After Panic Buying Subsides, Will Coronavirus Make Lasting Changes To Consumer Psychology?
Mar 12, 2020
In retailing, it is easy to observe rapid-fire changes in shoppers’ purchase behavior. A big sale sign brings people in to shop who otherwise would have walked by. A new more convenient or time saving service, like buy online, pick up in store, gets people to switch from the old ways of shopping to new ways. A new retailer offering more, better, different, or cheaper products – think Amazon and so many other disrupters – causes people to change their preferences in places to shop. But while purchase behavior – what people buy and where they shop – can change on a dime, their underlying consumer psychology – why they buy – is far more stable and predictable. Read more at Forbes.
