How the Health Crisis Has Changed Consumer Behavior
National Retail Federation | May 4, 2020
The National Retail Federation (NRF), working with Prosper Analytics & Insights, is conducting consumer surveys every week to take a real-time pulse on what consumers are thinking and feeling - with the most recent survey showing major shifts in consumer behavior.
According to Katherine Cullen, NRF's Senior Director of Industry and Consumer Insights, about 45% of consumers are beginning to focus on what the need right now versus what they want. Essential items include grocery products, cleaning supplies and personal care, but staying at home has given rise to some new needs as well. People are looking to find joy where they can, and that’s given a boost to books, media and electronics. And with all that time to fill at home, crafting and hobby purchases are also up.
However, it's important to note, what's become essential is changing — it's not just what we need to eat and stay alive, but also what we need to continue having a sense of normalcy during this time.