The ongoing coronavirus pandemic has changed us tremendously right from the way how we consume our food, interact with people to the way we buy our essentials. Our behaviour is setting into a ‘new normal’ as life is slowly and steadily embracing to live with the coronavirus pandemic by reopening those parts of the economy that were shut due to pandemic.
As now consumers across the globe are looking at products and brands through a new lens, the consumer goods industry in real time, rapidly accelerating long-term underlying trends which are sustainable. Various researches indicate that new habits formed now will endure beyond this crisis, permanently changing what we value, how and where we shop, and how we live and work.
In this pandemic, consumer’s purchasing behaviour have become centered on the most basic needs, sending demand for hygiene, cleaning and staples products soaring. The factors that influence brand decisions are also changing as a ‘buy local’ trend accelerates. Digital commerce has also seen a boost as new consumers migrate online for grocery shopping – a rise that is likely to be sustained post-outbreak.
Here are some of the trends that will rule the post-COVID world:
Loyalty Will Fluctuate – A recent survey has stated that over 60 percent of global consumers have changed their shopping behavior as certain products and brand’s supply chain was disrupted during the initial phase COVID-19. As they couldn’t find their preferred product at their preferred retailer, they changed their shopping behavior; many consumers have tried a different brand or shopped at a different retailer during the crisis. Value, availability, and quality or organic products were the main drivers for consumers trying a different brand.
Healthy and Caring Economy – It has been observed that consumers are buying more based on brand’s behaviour as the focus has once again been shifted to health, hygienic packaging and how they treat their employees. Their deciding factor from where to shop now depends upon how the retailers look for safety measures such as enhanced cleaning and physical barriers. The actions that businesses take during this pandemic are likely to be remembered long after COVID-19 has been subsided.
Shift to Essentials – As we are reeling under the crumbling economy in the backdrop of coronavirus pandemic, people purchasing power have been restricted only to the essential items. People have been losing jobs so they are not left with any other option than limiting their purchasing power to essential items. This behaviour will continue post COVID too as this unprecedented time have made us realize that how much non-essential stuff we have brought. Consumers are now being mindful about their spending and trading down to less expensive products. They are striving to limit food waste, shop more cost consciously and buy more sustainable options.
Digital and Omnichannel are the Latest Fad – With the prevalent social distancing measures, e-commerce, other digital and contactless services – including curbside pickup, delivery, and drive-through service- are also seeing much higher adoption rates. People are embracing technology more than ever to support all aspects and consequences of isolation. While some of these habits are seen as a work-around to the crisis, many at-home solutions to regular activities will likely be adopted for the long-term. Consumers are getting inclined to most app-based services as compared to the previous times. It gives them transparency and at the same time comfort when it comes to purchasing a product. These companies are also giving a lot of discount, offers and promo-code options that no doubt are enticing the consumers to shift their focus from brick-and-mortar to the online shopping. COVID-19 is no doubt a health and economic crisis that has a long term impact on consumer attitudes, behaviors and purchasing habits.
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