The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreSep 2020
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The Coronavirus (COVID-19) pandemic has transformed the shopping experience for consumers. In addition to shifts in where people choose to shop, it has also transformed how consumers engage in the shopping process. At physical stores, the frequency and duration of trips have changed, as have fundamental elements of the in-store experience. Many consumers are opting to automate the entire shopping process, leading to a renaissance in subscription-based services.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
The pandemic has transformed the shopping experience for consumers. In addition to big shifts in where people choose to shop, COVID-19 has also transformed how consumers engage in the shopping process. At physical stores, the frequency and duration of trips have changed, as have fundamental elements of the in-store experience, such as fitting rooms, sampling or checkouts. Many consumers are opting to automate the entire shopping process, leading to a renaissance in subscription-based retail services.
Before the pandemic, experiential shopping was becoming an increasingly popular way to attract prospective shoppers and to keep them in stores for longer. COVID-19 has flipped this trend on its head, as shoppers now find in-store browsing less desirable. The new shopping mission is defined by shorter visits to local stores at times when they are less crowded. Fewer trips are offset by larger basket sizes as consumers stock up, focusing their attention on essential product categories.
Crowded retail outlets have become a liability during a global pandemic. As the fear of the virus makes shoppers increasingly wary of physical stores, contact-free innovations are playing an important role in inspiring confidence and maintaining store traffic. All high-touch areas of retail – from checkouts and fitting rooms to foodservice and product sampling – need reconfiguring in a world where people want to avoid physical contact.
Before COVID-19, subscription fatigue was spreading, and membership numbers were falling in many categories. Now consumer needs have shifted. Convenience, consistency of supply and product accessibility, along with flexibility, have become key priorities in determining how consumers shop, driving demand for subscription services.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.