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Consumer brand preference has switched during the pandemic

The Story: As with so many market dynamics, the COVID crisis has been a powerful catalyst for change impacting consumer mindsets and behaviors. Combined with the social unrest related to equality and racial injustice, this moment is leading many people to make changes to long-held preferences and brand relationships.

The Takeaway: While the rate of bank switching is generally low, research shows that switching does happens during big life changes. COVID-related impacts on work and the economy are reshuffling consumer priorities and creating a society in flux, with more people moving to new areas and reshaping what ‘normal’ is for them. It may seem counter-intuitive, but now is exactly the right time to focus on acquisition through targeted campaigns that deliver a strong message around your financial institution’s unique purpose and value proposition.

Source: Ketchum, July 2020