Future Of Consumer Behaviour After COVID-19

Consumers around the world are starting to feel the effects of the COVID-19 crisis on the economy. Thus, consumers are more careful about the ways that they spend their money. As retailers close their doors, consumers worldwide have started to look at brands and products differently.

However, will these new habits persist even after the COVID-19 crisis? Will the way we live, work, and shop permanently change when all this is over? By looking at these changes as they happen, you might be able to prepare for what is coming next.

How do today’s consumers feel?

According to an Accenture COVID-19 Consumer Research done in early April, 64% of people are worried about how the crisis will affect their job security, while 88% of people are worried about how it will affect the economy as a whole.

Either way, people have changed their purchasing habits, attitudes, and behaviours throughout the past few months because they are worried about what the COVID-19 crisis means for them, their relatives, their friends, and their overall society.

Different consumers are responding in different ways. While some are worried, some are panic-buying. What you need to do for your company is to try to understand how your consumers are reacting, and develop a customised marketing strategy for them.

What are today’s consumers buying?

How, why, and what consumers buy have changed since the COVID-19 outbreak. Most consumers have generally been prioritising basic needs, such as cleaning supplies and hygiene products. E-commerce has also increased as more consumers now rely on the Internet to buy their groceries and other necessary products.

With a pandemic on hand, these trends are not surprising. Basic necessities should be everyone’s priority alongside food, medicine, personal safety, and financial security. With consumers adapting to these new routines, it can be expected that these new behaviours and habits will tide over to after the COVID-19 crisis blows over.

It would, therefore, be smart to prioritise supporting healthy lifestyles from now on. Having health strategies can make a huge difference in your business future. Since consumers are becoming more mindful of what they buy by limiting their food waste and being more cost-conscious, you might also want to make sustainable options a key part of your products from now on.

How has this affected our society?

The COVID-19 crisis has slowed down everybody’s lives and affected how consumers view their health, personal hygiene, and relationships with other people. Consumers are making more use of technology now to support the ‘new normal’ and to keep their communities strong.

Consumers have changed how they spend their free time due to social distancing and isolation, as well, and it is highly likely that this behaviour will be sustained after the crisis. 61% of people have said that they plan to watch more news, while 55% plan on spending more time with their loved ones. There has also been a rise in education, entertainment, and DIY projects since the COVID-19 crisis began.

Looking at the types of apps consumers are downloading, most of the apps are related to news, education, entertainment, and healthcare. While consumer needs are pretty much still the same, technology is changing how consumers are dealing with things. This means that you need to focus on more digital methods for better consumer engagement.

While things are still very uncertain at the moment, it is unclear how long these changes will remain the same or whether new transitions will emerge as time goes by. However, by staying up-to-date with these changes, you can stay relevant and plan for the foreseeable future as needed. Either way, things will never be the same again – at least not for a while.

The article was written by Soon Koon.