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Shifting Consumer Priorities to Transform Retail Industry Beyond 2022 Listen with ReadSpeaker

Shifting Consumer Priorities to Transform Retail Industry Beyond 2022

As we enter the third year of COVID-influenced life, consumers are tasked with navigating supply chain challenges, job market upheavals, and inflation-related budget limits. As a result of these disruptions, consumers have reprioritized what matters to them, and are seeking shopping experiences and products that cater to their new needs.

The NielsenIQ 2022 Consumer Outlook survey reveals that 74 percent of global respondents believe that their priorities and shopping habits have been impacted to some degree by COVID-19. This includes 30 percent who feel they have a different set of priorities than they had in 2019.

Consumers will demonstrate their willingness to spend and search for items that satisfy real-life needs and priorities, despite ongoing inflationary and supply chain issues. In short, consumers will eventually redefine what "living with COVID" means to them, so retailers and manufacturers will need to keep up to stay relevant. Read more.