FMN | August 17th, 2020

Changing Consumer (Cont’d from Page 7) ue contactless activities across the United States.As an example, 79 percent of consumers intend to continue or increase their usage of self-checkout in retail after COVID-19.Millennials and Gen Z are the widest adopt- ers of contactless activities. Around 40 percent of U.S. consumers have reduced spending in general, and they expect to continue to cut back on nonessentials specifically. This reality reflects profound discomfort about the state of the economy. With overall consumer spending declining, intent to spend in essential categories is increasing.Even among those with higher incomes, intent to buy discretionary products still lags significantly. Tied to the concern about the state of the economy is an increasing consumer focus on value—especially for essential categories. For example, in shampoo on Amazon, value and mass products have experienced the greatest increase in share, at two- and five-percent- age-points gains, respectively. Premium shampoo prod- ucts have seen significantly less growth in comparison, losing more than five points of volume. Back To ‘Normal’ As economies reopen, 73 percent of consumers are still hesitant to resume regular activities outside the home.They are concerned about going to a hair salon, gym, or restaurant, but are especially worried about shared environments, such as public transportation, ride sharing, air travel, and being in crowded spaces, such as attending large indoor or outdoor events. As retailers contemplate the changes in consumer behavior, they will need to adjust their strategies and execution to adapt to the new norms, including: • Adjusting mix and spend to where the consumer is now, i.e. go digital, • Revamping messaging and creative to be in sync with the times, particularly in terms of hygiene and value, • Ensuring the end-to-end journey meets the new hy- giene and at-home needs, • Managing corporate social-responsibility efforts to build brand strength authentically, and • Refocusing on online and pickup solutions and re- building real-time measurement plans, as traditional media-mix models won’t suffice. As a result of the pandemic, business have had to adapt to change at rates heretofore unimaginable. Ev- ery day brings a new challenge that must be addressed in ways never before imagined. CPGs and their con- verter partners must be prepared to find creative and long-lasting solutions to the many challenges ahead.

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