Consumer Behavior

Consumers pretty optimistic about life, normalcy ahead

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June 14, 2021

American consumers are optimistic about the year ahead and believe life will return to some kind of normal though they expect changes due to the pandemic to remain and are adapting shopping behavior, according to the 2021 Consumer Optimism Outlook Study from marketing company Vericast.

The study, which polled over 1,000 U.S. adults regarding circumstances and behavior, revealed that consumers are divided along generational lines when it comes to their view of the future. For example, Baby Boomers are the smallest group that is optimistic that life will return to normal this year, according to a press release on the findings.

The report also reveals shifts in brand loyalty, stating that consumers increasingly want to feel a sense of consistency and trust with the brands they buy from.

The share of consumers that said they are more likely to purchase from a brand or store they trust has significantly increased from 71% in 2019 to 76% in 2021.

Corporate social responsibility efforts and sustainability matter now more than ever as well, with 54% of respondents saying they are more likely to be loyal to a brand that has sustainable and ethical business practices.

"Consumers want to be optimistic, but at the same time, there's reticence," Sarah O'Grady, vice president of brand marketing at Vericast, said in the release.. "To successfully engage with consumers in their current state of mind, brands should offer them familiarity, authenticity and meaningful savings due to the economic disruption caused by the pandemic. Digital will continue to grow in importance, but so will the value of personal connections. Marketers can win with messaging rooted in humanity, via channels that cut through the noise in the moments that matter."

Additional findings include:

• Nearly half of consumers said their income was negatively impacted by COVID in 2020 and the vast majority of those expect the impact to continue in 2021.
• There was an increase from 23% in 2020 to 31% in 2021 in the number of consumers who consider themselves price-conscious while shopping for consumer packaged goods and groceries.
• A majority (72%) increased saving behaviors during COVID and almost all of them plan to continue the habit.
• 65% of consumers feel it's important to support local restaurants.

The study was fielded by Valassis in conjunction with a global, third-party market research firm with proficiency in internet surveys.