Retailers Respond To The Coronavirus With Trusted Advice, Discounts

Retailers' Advice, Discounts Amid Coronavirus

Consumers may be looking for trust from retailers amid the coronavirus, as a small but significant share of them noted before the crisis that trust in a brand (aside from price) is the top reason they shop at a retailer. Some merchants have had to take the role of trusted advisor, while select luxury retailers have deemed it necessary to reduce prices to keep inventory moving. And some luxury brands are retooling their manufacturing processes to assist with the coronavirus crisis. All this, Today in Data.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Today in Data

    Data:

    $112B: Value of the Chinese luxury market.

    68 percent:  Share of consumers who will be loyal to a brand when it is “trusted on product, customer service and societal impact.”

    43 percent: Portion of Americans who trust the media.

    14 percent: Share of respondents who said trust in a brand is the top reason (other than price) why they shop at a retailer.

    Advertisement: Scroll to Continue

    4 percent: Estimated portion of luxury goods revenue that eCommerce represents.