Why it matters
The interconnected impacts of COVID-19 – from shopping habits to unemployment and low consumer confidence – will exert a profound impact on the trading environment for brands. Understanding this complex network of outcomes will be essential to forming brand strategy.
Takeaways
- The impact of COVID-19 on consumers is stratified, with educated, affluent consumers more protected, whereas less affluent consumers are more vulnerable.
- For many shoppers that are focused on day-to-day survival in a recession, brand names will matter less than price in making purchase decisions.
- Uncertainty is an inevitable side effect of the pandemic, and marketers should...