July 8, 2020 - NobelBiz

The Global Progression of Consumer Psychology It is unsurprising, as such, that consumers demand more from the companies they offer their patronage to. Furthermore, the pandemic has reshaped how we buy and what we buy. A June 5, 2020, study by McKinsey highlights the following: Net consumer optimism has decreased. Simply put: consumers are not confident their finances will look much better over the following months, nor do they believe social isolation will be over soon. Consumers are no longer spending on anything that isn’t essential – with some exceptions. People are buying online more and prefer to avoid contact channels. People avoid traveling and other social activities, even in countries where the pandemic is largely over. The majority of consumers don’t listen to the government, but to medical experts. They won’t go out because the government says so, they are waiting for relevant milestones to be reported by experts. Consumers are looking for an ongoing emphasis on cleanliness and safety. To this, considering what we just discussed and the situation in the US, I would add: US consumers are demanding more transparency from the companies they make purchases from, especially if they care deeply about those companies and/or are very loyal. Consumers demand more personalized and efficient customer support that takes into account their financial situation and does not dismiss or diminish their needs. The general US public is fed up with negative experiences. And in particular robocalls, spam & scam calls – which directly impacts our industry.

Day: July 8, 2020

Post-Pandemic Productivity: How to Be Ready for a New Economic Outlook – Part 2