US consumer sentiment during the coronavirus crisis
Of the three quarters of Americans who changed their shopping behavior since COVID-19 began, around 40 percent say they have changed brands, with the level of brand switching doubling in 2020 compared to 2019. These switching behaviors are more prevalent among Gen Z and millennial consumers than with boomers (44 percent of Gen Z and millennials have tried a new brand, versus 35 percent of boomers).
Convenience and value have been the main drivers of shopping behavior change; however, quality and seeking brands that match with their values also inspire change for about 40 percent of younger consumers.
While growth in consumer goods was driven by large companies at the beginning of the pandemic, we see that brands from smaller companies are increasingly driving growth in late 2020 and early 2021.
Source: McKinsey & Co.