COVID-19 Consumer Spending Report
How are consumer spending habits shifting, and are they here to stay?
Over the past month, the MakerSights team has kept in close touch with retail executives and category leaders at fashion and footwear companies across the globe. Retail brands are facing unprecedented challenges and, with more economic uncertainty and ambiguity in the market than at any point in our lifetimes, the stakes have never been higher for brands to make smart design and inventory decisions. To say that brands are being asked to do more with less right now is an understatement.
Leaders across the retail industry have shared a common series of questions and anxieties: How will consumer spending shift in this new COVID-19 reality, and what does this mean for the retail industry? How much does this vary across regions? If 85% of retail spend occurred in physical stores in 2019, will global shifts away from physical stores due to forced store closures be temporary, or will this catalyze a permanent shift to e-commerce?
Most brand leaders are highly confident the industry will get through this, they just don’t know when, where, or how consumers will respond and spend in the meantime, or how different the new world order of retail may look once we’re on the other side. Understanding the pressing need for better data, MakerSights engaged a panel of global consumers from the United States, United Kingdom, Germany, and China to get a pulse on consumer behavior, spending habits, and preferred communications from brands.
Check out more detailed findings from what consumers shared in the report!