As The Hershey Company readies for the needs of today’s new consumer, it’s leaning on data and analytics to guide a path.
Nik Modi, managing director at RBC Capital Markets, talked sticky consumer behavior shifts with The Hershey Company’s SVP and chief growth officer Kristen Riggs at NRF 2021, as well as the role that retail partnerships will play in emphasizing digital experiences.
In detailing which COVID-19-prompted behaviors are likely to stick, Modi noted consumers’ propensity to stay in rather than go out had already been formulating prior to the pandemic lockdowns. The trend has proven to be especially popular among millennials, with 72% saying would rather stay at home during the weekends.
Reasons for the shift are numerous, chief of which includes the fact that people are working more. “People are burnt out by the time the weekend comes around,” he noted, “and thus that’s why they’re staying home more often.”
A rise in digital engagement — think Netflix and Facebook — is also making it easier, as consumers can easily connect with family and friends without needing to venture outdoors. What’s more, they’re increasingly “cocooning” at home in response to anxiety from external events, a trend RBC began noticing after 9/11.
This at-home trend will become even more profound, Modi said, facilitated by the rise in convenient fulfillment innovation, such as same- and next-day delivery, and drone autonomous vehicle deliveries.