Consumer Shopping Behavior and COVID-19

•  Consumers have been shopping more for necessities and less for discretionary items during COVID-19 as fear and an uncertain future have driven these changes.
• According to a recent study from the Edelman Trust Barometer, consumers are also changing their shopping behavior during COVID-19 by purchasing products from trustworthy brands who are handling the current pandemic crisis in ways they approve of as a key decision-making factor, rather than on pricing considerations, value considerations, or previous brand loyalties. 29% of survey respondents in the US have already begun using a new brand because of the innovative or compassionate way a brand has responded to COVID-19.
• A recent NPD study found that running shoe sales decreased by almost 70% year-over-year last month. Sales began to fall as sneaker retailers closed their doors, and in the week ending March 21, overall athletic footwear sales decreased by 65% compared to the same week last year, with all the major brands experiencing decreasing sales. While some brands have shifted online and had a boost in e-commerce sales, this boost was not sizable enough to compensate for and reverse this current trend so far.