Factor in customers' financial situation

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 31, 2021, 1:35 AM GMT+0

A McKinsey study revealed that recovery from the pandemic would be uneven as many young and lower income people facing job losses or job insecurity.

The article states that the US market will follow the recovery trends observed in markets like China and London with the highest income demographic to shop similar to pre-pandemic levels by 2022. While the younger population and low income households would still spend, they’re expected to face price increases and product shortages.

Listening to the “Voice of the Customer” will allow retailers to leverage the right sales opportunities, set product pricing and drive conversions. Businesses must leverage tools and services to understand demographics better.

It could serve them well to go beyond the economic demographic and understand the customers’ financial situation as well. These insights can inform merchandising, marketing and other efforts.

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