The study revealed that even during a time of distress when America's unemployment rates are at their peak, the consumers remained very particular about two things: brand loyalty and experience.
FREMONT, CA: Adyen, a Dutch payment company, announced U.S.-specific findings from its 2020 Global Retail Consumer Survey, which explored the changes in consumers' perspectives and spending habits during the COVID-19 pandemic. The study revealed that even during a time of distress when America's unemployment rates are at their peak, the consumers are very particular about two things: brand loyalty and experience.
"The businesses that have risen to the top and will make it through the other side during these challenging times all have something in common -- they are trailblazers in enabling technology that gives consumers the convenience and access that social distance orders took from them. Based on our survey, there's no going back now -- more than four out of ten of consumers say that the convenience of the shopping experience is more important to them than the price of items," said Roelant Prins, Chief Commercial Officer at Adyen.
Loyalty is Paramount: Robust Relationships and Brand Equity are Even Crucial
The study revealed that the majority of Americans remained loyal to their local shops and restaurants and will continue to do so.
• 69 percent said they would continue shopping with/supporting retailers that they relied on during the pandemic
• 63 percent said they expect to shop more with retailers located nearby because they want them to stay open
• 51 percent said they intend to go out of their way to shop with responsible businesses that demonstrated a social conscience/engaged with charitable initiatives during the pandemic
• 47 percent said they expect to shop with important heritage or traditional brands they like
Adyen's platform witnessed a significant increase in online retail volume compared to the beginning of the year. The survey data also points towards the role technology played in keeping consumer spending afloat.
Life after COVID-19
When Americans think about shopping after the coronavirus pandemic, the survey revealed that 58 percent of customers are excited to shop in brick and mortar stores for pleasure again. Still, the convenience offered by digital experiences will stay, especially among the digital natives.
• 41 percent said they are going to shop online more than they did before the pandemic, with Millennials leading the charge (58 percent) followed by Gen X (37 percent) and Boomers (30 percent).
• 28 percent said they would use subscription services for products to reduce the number of times they shop.
• Nearly a quarter of Americans said that before the pandemic, they traveled to another country with the primary purpose of shopping, but post-pandemic shopping will likely cut back.