Recognizing Changes in Consumer Motivation

Hierarchy of Needs Will Help Industry Climb

No matter your socioeconomic status, we have all been knocked down a few levels on Maslow's Hierarchy of Needs — some more than others, but universally we have all taken a hit.

No matter your socioeconomic status, we have all been knocked down a few levels on Maslow's Hierarchy of Needs — some more than others, but universally we have all taken a hit.

Wherever we were on the hierarchy in the first quarter of 2020, we've all shifted our focus down to the lower levels of the pyramid. Safety is on everyone's mind. Isolation has caused us to realize our need for love and belonging. And sadly, meeting physiological needs is a struggle for far too many. Recognizing these changes in consumer motivation as we rebuild the industry is an opportunity to redefine hospitality for the better.

That Was Then

This time last year many of us were climbing high on the pyramid: "living our best life," drinking wheatgrass, paying an arm and leg for boutique spin classes and celebrating made-up holidays like #nationalcupcakeday to populate our Instagram feeds.

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CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and...