verde consumer behavior report - december 17, 2020
Top three takeaways from this weeks Consumer Behavior Report:
Most American’s (57%) don’t trust social media for accurate information about the COVID-19 vaccine. This presents a problem for health officials, and the country, as a majority of American’s get their news from social media (55% according to Forbes).
A large portion (62%) of Gen Z women say the pandemic has negatively impacted their education -- sharing reasons that range from increased stress, distraction, gaps in learning, motivation challenges, limited internet access, and lack of social structure.
The outdoor boom is continuing into winter. From August to October sales for backcountry-related equipment grew by 76%, compared to the same period in 2019.
For more information, continue reading!
Verde Consumer Behavior Report - December 17, 2020
We’re almost there, folks! This will be the final consumer behavior report for 2020. And it feels natural to follow consumer sentiment in saying: We are ready to see this year in the rearview mirror. Are you?
Will the Vaccine Change Social Media’s Role in Our Lives?
Americans are not messing around when it comes to receiving accurate information about the Covid vaccines. According to a recent Harris Poll:
57% of Americans don’t trust social media for accurate news on the Covid-19 vaccines
69% feel platforms should aggressively monitor posts that share vaccine info for accuracy
Similarly, 68% think platforms should provide clear guidelines around which sources are credible, AND only allow shares from those sources
Of course, the highest priority around vaccine news is public and individual health. But it will be interesting to watch if and how the line in the sand consumers are drawing around accurate health information will extend into other areas.
Gen Z is Not Feeling Optimistic
In more news from the Harris Poll, the organization partnered with Girl Up (a United Nations Foundation organization) to check in with school age Gen Z women on how the pandemic is impacting their education and future outlook. As quoted by Girl Up:
80% are stressed about “being in limbo”
74% are concerned over the “well-being of my generation”
69% are worried about finding a job and advancing a career
62% say the pandemic has negatively impacted their education -- sharing reasons that range from increased stress, distraction, gaps in learning, motivation challenges, limited internet access, and lack of social structure
The pandemic will likely be a life-shaping experience for all. So far, one defining characteristic of Gen Z as consumers has been the vocal and stringent preference to purchase from brands whose values align with their own. As this generation is met with the a-typical pressures of a pandemic and an uncertain future, it will be interesting to learn how--or if--their preferences evolve.
The Outdoor Gear Boom from Summer is Pushing into Winter
When Jeremy Jones is being interviewed on NPR about splitboarding, it’s fair to say backcountry is having a moment.
NPD recently reported early season (August to October) sales compared to the same period in 2019:
Overall, all backcountry-related equipment sales grew 76%
Snowshoes sales are up 254%
Splitboards sales are up 151%
Nordic gear is up 121%
Backcountry accessory (e.g. beacons, probes, shovels, etc.) sales are 74%
Alpine touring gear is up 51%
In less great news for snowsports overall, sales for the full snowsports equipment market are down 8% in this same period. This means inbound-oriented Alpine and snowboard and gear, which is usually the largest sector of the market, is taking a hit.
What We’re Watching
We’re keeping an eye on Boston Consulting Group’s (BCG) research into what drives global consumer choice. The research is a work in progress, and we’ll revisit the key findings as they’re published. So far, BCG has three key insights:
“Global category playbooks are a myth.” Don’t bother with a “global playbook,” like you just need on strategy. That’s not going to cut it.
“One world; many mindsets.” The presumption that globalization and social media has homogenized societies is not accurate. Local trends, attitudes, and values have significant sway over consumer preferences.
“Context completes the picture.” To truly understand consumer choice, you also need to understand the context of how and in what situations a product is used.
This study so far has included 15,000 consumers from Australia, China, France, Germany, Japan and the U.S.
“The challenge is to understand precisely which combination of factors—out of hundreds of variables—drives needs in specific categories in specific markets,” the BCG post reads. Or as BCG also explains it, “[BCG is]...intensively studying consumer behavior and purchasing decisions in specific markets and used the firm’s Demand Centric Growth methodology to understand key drivers of choice.”
We’ll be watching.
Thank you so much for checking out this weeks Consumer Behavior Report. The team at Verde and the Multi-Channel Marketing Academy wish you a very Happy Holiday! Stay safe and we will see you next year!
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