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Trademarks are the description of the product condensed into a name or logo. They give the consumer a sense of security. Strong buying criteria at the moment.
Uncertainty. That was probably the defining sentiment for most people in 2020. How dangerous is the coronavirus? Will there be another blockade? Will I keep my job? The pandemic has overturned plans and led to unfamiliar and often unpleasant situations. And that had a direct impact on the consumer behavior of many people.
“Security is an absolute basic necessity,” says Christina Schamp, professor of marketing at WU Vienna. And especially in crises, people would try to compensate for the lack of this security with consumption. “To restore the lack of control, there is a much higher level of impulsive buying behavior. This has been observed in the past, for example, in areas where hurricanes had recently caused significant damage. “
According to economists, the fact that overall private consumption has declined this year is mainly due to the fact that due to the lockdown, there was often simply no opportunity for consumption. If a purchase was made, then those brands that had already managed to retain their customers should have won, according to Schamp. “It can be said that this year was the moment of truth for many companies. If they could keep their clients or if they flew out. “
