Adyen, the global payments platform of choice for many of the world’s leading companies, announced U.S.-specific findings from its 2020 Global Retail Consumer Survey which explored how consumers’ perspectives and spending habits shifted during the COVID-19 pandemic and what their outlook will be post-pandemic. The study revealed that even during a time when America’s unemployment rates are at their highest, two things matter more than price for many consumers: brand loyalty and experience.
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“The businesses that have risen to the top and will make it through the other side during these challenging times all have something in common — they are trailblazers in enabling technology that gives consumers the convenience and access that social distance orders took from them. Based on our survey, there’s no going back now — more than four out of ten of consumers say that the convenience of the shopping experience is more important to them than the price of items,” said Roelant Prins, Chief Commercial Officer at Adyen. “Additionally, nearly half of Americans surveyed said they will shop to support brands they want to see survive.”
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Loyalty is paramount: strong relationships and brand equity are crucial
The study revealed that the majority of Americans remained loyal to their local shops and restaurants and will continue to do so. During difficult times, the normality of a familiar face and your favorite cup of coffee is a comfort.
- 69% said they intend to continue shopping with/supporting retailers that they relied on during the pandemic
- 63% said they expect to shop more with retailers located nearby because they want them to stay open
- 51% said they intent to go out of their way to shop with responsible businesses that demonstrated a social conscience/engaged with charitable initiatives during the pandemic
- 47% said they expect to shop with important heritage or traditional brands that they want to see survive
Adyen’s platform saw a ~60% increase in online retail volume compared to the beginning of the year and the survey data also reflects that technology played a key role in keeping consumer spending afloat.
