2021 Retail and Consumer Planning

BCE has been tracking consumer attitudes and behaviors in response to the pandemic since May.  In this latest round of the tracking survey, respondents were asked to reflect on their spending in 2020 – including any changes caused as a result of the pandemic – and project that forward into 2021.  Specifically, do consumers today think they’ll increase their spending in 2021, decrease their spending, or maintain their current spending?

BCE is evaluating responses in several different ways to identify consumer insights and attitudes towards future spending.  One initial cut of the data looks at future spending expectations by generation.  Here are a few observations from this analysis:

Given these results, it raises two important questions to consider in the context of 2021 planning:

1. Will your inventory, go-to-market, and overall selling plans focus on risk mitigation in 2021? Or will they allow for growth if consumers follow through on their expectations for a rebound in spending next year?
2. Do you understand the role that age plays in understanding future demand with your existing and target customer base?

And be on the lookout for deeper insights and analysis from BCE’s next consumer tracking survey report.