No marketer could have predicted what happened in 2020. When the COVID-19 pandemic hit, many consumers felt scared and uncertain, greatly altering their shopping habits. This air of consumer fear and uncertainty, unlike any event before, has forced marketers to adapt to consumer changes. It’s put pressure on marketing budgets and prompted reevaluations of advertising spending.
Oleg Urminsky, professor of marketing, said that consumers swarmed stores at the start of the pandemic before avoiding shopping—save for large trips to the store—throughout the pandemic.
Citing a survey from McKinsey & Company, he also pointed out that twice the number of consumers were willing to change brands as the year before. And he finds in his research that consumers now hold organizations accountable for policing public-health policy.
“What we find is that consumers expect companies and marketers to set and enforce strict mask-wearing policies despite the controversy and problems that can attract for businesses,” he said, adding that he expects this to continue for vaccination policies.
Changes amid the pandemic have been dramatic, Urminsky noted, but which ones will persist? Urminsky posed this question at the “Long-Term Effects of COVID-19 on Marketers” alumni panel as part of the Booth Marketing Summit hosted by the Kilts Center for Marketing. The panel featured four Booth alumni experts who tackled these changes in real time.
With the vaccine becoming more common in the United States and consumers returning to stores, the panelists identified four key changes they expect to stick.