Consumer Trends post COVID-19

Consumer Trends post COVID-19

• 1.
  Consumer Trends post COVID-19 How thepandemic is changing consumer behaviour during the crisis and beyond AUTHOR: CHRISTINE EGE
• 2.
  Introduction CONSUMERS IN ACHANGED WORLD The COVID-19 pandemic has radically changed the world as each consumer knows it. We live differently, we buy differently, we work differently. With all of these changes, new habits are being formed. The question is, will they last? A number of recent studies say they will. Surveying consumer attitudes such as shopping behaviour, the way we live and work, an Accenture study, conducted across 15 global markets in early April 2020 indicates that our values and the way we live and work will change permanently, outlasting the crisis at hand (Accenture, 2020). Here are some of the behavioural changes that enterprises should be aware of.
• 3.
  CHANGES IN CONSUMER PURCHASE BEHAVIOUR Consumerpurchasing behaviours have changed at lightning speed since the start of the pandemic, primarily focussing on basic needs, such as hygiene articles (anyone remember the scramble for toilet paper?) and food staples. The way we shop has turned digital during the pandemic – with a strong likelihood of sustained increased demand, in particularly in grocery shopping, post COVID-19 (Accenture, 2020).
• 4.
  INCREASED DEMAND FOR ONLINEGROCERY SHOPPING TO CONTINUE In fact, 52% of US shoppers who shifted to digital grocery shopping during the pandemic stated that they will continue buying groceries online – and 60% of online grocery shoppers stated they were planning to continue to do so even for non-food items (Webster, 2020).
• 5.
  Trends in consumerbehaviour that will outlast COVID-19 AN INCREASED FOCUS ON HEALTH SEVERAL OTHER LONG-TERM TRENDS CAN BE IDENTIFIED: Consumers are more concerned than ever about leading a   healthy lifestyle.This is not only the case in western countries but all around the globe. In India, there is indication of a strong growth of products related to boosting immunity as well as ‘wellness foods ’that started during the crisis but is highly likely to outlast it Brands that adjust their products and marketing to focus on health-related messages regarding their product or services will come out on top (Tandon, 2020)
• 6.
  A consumer studysurveying French, US, UK, German and Canadian consumers in early April 2020 identified that 62% of respondents are more likely to buy from brands that are doing good for society and 42% prefer to buy domestically produced products. A further 29% stated they would pay premium prices for good that contribute to the community (Rogers, 2020) 62% OF CONSUMERS LOOK FOR SUSTAINABLE BRANDS Consumers are more conscious and conscientious about the purchasing decisions they make. They try to eliminate waste, buy sustainable options and are more cost sensitive. •A RISE IN CONSCIOUS CONSUMPTION
• 7.
  Buying locally isa trend that is apparent in two ways: Where and how consumers prefer to shop.  They prefer to support local stores and buy locally sourced and/or artisanal made products. One reason for the preference to 'buy local' is that consumers show empathy by wanting to support their local clothing store, flower shop or restaurant, so they don’t go out of business (Thomas, 2020). Another is the frustration that came alongside the surge of demand in online shopping: Many online stores didn’t have the system capacity nor the manpower to manage the sudden increased amount of online orders and subsequently left many online shoppers frustrated and turned them to go elsewhere, including buying local brands that are easier and faster accessible (Accenture, 2020) •A preference to ‘buy local’ UAE ONLINE STORE ‘MUMZWORLD’ SAW A 800% GROWTH IN PURCHASES ON THE BACK OF THE PANDEMIC (HAMDAN, 2020)
• 8.
  •A change inhow people spend their leisure time Due to the social distancing measures that have affected going about peoples’ ‘usual’ leisure activities, there has been a growing trend of increased consumption of news, spending time with immediate family members, e-learning   and DIY activities. These activities are likely to be sustained even after the outbreak. The overall trend of connectedness to our peers remains strong throughout the epidemic, however the means has changed to group or one-on-one video chats. Research even suggests that many people now feel more connected to their community than before the start of the epidemic (Accenture, 2020)
• 9.
  As employees aroundthe world have been asked to work from home instead of coming to the office - many who have never done so before - a large number of staff have adjusted well to the situation and now plan to work from home more often in the future. Whilst some of those employees who had never worked from home before the pandemic initially struggled with a lack of social contacts as well as a good working routine, those who already worked from home previously have less of an issue with their working routine and the lack of social interaction (Accenture, 2020). •A preference to work remotely
• 10.
  Accenture. 2020). HowCOVID-19 will permanently change consumer behavior. N/A: Accenture. Hamdan, L.(2020, April 8). Retail: Mumzworld sees 800% growth on back of Covid-19. Retrieved from Arabianbusiness: https://www.arabianbusiness.com/retail/444565-mumzworld-sees-800-sales-growth-on-back-of-covid-19 Law, T. (2020, March 26). Business- COVID-19. Retrieved from Time.com: https://time.com/5810811/coronavirus-shopping-data/ Rogers,K. (2020, April 20). How covid-19 is changing consumer behaviours. Retrieved from EY: https://www.ey.com/en_gl/consumer-products-retail/how-covid-19-could-change-consumer-behavior Tandon, S.(2020, April 10). News- India. Retrieved from Livemint: https://www.livemint.com news/india/covid-19-to-fast-track-sales-growth-of-wellness-foods-and-hygiene-products- 11586328923775.html Thomas,L. (2020, May 1). Retail - 7 ways the coronavirus pandemic is going to change the way we shop. Retrieved from CNBC: https://www.cnbc.com/2020/05/01/coronavirus-7-ways-the-pandemic-is-going-to-change-the-way-we-shop.html Webster, K. (2020, April 20). when, how and why consumers will change post COVID. Retrieved from PYMTS.com: https://www.pymnts.com/coronavirus/2020/when-how-why- consumers-will-change-post-covid/ REFERENCES
• 11.
  ABOUT THE AUTHOR CHRISTINEEGE TREND RESEARCHER & CONSULTANT, SALES & MARKETING STRATEGY SPECIALIST DUBAI, UAE LINKEDIN.COM/IN/CHRISTINEEGE EMAIL ADDRESS [email protected]