Consumers are showing greater comfort with going back to previous behaviours at physical retail and grocery stores, followed by restaurants and malls. Shift No. How robust will the market be for my goods or services? What is the experience I'll need to offer to attract customers? Build on the innovation started during the COVID-19 pandemic by re-examining the role of the store and creating seamless integration with your e-commerce operations. As more organizations settle into new ways of working, there will be significant implications for retail strategies given the link between work-from-home arrangements and other demographic and consumer trends. The shift to working from home has been accelerated by COVID-19. A new PwC survey uncovers consumer sentiment and some food for thought for retailers in this busiest of shopping months. It’s particularly important to pay attention to the buying behaviours of younger consumers, especially Gen Z, as their habits will increasingly shape consumer patterns in the coming years. 2. Those conditions include receiving financial compensation for it, enjoying a more personalised experience, and being … De elfde opeenvolgende Global Consumer Insights Survey van PwC benadrukt de gewoonten en het gedrag van consumenten in steden en laat zien hoe de wereldwijde ontwrichting door Covid-19 een meer digitale manier van leven heeft versneld. National Retail & Consumer Lead, PwC Canada. Global Consumer Insights Survey 2020 2. Global Consumer Insights Survey 2020. Shift No. But even as consumers are saying they likely will return to previous behaviours in some areas, retailers will need to focus on several key shifts in setting out their long-term strategies. « Physical stores will continue to be key to customer loyalty in the retail sector. PwC conducted the 2020 Global Consumer Insights Survey titled The consumer transformed capturing the views of over 23,000 urban consumers globally (of which 1,500 are from mainland China) from October to November 2019, including a short survey conducted after the outbreak of COVID-19 to take the "pulse" of urban consumers to see how this pandemic has altered their behaviour. This will require retailers to take a long-term view to understand what a more digital, remote world means for all of their touchpoints with the consumer and the evolution of their brick-and-mortar presence. In this year’s survey, 49% of respondents said they expect businesses to be accountable for their environmental impact. With billions of people concentrated in the world’s cities, 80 percent of the world’s GDP emanates from their economic activity.1 The behaviour of these cutting-edge consumers is of interest in understanding consumption patterns before and after … We explore three of those shifts below. You can give them that reason by investing in your in-store customer experiences. We see good opportunities for retailers that are vigilant about safety measures to both retain existing customers and potentially reach new ones who are looking for brands they can trust. Why urban consumers? For companies that cater to the end-consumer, the future is arriving more quickly than anyone imagined just a few short months ago, accelerating digital trends that had already been transforming consumer behaviour. COVID-19 fundamentally changes consumer behaviour. 2020 Global Consumer Insights Survey: Russia Changing behaviours are accelerating trends along a reinvented customer purchase journey The Global Consumer Insights Survey — PwC’s 11th annual survey of global consumers — was conducted in two separate studies, … While the COVID-19 pandemic has put a pause on the shift to microtrips (store visits of less than five minutes), they do have greater resonance with younger respondents (both Gen Z and millennials). This year, PwC’s 11th Global Consumer Insights Survey queried urban consumers on their purchasing studies before, and after, the COVID-19 outbreak. Many in our survey reported poor experiences with these services during the pandemic, with only 7% agreeing that shopping for groceries online is easier. PwC’s “Global Consumer Insights Survey 2020” shows that consumers’ behaviour is rapidly changing. The research forms part of PwC's Annual Global Consumer Insights … Read our full report to find how companies can address these issues. As a key first step, you’ll need to go above and beyond local guidelines to address health and safety concerns. You should also explore which fulfillment options are the best fit for your customers and your operations. These are the findings from the Global Consumer Insights Survey for which PwC questioned 21,480 consumers in 27 regions worldwide, 1,000 of them French. This year, PwC’s 11th Global Consumer Insights Survey queried urban consumers on their purchasing studies before, and after, the COVID-19 outbreak. Playback of this video is not currently available ... 2020 Global Consumer Insights Survey. Retailers will also need to adapt their product mix to better reflect key consumer trends that will shape the new environment, including the rising interest in locally made, environmentally sustainable and socially conscious products. Respondents include 1,002 consumers in Canada, all of them located in Toronto, Montreal and Vancouver. The pandemic and the resulting social distancing measures have led to fundamental changes in the way consumers work, eat, … While some consumers will return to prior behaviours, the pace of change will only pick up, requiring retailers to transform the customer journey and re-examine the role of a brick-and-mortar presence. Consumer Markets Insights - September 2020 Sep 23, 2020 Consumer markets hot topics Consumer Markets Insights is a quarterly summary for the consumer markets sector. We see great examples of this already: some leading retailers are creating engaging social spaces in their stores, while others, notably digitally native brands, are setting up a brick-and-mortar presence as a place to touch, try and potentially customize their products or offer additional services. © 2018 - 2020 PwC. Taking the consumer pulse before and during COVID-19. Examples in the food category include: A 25-percentage-point gap between Gen Z and baby boomer respondents who buy their products online at least half of the time. Younger consumers have higher expectations around grocery delivery times: 68% of Gen Z respondents expect to receive their purchases within 24 hours if they pay for delivery, versus 35% of baby boomers. At a glance. Businesses need to understand how this new world affects all of their touch points with the customer if they are to actively reinvent their own future and not be at the mercy of external events.