The last 6 months we have seen unprecedented shifts in consumer behaviour, especially consumers’ price sensitivity. Some behaviours have shifted back whereas some are here to stay in the longer perspective.
At the same time retailers have taken action and also changed marketing spending and promotional activities. Nielsen has observed a historically low level of trade promotion activities in it’s retail measurements across various countries in the second quarter of 2020. Scott McKenzie, Nielsen Intelligence Unit leader, says “The recent lack of ‘normal’ promotional activity leads to an important and perhaps historic moment where companies can reset their approach to affordability in ways that offer greater efficiency than before.”
If there ever was a time to review pricing and promotion strategies, this is the time. Watch this Nielsen webinar where we discuss this behavioral reset and specifically how it affects consumers price sensitivity and retail’s changing promotional activity and how you can make smarter more efficient decisions in these changing times.
Anna Ekström talks about how the global economy, and the behaviours of consumers within it, face escalating levels of change. Then Mette Berggren sheds light on the four emerging patterns that can predict the behaviour moving forward. Finally, Daniel Nowotny talks about how Nielsen handles this changing consumer behavior in its models and how we can support at this critical point in time.