A webinar on Retail and Consumer Market Trends
I had the privilege to moderate a YLC Future of Retail & Consumer session with Abheek Singhi, Managing Director and Senior Partner of Boston Consulting Group. A very insightful session indeed where we got a sneak peek into emerging consumer and retail trends.
Here is a recording to the same webinar. Hope you find it useful.
https://youtu.be/18iRfF32HYw
Key takeaways:
– There is a very significant fear among consumers related to economy, health & daily lifestyle.
– Fears on personal financial outlook became much stronger as pandemic progressed
- ~65% below affluent & ~40% affluent consumers skeptical about future income
– Spending sentiment worsened however loser categories remained largely consistent
– 1-3 likely to trade down for discretionary categories, while trade down lower for essential categories
– 60% intend to increase spends online driven by need to avoid crowds and to get better prices
– High willingness to continue using digital activities in future
– Large town likely to bounce back sooner for entertainment, travel vs their small towns counterpart