Priorities and Sacrifices in the Covid Era

This project will capture critical consumer sentiment in the midst of Covid and a recession, in order to understand what purchases are 1) currently highly valued; 2) still important; and 3) what is being left behind.

About

The world has changed during 2020. And all of this change has drastically impacted what consumers prioritize based on the both the coronavirus and finances. It’s time to deeply understand where people’s priorities lie, now that pandemic-normal has set in. What previously normal household items and activities have been slashed in 2020? What remains? What are new and evolving needs? How have people adapted? From gym memberships and pedicures, to new clothes and new tech, this project will reveal where timely opportunities lie in today’s environment and what could make all that change.

Preliminary Objectives

  • Determine consumers’ purchase priorities across category and sector, understanding what consumers currently value, what remains relevant, and what no longer does
  • Understand how consumers are adapting without certain products that they previously relied on -- and the trade-offs they’re making
  • Learn where consumers are shopping for less expensive alternatives to their favorite products that may be currently out of their budget
  • Understand the changing importance of brand name
  • Reveal potential areas of innovation that can serve those impacted by limited spending power

Why?

With so much in flux, Americans have engaged in new behaviors to keep themselves safe and/or their bank accounts stable. Many old habits have changed; fewer people are eating out and walking down shopping aisles. What sacrifices did Americans choose to make during this time? How have they adapted? What did they give up permanently? And, where do new opportunities lie?

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