By Andreas Marathovouniotis
A recent KPMG survey of 1,000 consumers in the U.S. revealed that consumer behavior and purchasing patterns are rapidly changing, and is impacting consumer and retail companies. As consumer-facing businesses adapt to the “new reality,” they face more challenges to innovate and reinvent their businesses to survive.
The survey found that:
“Retailers need to rapidly re-evaluate their customer base, uncover the signals of permanent change and transform their business to meet customers where they are, in the new reality,” said Scott Rankin, Principal, Advisory, Strategy, KPMG LLP. “Strategies may include revised price, promotion and discount structures, as well as preparing leading digital platforms and applying advanced data and analytics to achieve greater efficacy.”
Three key themes have emerged from the consumer survey results:
1. Consumers have been deeply impacted by COVID-19 and have uncertainty about the recovery
2. Four key consumer archetypes have emerged
3. Lasting changes regarding where and how consumers spend are underway
To learn more about the findings of the survey or to arrange an interview with KPMG’s Scott Rankin, please contact Andreas Marathovouniotis.