Summary
Recent years have brought a drastic – and in many ways permanent – shift in consumer behavior across sectors. For the consumer goods industry, periods of disruption have brought challenges at both ends of the spectrum: severe supply chain disruption and intermittent sales rushes during periods of high stockpiling.
The consumer services sector, on the other hand, has had to contend with sharp swings in demand. High-touch personal care services such as haircuts and massages have proved especially sensitive to shifts in customer confidence. While these services have rebounded, sustaining growth requires continued investment in hygiene standards and customer experience worldwide.
In a cost-conscious economy, consumer goods companies can expect to see a continued uptick in the purchase of low-cost, own-brand products, with customers increasingly demanding fair value for money. Stores such as those that sell electronics and appliances will need to move fast on their omnichannel browse-and-order capabilities, while consumer services providers should focus on transferring their expertise and their ability to personalize into a variety of digital formats.
