Throughout the COVID-19 pandemic, Hart has explored in detail the ways brands must adapt to changing consumer values in the face of a global crisis. Most recently, we focused on the ways these values influence consumer behavior and the importance of addressing their ongoing evolution.
As a follow-up to our post about adapting to changing consumer values in the face of a global pandemic, our team explored consumer values in greater detail, how they're changing and why it matters.
This is no ordinary time; we get it. Whatever plans you had for your brand in 2020 have likely been thrown into disarray as your team works tirelessly to combat the economic and social effects of a global health crisis. And while no one quite knows what the other side of this pandemic will look like, there is one thing we can expect: change.
Merriam-Webster defines consumerism simply: the promotion of the consumer’s interests. And while the concept’s definition may feel straightforward, the implications of consumerism run much deeper than many realize.
A recent report shows millennials are on the verge of surpassing baby boomers as the nation’s largest generation, and the change is already playing a critical role in the fate of the American economy. The home products category is beginning to realize the impact of the new generation’s consumer-first mindset as it catalyzes great change in the way people think and shop for their homes. Technology brands are entering the category at an astounding pace while direct-to-consumer businesses disrupt traditional retail models by cutting out the middlemen. Transformations like these have given rise to a new level of competition as brands old and new vie for a share of consumers’ minds and wallets.