Polarization in the U.S. is reaching the retail world, with about 75% of consumers saying they plan to shop at businesses whose values line up with their own, a study from Mastercard SpendingPulse shows.
Consumers said they prefer to spend at local establishments and those owned by minorities and women, according to the survey. And just more than half of those interviewed said they’d prefer no gift at all over receiving one from a retailer whose views differ from their own.
The study indicates that rapid change in shopping habits, fueled in part by this year’s global pandemic and unrest related to racial inequality, have staying power. Although it’s not unusual for younger generations of consumers to make a political statement with their shopping list, that trend is now widening, according to Steve Sadove, senior adviser for Mastercard and former chief executive of Saks.
“Black Lives Matter is certainly a piece of it, but I think it’s certainly much broader than that,” Sadove said in an interview. He listed climate change and upward mobility as issues that also weigh heavily, and said consumers “are thinking about the role of shopping in their lives.”
It’s yet another way in which consumer spending has shifted this year. The pandemic also has helped to turbo-charge shoppers’ pre-Covid migration toward e-commerce.
Consumers will not necessarily follow through on what they told Mastercard when it’s time to open their wallet, Sadove said. This is the first time Mastercard SpendingPulse has asked about these issues.
Nearly two-thirds of those surveyed said they planned to use stores that have contactless payment options. A bit more than half said they plan to ship more gifts this year in order to remain socially distanced.
Despite uncertainty related to the pandemic, the company has projected that holiday spending will rise 2.4% during the holiday period.
The survey was carried out online with 2,017 U.S. residents from Oct. 8 to 13.
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November 18, 2020 at 11:43PM
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