The first EY Future Consumer Index suggests the pandemic is creating new consumer segments in the US.
The COVID-19 pandemic is having an enormous impact on daily life across America. People have been forced to change their behavior in ways that would have seemed unimaginable just a few months ago. And while companies have shown incredible agility in keeping consumers supplied with the goods and services they need, the emerging challenge for those organizations is to prepare for what comes next.
What kind of consumer will they be serving when it’s time to restart the US economy? Those that understand how the COVID-19-era consumer is evolving will navigate the current crisis better and get back up to speed faster when the time comes.
To help guide those efforts, we’ve created the EY Future Consumer Index. By tracking emerging consumer behaviors and sentiment, the index will allow us to identify and prepare for the new consumer. Most importantly, we can gauge which are temporary reactions to changing circumstances and which point to more fundamental shifts.
This article will share initial insights about how the US consumer is changing, and some of the actions you should consider as a result. (You can read our perspective about the global consumer here).
Four new consumer segments now emerging
The index is based on a broad survey that takes a 360-degree view of the consumer — it not only looks at how they are shopping and where they are spending their dollars, but also how they’re feeling about returning to normal, what they’re most concerned about and how they believe the world will change. We’ve used this data to identify four consumer segments that we see in the US today.