REVENGE SPENDING
HOW TO DELIVER AN INCREDIBLE CUSTOMER EXPERIENCE TO CAPITALIZE ON REVENGE SPENDING
BY : JOHN DIJULIUS
A
As most of the world is seeing light at the end of this long dark pandemic tunnel , the businesses that survived it want to know one thing : how bright is that light ? Will post-pandemic times be fueled by an economic boom ?
The answer to that depends on who you ask . The prognosticators do not all agree . There are two certainties : 1 ) there is a tremendous amount of pent-up demand for what people have missed out on the last 15 months and 2 ) customers , consumers , clients , guests , patients , tenants , employees , co-workers , or whatever you call your customers , are now pickier than ever with which companies they do business with .
While the effects of the pandemic have been long-lasting , many consumers are getting excited about the opportunities for social interaction . However , not everyone will be jumping back into the social rebirthing immediately ; there probably will be some trepidation as people adjust to their newly restored freedom . “ Social skills are like a muscle ,” says Richard Slatcher , a professor of psychology at the University of Georgia who studies the effects of relationships on health and well-being . “ If we are out of practice , it will take a while to get back on the social bike , if you will , and ride it again . It has now become second nature to keep your guard up . We ’ re habituated to this new normal , so it will take a while to return to the old normal .”
REVENGE SPENDING
According to Fox Business Network ’ s Charles Payne , there ’ s reason to be extremely optimistic . Over the last 12 months , consumer savings are near record highs . That , combined with government stimulus money for both businesses and consumers , means that there is a lot of money and the ability to spend it as consumer confidence picks up . The question is which companies
22 | TULIPMEDIAGROUP . COM