Adyen has recently released a report that sheds some light on how US consumers’ spending habits have changed during the pandemic and what we can expect after things start to settle down.
Adyen announced that they have seen an 60% increase in online retail numbers compared to that of the start of the year, emphasizing a huge shift to online purchasing due to the pandemic. However, we could be seeing some lasting effects to this move online on consumer behaviour even post pandemic, as although some individuals say they will be excited to return to the physical shops, 41% said they would shop online more than they did before the pandemic.
Interestingly, we are also seeing that even though things such as the unemployment rate being at an all time high, brand loyalty and customer experience are what people seem to be more interested in than price. Businesses that have invested time and resources into ensuring that they are providing customers with an overall functional and efficient experience on their online platform have made a lasting impression on consumers and therefore, have been more successful during this crisis.
Customer loyalty has also appeared to be affecting the way people in the US are shopping. Nearly half of those surveyed said they want to make sure local shops and restaurants survive and will shop to support them. With 69% saying that they wanted to keep on shopping with establishments they relied on during the crisis and a further, 63% saying they wished to keep on supporting those located nearby to ensure they stayed open.