Contributors: Lokesh Chaudhry, Rodger So, Glenn Parkinson, Anthony Rjeily, Carlos Leal, Sulagna Gupta, Adam Purdon, Niki Non
The second Canadian edition of the EY Future Consumer Index suggests that Canadians’ uncertainty about what things will look like post-pandemic is leaving them cautious about the future.
As COVID-19 restrictions ease and businesses reopen, Canadian consumers are cautious about what could be just around the corner – and they’re spending accordingly. Responding best to this changed reality requires retailers to drill down to a deeper understanding of their customer than ever before by acknowledging consumer caution, acting transparently and – above all – innovating in ways that align to what your customers value most.
For this Canadian edition of the EY Future Consumer Index, we took a look back at four previously identified consumer segments — cut deep; stay calm, carry on; save and stockpile; hibernate and spend — to explore how the pandemic has changed consumer behaviour, and we identified three key ways retailers can adapt:
- Recognize that optimism and caution go hand in hand.
- Embrace transparency as tantamount to safety.
- Connect innovation to consumer values.