adopted new shopping behaviors during the pandemic.Disclosure 1 For many, this meant trying a new brand or engaging in new digital shopping experiences.
