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.
The role that vehicles play in the lives of consumers has shifted, and while they were once considered solely as a means of transportation, they quickly became a place to escape or for “me” time.
Supply chain issues for the auto industry – from vehicles to microchip shortages – are impacting the industry. However, while these issues might be considered a hinderance to sales, the opposite is true. According to a Kelly Blue Book (KBB) survey, 87% of consumers are aware that these issues are impacting both domestic and imported vehicles.
Over the past year, shifts in consumer behaviors have impacted every industry, and some have created seismic changes, as noted in healthcare and retail. What is more interesting, is that consumers also found new methods of entertainment and recreation. Namely, many discovered the great outdoors.
Forecasts reveal that digital is driving the advertising rebound in 2021 and, according to Tony Hereau, VP of cross platform insights at Nielsen, “Radio is the soundtrack of America’s recovery.”
Radio, across all of its digital platforms, has and continues to experience exponential growth, earning significant share of media consumption throughout 2020 and the post-pandemic. While over the air AM/FM radio accounts for 76 percent of the daily audio time spent with any ad-supported platform, understanding consumer behavior as they move across platforms and what motivates listeners is critically important for marketers who are poised to succeed in the rebound.
If you are reading this, chances are either you, or someone you know, learned a new skill or used a new tool in 2020. According to a CRAFTSMAN Built@Home Survey, 78% of adults sharpened their home improvement skills. They also learned how to use various power tools, like drills, sanders and even table saws. Meet the new DIYer.