As part of IAB’s May 26th Brand Council Town Hall titled, “Re-entry Strategies for the Next Economy”, IAB investigated the ways consumers and brands alike are changing and evolving as a result of the Coronavirus outbreak. This investigation was undertaken to begin helping brand leaders and their value-chain partners navigate the re-entry marketplace.
Key findings of the research include:
- A big reset is occurring: 25-33% of all consumers intend to reduce major out of-home activities after the Coronavirus crisis ends. U.S. consumers are planning to cocoon their way through a deep recession – and beyond.
- The spike in digital shopping is driving consumer trial of new brands – and many will stick with the new brands they’re trying.
- More and more stores will shift from shopping centers to contactless pickup centers.
- Digital stores are becoming multi-activity centers, accelerating the adoption of A/R, V/R, and other virtual shopping tools, concierge services, learning, and entertainment functions.
- Media consumption – particularly video and music – will permanently and significantly increase; AVOD and linear are both benefitting; but many sports viewers may drift away permanently.
- Geo-location and content differentiation will become a permanent part of brands’ media planning.