In response to the COVID-19 pandemic, consumers are trying new shopping methods and doing more to support local, small businesses, according to statistics gathered by SCORE, mentors to America’s small businesses. Most consumers (73%) report trying a new shopping behavior and one in four consumers say they will purchase a majority of their gifts from small or local businesses.
Consumers are more open to trying new stores and brands:
- 34% of consumers have used a new shopping method and 77% intend to continue.
- 33% of consumers have tried a different brand and 79% intend to continue.
- 29% of consumers have used a different retailer/store/website and 75% intend to continue.
- 26% of consumers have used a private label/store brand and 83% intend to continue.
- 22% have tried a new digital shopping method and 81% intend to continue.
Consumers are focused on personal health and affordability:
- 32% of consumers said they will make choices that protect the health of themselves, and their family before anything else.
- 25% of consumers said they will try to live within their means, and their budget.
- 16% of consumers said they will be more aware of what they do, and the impact it has on the world.
- 15% of consumers said they will be a strong believer in the idea that we should all work together for the greater good.
Online sales are growing in most industries, especially for brands that sell beauty and accessories:
- Online purchases for skincare & makeup are expected to grow by 97%.
- Accessories are expected to grow by 96%.
- Household supplies are expected to grow by 81%.
- Snacks are expected to grow by 78%.
- Jewelry is expected to grow by 57%.
- Furnishing and appliances are expected to grow by 54%.
- Groceries are expected to grow by 48%.
- Apparel is expected to grow by 48%.
- Fitness and wellness products are expected to grow by 46%.
Consumers, especially those in Generation X, will make an effort to purchase their gifts from small or local businesses:
- 29% of Gen X will purchase a majority of their gifts from small or local businesses.
- 27% of Millennials will do so.
- 25% of all consumers will do so.
Younger consumers, specifically Generation Z (ages 18-24), say the Black Lives Matter (BLM) movement will have an impact on their holiday shopping:
- 21% of Gen Z consumers, and 8% of all other consumers, plan to shop more Black-owned businesses.
- 12% of Gen Z consumers, and 5% of all other consumers, plan to shop brands that publicly support BLM.
Responding to new consumer trends brings opportunity for small business owners. Connect with an expert, SCORE mentor for help adapting to small business trends and preparing for future success.
“This research shows that shoppers are increasingly moving online and using their dollars to support brands that reflect their personal values, and impact their local community,” said Bridget Weston, CEO of SCORE. “In preparation for the new year, small businesses should pay close attention to these consumer trends, and work with their SCORE mentor to adapt, and optimize their marketing strategies.”
Click here for more information on consumer trends.
