Signs are pointing to a global recession sparked by the economic impact of the coronavirus pandemic. Lessons from the Great Recession suggest that, amidst recession, spending growth predominantly stems from Multicultural consumers.
Our latest COVID-19 initiative takes an expansive look at consumer preferences and shopping behaviors during our time of crisis. The analysis uncovers how attitudes and spending patterns are shifting among the major racial and ethnic segments at a general and category-specific level. These insights will help you understand how to connect with consumers right now and in the near future.
You’ll find category-specific decks ready for download on this page, covering alcohol, mobile and electronics, entertainment and media, financial services, food and beverage, home care, and personal care. But before diving in, take note of these key insights…
Four High-Level Findings to Help You Navigate Marketing during the Pandemic:
1. The majority of consumers in each segment are being more mindful of their spending habits, especially Hispanic consumers. This means that the bar is raised for which brands and products make the cut. You’ll need to pay close attention to how behaviors and preferences are changing right now to stay relevant across segments.
2. 4 in 5 Americans expect brands to take positive action in response to the pandemic. This is not the time for your marketing efforts to go dark. Stay relevant by taking action and speaking out in ways consumers find valuable, like educating the public about social distancing, a strong want from multicultural consumers, especially Hispanics.
3. Changes in specific shopping behaviors are more pronounced for multicultural consumers. Hispanic and Black consumers have increased their shopping at both big box stores and drugstores. Take a look in our category-specific decks for a deep dive on changes in buying patterns within each industry.
4. Where consumers are making trade-offs is also noteworthy. Black consumers are notably less likely to cut spending on makeup and cosmetics. Hispanics by contrast will defend spending in groceries, personal care and home care, but expect to cut spending in that category as well as toys and games, electronics and at home entertainment.
Though these times are uncertain, you can survive and thrive with these insights on how to connect with consumers right now and beyond the pandemic.
Catch Up On The Latest Insights
With the coronavirus crisis disrupting most planned in-person fieldwork, our existing online qual expertise at Collage Group has allowed us to seamlessly support clients despite quarantines.
Collage Group just launched new syndicated research streams ranking ads and brands on cultural fluency.
AdRate and BrandRate are major new initiatives that provide a solution to our members’ mounting need for a comprehensive, ongoing analysis of the cultural fluency of branding and advertising.