The COVID-19 pandemic in 2020 left companies to rethink their marketing strategies, as several aspects of normal life were challenged. Since the beginning of the pandemic, businesses have had to deal with drastic changes in consumer behavior. And consumer sentiment will only keep changing, meaning marketers will have to adapt.
A recent survey by McKinsey found that customer behavior has changed across several areas of life, with new trends emerging. For one, there has been a shift to online, as physical stores had to shut their doors and lockdowns forced people to stay at home.
A rise in unemployment has affected the amount of disposable income, which in turn has changed how people consider their purchases. For example, customers might opt for a more affordable own-brand range over branded products. And these trends and transitions are expected to continue beyond the pandemic.