Consumer Trends

The National Retail Federation (NRF) recently hosted its NRF NXT All Access conference, “Retail’s E-Commerce and Digital Marketing Event.” Register online for free to check out the session called “The COVID-19 Curveball: How an unparalleled crisis changed the trajectory of major consumer trends – and what that means for retailers,” with Joe Beier, executive vice president of GfK Consumer Insights, and Rachel Bonsignore, senior consultant of GfK Consumer Life, for some valuable information on consumer trends like:

• 24% of those surveyed said they were spending more time reading books during the pandemic. (Demand is up. How is your store meeting the need to read? Are you sharing recommendations via social media? Are you “handselling” over the phone?) 

• Google searches for small business reached a record high in April 2020. (Small is trending. How are you sharing your small business story? How are you working with other small businesses in your community?)

• Consumers are closely watching how brands conduct themselves during the crisis: 41% of those surveyed said that the way companies conduct themselves during the crisis will impact whether they do business with them in the future. (How are you conducting your business right now? How are you communicating that to your customers, staff, and community?) 

• Safety, authenticity, and connection are priorities for your customers right now.

(The recording is available until August 21 in the Lobby under General Sessions scheduled Tuesday, July 21.)

Advocacy

• Contact your lawmakers today about the needs of independent bookstores during the COVID crisis:
  • Ask them to:
    • Adequately fund the USPS
    • Make forgiven PPP expenses tax deductible
    • Forgive PPP loans of $150,000 or less
    • Implement a refundable tax credit for PPE and testing
• Use this template as an email or call script.
• Find contact information for your Representative here and your Senators here.
• ABA is also currently lobbying for:
  • New grants for small businesses (especially small businesses with less than 100 employees)
  • Additional funding for Economic Injury Disaster Loans (EIDL) and grants
  • Targeted state and loan funds for testing and PPE
  • Targeted state and local funds for residential and commercial rent relief
  • Federal moratorium commercial and residential evictions
  • A long-term recovery fund similar to the 9/11 Victims Compensation fund
• You may also want to check out this simple form from the National Retail Federation (2 minutes) to (automatically) contact your senators and representatives if you’re interested in lobbying for these additional needs:
  • Tax credits for safe workplace investments (masks, shields, gloves, sanitizer, cleaning supplies, thermometers, etc.)
  • Enhanced worker retention tax credit
  • Financial stimulus through direct aid to individuals and families, and incentives to encourage return to work

  • Expedited loan forgiveness and flexibility to use PPP funds for fixed costs

  • Liability protections for businesses following safe operating guidelines
• PPP deadline is Saturday, August 8. Unless Congress passes and the president signs another relief bill making changes to the Paycheck Protection Program, the last day a PPP loan can be approved is August 8. There is still money available for the “forgivable loans” if you have not yet applied and are still interested. Before applying, see ABA’s FAQ on PPP loan forgiveness. Find eligible PPP lenders here. 
• PPP and EIDL webinar on August 5. The National Federation of Independent Businesses (NFIB) is hosting a webinar on Wednesday, August 5, at 12:00 p.m. ET to answer your PPP and EIDL questions. You can submit questions in advance. NFIB plans to cover spending rules for EIDL and how EIDL and PPP work together; maximum PPP loan forgiveness; and the PPP EZ forgiveness application, among other things. Register for the webinar here. 

ABA is here for all of you. Please reach out if there is anything we can help with. Members can contact me directly or email the Membership, Advocacy, or IndieCommerce teams.

Best,
Allison