In 2025, just as in 2024, 2020 and 2008, consumers are undergoing major financial uncertainty. WSL Strategic Retail has studied the implications of such crises on American shoppers over the years, so we went back into our How America Shops® data archives to previous “crises” studies to see how those times can instruct brands and retailers today. Stay tuned: These findings will serve as a baseline for our upcoming “How America Shops® in Chaos” study.

Adapting to Economic Uncertainty Can Be Like Riding a Bike…

Yes, consumers have proven they can adjust quickly to economic uncertainty, just like remembering how to ride a bike. However, for millions of Americans that doesn’t make it an easy ride.

We took a deep dive into our How America Shops® database to compare consumer responses to the economic crises that occurred in 2008 (the Great Recession), 2020 (the COVID-19 pandemic) and then 2024 (prolonged inflation). What was revealed was that many shoppers have never stopped being fiscally cautious. They’ve simply grown adept at disciplined spending when they need to be.

Following are some significant takeaways that can foretell what to expect in 2025, and serve as a baseline reference for our upcoming How America Shops® in Chaos study, coming soon.

Findings from Our 2008 ‘How America Shops® in Crisis’ Report

The Great Recession of 2008 marked the worst economic crisis since the Great Depression, culminating nearly eight years of uncertainty marked by the dot.com crash, the Sept. 11 attacks, tighter credit access thanks to the sub-prime mortgage debacle and record-high fuel prices (the list goes on).

Consumer confidence sunk as shoppers contended with higher costs for mortgages, groceries, utilities and fuel. Our “How America Shop® in Crisis” report captured how shoppers re-assessed the meaning of value at the time.

Among the key takeaways that you should bookmark in 2025:

• Optimism dropped – further: Less than one in three consumers felt their finances would improve annually, down from 2007. Concern over job loss doubled.
• Cautionary spending rose: Nearly 70% of all shoppers said they were more careful about shopping in 2008 than in 2007. A higher share said it was important to get the lowest prices on most things – up roughly 18 percentage points from 2007.
• Most shoppers bought less: Two-thirds of consumers cut back on spending due to economic uncertainty. Even more did not want to shop for anything they didn’t need.
• National labels fell from favor: More than half of all shoppers said they were more likely to switch to lower-priced brands (including store brands).
• Retail trust eroded: Shoppers actually relied more on website reviews from total strangers than from store associates. They trusted friends, family and themselves most.
• Caring became an essential value: The top-3 attributes shoppers picked for an enjoyable retailer were customer service, a well-trained staff and being treated like their business was valued. Preferences for earth-friendly goods also climbed.

Shoppers Bounced Back from the Recession, Until COVID-19

When COVID-19 closed down non-essential businesses and locales in March 2020, the shopper’s cautionary spending reflexes were still twitching and proved surprisingly adaptable.

Following are takeaways from our 2020 “How America Shops® in a COVID-19 Crisis” (and how some findings compare with our 2024 research):

• Sinking optimism returned, easily: Consumers financial security remained low in 2020, and continued to limp along in 2024, according to our How America Shops® report “The Impact of TLC on Retail Sales (Trust. Loyalty. Caring.).”
• Smart spending returned as well: Most shoppers cut back on spending in 2020 and asked, “Is this a smart use of my money?” One-third said they avoided stores and websites where they felt tempted to buy. (Not as high as 2008.)
• Sales and stock-ups prevailed: Most shoppers were loath to pay full price for items, waiting instead for them to go on sale and then stock up.
• National brands continued to lose favor: Shoppers traded down to less expensive brands in order to save money, and liked the results. In 2024, more than half of all shoppers switched brands because prices were too high.
• Online shopping expanded: Even with retail stores open for business, most consumers shopped online for key categories. This contributed to the shop online/pickup at store option so popular now.
• “Caring” became the price of entry for retail: Shoppers put very high value on how much retailers cared about them in 2020. Yet half or fewer felt that retailers – from supermarket to online retailers – cared. In 2024, that hasn’t much improved.

Comparing the Crises Until Now

It appears shoppers have remained, for the most part, financially cautious. And this continued habit of thriftiness is reinforcing a set of rules for brands and retailers:

1. Recognize their new values as shoppers.

Price is persuasive, but brands and retailers can gain an edge by sharing new shopper values, such as showing care for their well-being (for example, making shopping easier) and being good global citizens. If not, consumers are prone to drop one brand for another brand that caters to their values (often a store brand).

2. Help consumers feel like they are being responsible.

Since 2008, the consumers’ need to feel smarter and more responsible, not guilty, about what they buy has grown more acute. This impulse remains and is gaining influence. Customers who feel understood, valued and smart about where they spend are likely to be more loyal to that outlet[1].

3. Don’t squander their trust.

In 2008, just one in five customers was likely to trust the information brands and retailers provided. In 2024, that figure escalated, depending on the retailer. Retailers can use their store brands to communicate the values important to shoppers today, including sustainability, healthy ingredients, quality and National brands can do the same – clearly spell out product ingredients, quality and good practices on their packaging and in marketing.

4. Find a way to be everywhere.

Shoppers are buying in-store, online, in an app – sometimes all at once. A retailer or brand might not be able to step into all of these paths at once, but they can seek opportunities in lower-cost cobranding partnerships and pop-up events that keep them top of mind.

Be Prepared for What Is Next. Work in Tandem With WSL

The retail strategists, researchers and scouts at WSL Strategic Retail have been analyzing How America Shops® for more than 35 years, keeping close tabs on how shoppers adapt through good times and in crises. You can follow the shopper with us through 2025 and beyond. Learn how to access our How America Shops® research here, and stay tuned for our next “America in Chaos” report.