Adyen's 2020 Retail Report Reveals American's Shopping Habits and Post-Pandemic Outlook

Rhea-AI Summary

Adyen announced findings from its 2020 Global Retail Consumer Survey amidst COVID-19, highlighting shifting consumer behaviors and spending. Key insights reveal that 69% of Americans intend to continue supporting local retailers, while 57% think retailers effectively used technology during the pandemic. The platform saw a 60% increase in online retail volume. Post-pandemic, 41% plan to shop online more, with Millennials leading this shift. The study, conducted among 2,014 U.S. adults in July 2020, showcases the importance of brand loyalty and consumer experience over price.

Positive

• Adyen's platform experienced a ~60% increase in online retail volume since the beginning of the year.
• 69% of Americans plan to continue supporting retailers they relied on during the pandemic.
• 57% of consumers believe retailers used technology effectively to provide products during COVID-19.

Negative

• None.

SAN FRANCISCO, Oct. 15, 2020 /PRNewswire/ -- Adyen, the global payments platform of choice for many of the world's leading companies, today announced U.S.-specific findings from its 2020 Global Retail Consumer Survey which explored how consumers' perspectives and spending habits shifted during the COVID-19 pandemic and what their outlook will be post-pandemic. The study revealed that even during a time when America's unemployment rates are at their highest, two things matter more than price for many consumers: brand loyalty and experience.

"The businesses that have risen to the top and will make it through the other side during these challenging times all have something in common -- they are trailblazers in enabling technology that gives consumers the convenience and access that social distance orders took from them. Based on our survey, there's no going back now -- more than four out of ten of consumers say that the convenience of the shopping experience is more important to them than the price of items," said Roelant Prins, Chief Commercial Officer at Adyen. "Additionally, nearly half of Americans surveyed said they will shop to support brands they want to see survive."

Loyalty is paramount: strong relationships and brand equity are crucial
The study revealed that the majority of Americans remained loyal to their local shops and restaurants and will continue to do so. During difficult times, the normality of a familiar face and your favorite cup of coffee is a comfort.

• 69% said they intend to continue shopping with/supporting retailers that they relied on during the pandemic
• 63% said they expect to shop more with retailers located nearby because they want them to stay open
• 51% said they intent to go out of their way to shop with responsible businesses that demonstrated a social conscience/engaged with charitable initiatives during the pandemic
• 47% said they expect to shop with important heritage or traditional brands that they want to see survive

Adyen's platform saw a ~60% increase in online retail volume compared to the beginning of the year and the survey data also reflects that technology played a key role in keeping consumer spending afloat.

• 57% said retailers used technology well to make their products available during the pandemic
• 58% said restaurants, cafes, etc. used technology well to make their services available during the pandemic

Life After COVID-19
When Americans think about shopping after the coronavirus pandemic, the survey revealed that 58% are excited to shop in store for pleasure again but the convenience offered by digital experiences will stick, especially among the digital natives.

• 41% said they are going to shop online more than they did before the pandemic, with Millennials leading the charge (58%) followed by Gen X (37%) and Boomers (30%)
• 28% said they are going to use subscription services for products (e.g., food, beauty, etc) to reduce the amount of times they need to shop. This was higher among men (33%) than women (25%), and Millennials have shown they are much more interested in subscription services (54%) than their Gen X (25%) and Boomer (8%) counterparts.

Nearly a quarter (23%) of Americans said that prior to the coronavirus pandemic they traveled to another country with the primary purpose of shopping, but post-pandemic shopping will likely cut back.

• 67% said they are nervous about travelling to other countries in the short term, with Boomers (82%) much more hesitant compared to Millennials (55%) and 64% Gen X (64%)
• 66% said they are unlikely to travel to other countries until next year with older generations much more cautious than Millennials less (55%), Gen X (63%), Boomers (80%)

About Adyen
Adyen (AMS: ADYEN) is the payments platform of choice for many of the world's leading companies, providing a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers' globally preferred payment methods. Adyen delivers frictionless payments across online, mobile, and in-store channels. With offices across the world, Adyen serves customers including Facebook, Uber, Spotify, Casper, Bonobos and L'Oréal.

Methodology
This research was conducted by Opinium Research on behalf of Adyen among n=2,014 U.S. adults ages 18+, weighted to be nationally representative. Data was collected from July 2020.

 

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SOURCE Adyen

FAQ

What key findings did Adyen's 2020 survey reveal about consumer behavior during COVID-19?

Adyen's survey found that brand loyalty and consumer experience mattered more than price, with 69% of Americans intending to support local retailers.

How much did Adyen's platform increase in online retail volume during the pandemic?

Adyen's platform saw a ~60% increase in online retail volume compared to the start of the year.

What percentage of consumers plan to shop online more after the pandemic according to Adyen?

41% of consumers plan to shop online more than before the pandemic, especially Millennials.

What technology-related insights were highlighted in Adyen's 2020 survey?

57% of consumers felt that retailers effectively used technology to make products available during the pandemic.

When was Adyen's 2020 Global Retail Consumer Survey conducted?

The survey was conducted in July 2020 among 2,014 U.S. adults.