We know that consumer shopping behavior changed dramatically in 2020 – due to both restrictions and personal preferences. However, live events are on, places are open, and consumers are ready for it all.
The National Retail Federation revised their 2021 annual forecast and now projects that retail sales will total anywhere from $4.44 to $4.56 trillion this year. Yes, consumers are ready to shop, but where they shop, why they shop and what they buy will look different in 2021.
A 2019 blog post noted how 58% of consumers will use search to find an attorney or legal service. That was well before the events we all experienced during 2020. No doubt, the search for legal counsel increased during 2020 for various and obvious reasons.
As many consumers and businesses across the country were impacted both economically and medically by the pandemic, the need for legal services spiked. According to the American Bankruptcy Institute, bankruptcy filings were up 30% just between April and May 2020. When Americans needed help, broadcast radio was there to inform them of where to get those legal services – driving a double-digit lift in site traffic for legal services in 2020.
There have been numerous articles, studies and surveys on shift in consumer shopping preferences and behavior. While percentages for each survey may have varied, there was one consistent finding – Americans have increased their use of online transactions. The implication of this behavioral shift is not just limited to retail but also to banking – 27% of consumers agree that banks will be more flexible over the next two years.
The challenges that the marketing, advertising and media community faced throughout 2020 and the first half of 2021 have been like nothing any business has ever seen or experienced before. These challenges brought opportunity and have demonstrated a collective resilience in nearly every sector of business.
The next frontier for radio has been shaped by many of the lessons learned as consumers, businesses and brands have leaned in to audio across all platforms as the soundtrack to their daily journey.
What is new is old. What is old is new. Radio trends born from past truths.
The disruption to businesses and the economy created by the pandemic throughout 2020 was unprecedented, impacting unemployment levels not seen in prior recessions. According to the U.S. Bureau of Labor Statistics, over twice the number of jobs were lost between March 2020 through April 2020 than those lost from 2007-2009.
The role that sports plays in the lives of Americans became magnified during 2020. Whether it was the dribbling of a basketball on a court, the crack of a bat or the sounds from a huddle – people needed to watch and experience sports.
Sports fans are passionate, and they are engaged in the team or player they are following. They are emotionally connected – just like they are with radio.