75% of Americans have changed brands during the pandemic, McKinsey study says

Research from McKinsey aimed at the American ecommerce market has highlighted a shift in consumer behavior due to COVID-19 pandemic. 

The ”Consumer sentiment and behavior continue to reflect the uncertainty of the COVID-19 crisis” study validates the consumer sentiment and behavioral changes that stem from a wide range of uncertainties rooted in the pandemic. The impact can be categorized into 5 trends: shift to value and essentials, flight to digital and omnichannel, shock to loyalty, health and 'caring' economy, and homebody economy.

The research points to consumers being more mindful of spending that is likely to last for all of 2020. 40% of US consumers said they are more mindful of where they spend their money. Independent of the McKinsey research, I believe there are three spend barriers for discretionary spend since the pandemic; 1. relevance, 2. safety and 3. accessibility. 40% of US consumers are planning to spend less, with greater focus on essentials. 

The research highlights the fact that during financial uncertainty, the spend is likely to shift more towards essentials such as groceries and household supplies. According to the research, most spend categories saw more than 10% growth in their online customer based during the pandemic. Many consumers plan to continue to shop online even when stores open safely. In the US, e-commerce is growing across all categories.