Jody Josten, Shop Where I Live
From all corners of the globe, consumer behaviors have adapted to new realities caused by the pandemic. Research has shown that consumers changing lifestyles and financial uncertainty have caused adjustments in spending on essentials, allocating budgets in grocery and household items, while also cutting back on discretionary categories.
The McKinsey and Company research notes that while spending is down in many non-essential categories, spending for entertainment at home has increased, coined as “the homebody economy”. (See article for more examples)
How can your businesses modify their current shops/platforms to capitalize on these trends?
- Check out this take home pizza kit, a great example of the homebody economy.
- Consider helping your local producers sell “essential items” like groceries, seen here.
- Can you run once in-person events virtually on
the platform? See upcoming news release for two of examples of partners doing just that!