The COVID-19 pandemic has fundamentally changed consumer behavior and spending habits. The pandemic has accelerated the adoption of on-the-horizon technologies and behaviors, creating profound consumer shifts in a matter of weeks. CPG brands and retailers need to pivot their business to fortify omnichannel revenue streams, reprioritize their product assortment, adapt advertising strategies, and package sustainably. The procurement and supply chain teams can help navigate these challenges by leveraging their expertise in cost pressures. The recent rise in consumer confidence is driven by a decline in COVID-19 infections and raised hopes for the development of a potential vaccine. However, other economic factors such as unemployment benefits and high unemployment claims will continue to influence consumer spending. Walmart's same-store sales growth dropped by nearly 5% in July, which is an indication of the challenges faced by retailers.
