Signs are pointing to a global recession sparked by the economic impact of the coronavirus pandemic. Lessons from the Great Recession suggest that the Multicultural contribution to total consumer expenditure actually increases in economic downturn because of Multicultural population growth.
Through a series of studies launched this spring, Collage Group has collected deep insights on how behaviors vary by race and ethnicity – key to remaining relevant in this rapidly changing environment. Fill out the form to access our webinar recording.
The Coronavirus pandemic is a once-a-century transformation in the global economy, with radical impacts on trade-flows, consumer behavior, and spending across every industry.
Collage Group members are now in the throes of intensive investigation into consumer response across every category to plan for the short- and long-term. Beyond understanding immediate consumer response through our recent syndicated research, many members are now turning to plans for the future to mitigate loss of revenue anticipated given the pending recession.
Collage Group was born in the Great Recession when it became apparent that the most resilient consumer group was the Hispanic segment. The segment’s larger family size, and faster population growth and household formation guaranteed that marketing organizations had to put the Hispanic consumer at the center of marketing.
The 2020 COVID-19 recession will see a similar phenomenon. The continued higher growth rate in consumer expenditure of all multicultural groups significantly outpaces the general market. Indeed, the Multicultural consumer contribution to consumer expenditure in the next few years will likely be even greater than it was during the Great Recession.
Based on this unique understanding, Collage Group recommends the following engagements to build efficiency and plan effectively during the COVID-19 pandemic and pre-recession:
SIZE OF PRIZE ANALYSIS
Nationwide, when the economy is in recession, population and spend growth predominantly comes from Multicultural consumers. In preparation for a recession, brands must understand who they should target to maximize growth, and how best to reach these consumers. Collage Group has long helped brands size the opportunity for growth, to guide investments and budgets. Consider scoping an analysis for your categories and brands to ensure your long-term strategy can withstand the upcoming recession.
CONSUMER ATTITUDE & USAGE DEEP DIVE
Understand the impact of COVID-19 on category usage, behaviors, habits, drivers and barriers.
Our work provides a clear profile of the consumer’s attitudes and behaviors and identifies recommendations and strategies for breaking barriers and optimizing communication with target segment(s) through a combination of qualitative and quantitative research modalities.
PRODUCT & PRICING OPTIMIZATION
The pandemic has driven change in purchasing behaviors across categories. Members are looking to understand how the price-to-value equation has changed across ethnicity and socio-economic segments. Discover the top features that will convince consumers to pick up your product in aisle or select your services (i.e., channel plans, mobile plans, etc.) through the choices they make, rather than their stated preferences.
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Collage Group members have been asking two central questions as we head into the new economic reality of COVID-19.
Signs are pointing to a global recession sparked by the economic impact of the coronavirus pandemic. Lessons from the Great Recession suggest that, amidst recession, spending growth predominantly stems from Multicultural consumers.