While we’re all itching to get to the next phase of this, the stay-at-home phase may be around for awhile, depending on your state and your personal level of fear.
In current conditions—stuck at home, fear level high, shaken supply chains–many Americans are willing to pay a premium over pre-pandemic prices for things they really want.
On average, Americans will pay +13% to 17% more for specific items they want right now, including anything from takeout to computers to home fitness equipment. In an environment of pervasive fear (our latest poll showed that 80% of Americans fear leaving the home for essential errands), the highest elasticity is for ‘comfort’ items like restaurants, specialty food, and personal care.
Takeaway: Your customers will pay more to get things right now that make them feel better. How can you work with alternative channels and sourcing to make sure what you have gets into customers hands?
Contact us for a consultation or more information from this study.