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Consumers
Unmasked: 
Stage 3

Addressing New Spending Habits and Behaviors in a World Disrupted by the Pandemic

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Consumers
Unmasked:
Stage 3

 

Addressing New Spending Habits and Behaviors in a World Disrupted by the Pandemic

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In the latest survey from EPAM Continuum’s Consumers Unmasked series, quantitative findings go in depth on consumer actions and attitudes over the course of 18-months. The data reveals an interesting portrait of lifestyle decisions, consumer habits and spending behaviors against the backdrop of the COVID-19 pandemic – specifically which ones have found some permanence and why.

Consumers Unmasked seeks to answer the questions:

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  • What new habits were formed during the pandemic? Which will stick or grow in prominence? Which will fade?
  • How will consumer behavior play out during what will be another year of change? What’s driving that behavior?
  • Why are consumers acting as they do? What’s influencing their choices and concerning them most?

In this third stage of the report, more than 3,000 consumers in the US, UK and Germany were surveyed to form a snapshot of the first months of 2022. With the help of industry experts, we break down the current trends – and what each means for brands .



REPORT | STAGE 3 | SUMMER 2022

Consumers Unmasked

Addressing New Spending Habits and Behaviors in a World Disrupted by the Pandemic

The pandemic, cost-of-living increases and other external factors are forcing consumers to change their shopping habits. Through an 18-month study beginning in August 2021, EPAM Continuum is helping brands understand which consumer habits have changed and how to address evolving demands.


 



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Qualitative & Quantitative Surveys

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AUGUST 2021

DECEMBER 2021

JUNE 2022
CURRENT STAGE

OCTOBER 2022

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Key Findings

 

Eating out and takeaway spend continues to accelerate in the US and Germany, slows in the UK.
 

Consumer eating out/takeaway purchasing at least once a month

Consumers are excited by the possibilities of the metaverse and cryptocurrency, especially in the US.

Consumers want to be able to be able to pay by cryptocurrency

Buying second hand, upcycling and repairing emerged in a way they didn’t in earlier stages of the study.

Consumer intent to repair/upcycle over the next year

Consumers are spending more on fashion items compared to three months ago, particularly in the US.

Consumer fashion spending habits compared to three months ago

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Sector Insights

 


Food

  • Food delivery via app is now an embedded habit.
  • Eating out and takeaway spend continue to accelerate in the US and Germany. Acceleration has slowed in the UK. Money concerns appear to be having an effect.
  • Speed and freshness matter more than price and discounts.

Fashion

  • Fashion spend has accelerated, particularly in the US – 50% are spending more than three months ago.
  • Price is still key for fashion.
  • A quarter of consumers are still loyal to the brands they like.

Travel

  • Intent to travel is on the rise.
  • Travel is consistent across demographic splits.
  • Cost and ease of booking remain the decisive factors in travel company choice.

Fitness

  • Three in 10 stopped their gym membership, citing home exercise options as the biggest reason.
  • Social needs are driving exercise outside of the home.

Home

  • Home spending continues to rise.
  • IKEA and Amazon remain the homeware “super brands.”

Themes & Recommendations 

1.

Speed of change is now a trend in itself.

2.

“In the moment” loyalty means brands need to respond fast.

3.

Retailers need to respond to cost concerns.

4.

COVID-19 no longer reigns but remains.

5.

A genuine appetite for all things new.

6.

Local rather than global creates opportunities for retailers.

7.

Sustainability is moving from intent to action.

8.

Shared values now offer a genuine opportunity to win.

9.

Subscriptions are challenging but worth pursuing.

Themes & Recommendations 

1.
Speed of change is now a trend in itself.

2.
“In the moment” loyalty means brands need to respond fast. 

3.
Retailers need to respond to cost concerns.

4.
COVID-19 no longer reigns but remains.

5.
A genuine appetite for all things new.

6.
Local rather than global creates opportunities for retailers.

7.
Sustainability is moving from intent to action.

8.
Shared values now offer a genuine opportunity to win.

9.
Subscriptions are challenging but worth pursuing.

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Read the full report for more in-depth insights on evolving consumer needs and recommendations on how to keep up with demands. 

Read the Report

 

Thank you! Click here to download the third stage of the report to learn how consumer attitudes are changing.

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