Consumers worldwide are looking for deals. In addition to Black Friday, Amazon Prime Day and Cyber Monday are also suitable for this. Singles Day is the most popular shopping day in China. The pandemic is causing bargain hunters, says McKinsey in an international market analysis.
The crisis has increased consumer choice and has introduced unexpected shifts in consumer behavior, the consultants point out: this year’s Christmas shopping is already there for the taking. Bargains are key in 2020.
Buying behavior during the pandemic
To say that this Christmas shopping season will be a time of profound change in consumer behavior (and thus marketing) would be an understatement, McKinsey said. The Covid-19 pandemic is rocking retail, to an extent unimaginable a year ago. To help understand what all this means for retailers, we surveyed more than 3,500 holiday shoppers in the United States, United Kingdom, China, Germany and France. More than 60 percent of consumers worldwide have changed their shopping habits and plan to stick to it. E-commerce continues to grow: 37 percent of consumers plan to shop more online this year. Omnichannel remains the magic word for this holiday season, as consumers search multiple channels for gift inspiration. ”
(PvWK, sources: McKinsey and Retailradar)
Click here for the report ‘2020 Holiday Season: Navigating shopper behaviors in the pandemic’, presented November 2020.