A growing number of Americans are considering relocation to less densely populated areas, increasing from 23% in April and June to 26% in August and this month. And, what’s more, these numbers are more prevalent when you look at younger generations: 37% of millennials and Gen Z plan to live in less densely populated areas. Home search trends validate this. According to Realtor.com’s quarterly Cross-Market Demand Report, 51% of property searches from residents in the nation’s 100 largest cities were for homes in the suburbs.
The questions for retailers are: When will the trend of leaving cities swing back? How do you plan your physical and digital footprint to accommodate the moves, however temporary, that consumers are currently making? If your digital strategy is using the physical store as a fulfillment center, does your last mile become the last 5 or 10 miles?
As the season of the consumer continues, retailers and brands have a clear “here and now” priority — addressing the holidays ahead. The “COVID-19 consumer” will have lasting effects on buyer behavior and sentiment moving forward, and brands and retailers need to reset their long-term goals (not short-term) to be focused on the holidays of 2020 to survive the long post-holiday winter. As they look to the future, where e-commerce plays a pivotal role in building consumer loyalty, and places and spaces evolve, winning companies will do well to understand the channels, touch points and experiences that create lasting bonds beyond the uncertainty of this season.
Summary
As the season of the consumer continues, retailers and brands have a clear short-term priority – addressing the holidays ahead. But as they look to the future, where e-commerce plays a pivotal role in building consumer loyalty, and places and spaces evolve, winning companies will do well to understand the channels, touchpoints and experiences that create lasting bonds beyond the uncertainty of this season.