Massive sections of the public are now engaging in new types of consumer behavior. Much of the changes are due to the on-going COVID-19 pandemic which has impacted family relationships, education, public health policy, work and more.
No sector of society has been affected more by the pandemic than consumer behavior. The pandemic has changed our lives in many ways. Much of our educational and recreational activities are online. We meet our families through remote meetings and conduct much of our business lives online as well. Sports gambling online is an accepted part of sports fandom. Our children study in online classrooms and play electronic esports in place of on-the-field football and baseball.
One of the biggest differences in our lives revolves around our shopping habits. Not only do we do more shopping online but other consumer trends have been shaped and changed as well over the course of the last two years.
What are the five most important consumer trends that merchandisers should watch?
Wellness and Telehealth Apps
Telehealth visits are increasing rapidly as consumers find that they can access a great deal of needed information via remote visits. Phone visits to health professionals increased 154% since March 2020 and downloads of wellness apps has been increasing as well. To meet this demand several companies have been working to improve existing apps and launch new ones to address this demand.
Tens of thousands of new health apps have been released this year including MDLive which connects patients to pediatricians, internal medicine doctors, psychiatrists and behavioral health therapy services, LiveHealth connections with MDs, licensed therapists, dietitians lactation consultants and other professionals, PlushCare for prescriptions and treatment for a nonemergency and chronic conditions and more.
Improvements and Changes in Home and Work Spaces
The pandemic has resulted in an increase in the number of people who work from home which has led to an exodus of people from specific locations to locales that are more suited to their new work-at-home lifestyle.
That means that there’s more consumer interest in building and remodeling. As people adjust to working from home, they value their home differently. IN addition, they have more of an opportunity to create the kind of work space that suits their needs and many are using the money that they save from the daily commute to create a home office that works better for them.
Other people have decided that they can work just as effectively while living in an area that is more suited to their family or to their personal likes and dislikes. Cities like San Francisco and New York, where rents have been rising for years and living conditions have been becoming more difficult, are finding that many of their long-time residents are leaving as jobs become remote.
Some of the consumer trends from these changes include expanding home offices, remodeling and buying furniture that supports multi-use space.
Mental Illness
Lockdowns, anxieties, depression and other stresses of the pandemic have increased the need for services to respond to mental illness. A June 2020 CDC study found that 40% of adults in the U.S. were trying to cope with stressor-related disorders. Substance user and suicidal ideation were also high.
The business sector is finding that private enterprises can be effective in helping alleviate mental health issues. A number of such businesses have developed creative approaches to helping to alleviate anxiety, isolation and stress with products and services that serve people facing such issues. Many people who are looking for such services are prepared to turn to the private sector rather than relying on the public sector for such assistance.
Conscious Consumerism
Many businesses are discovering that they add/lose customers based on the causes that they support (or don’t support). For many such brands, the question is, by revealing the opinions of company decision-makers, will they lose or gain customers.
The 2021 Mintel Global Consumer Trends report notes that there is an increase in the number of consumers who are prepared to boycott companies whose philosophies go against their own as well as those who consciously increase their patronage of retailers that support causes they believe in.
Conscious consumerism gets a boost from social media where it’s easy to spread word about brands – both those for which support is being solicited and those which are being criticized. Increasingly, buyers are thinking beyond convenience and price as they consider the impact of supporting a specific company.
Loyalty
Years ago, brand loyalty was a given. Families stuck with one make of car, one appliance manufacturer and specific food brands for years. When asked, they would simply answer “that’s the one that we like.”
Today, brands can’t take consumer loyalty for granted. A study in consumer behavior in 2021 conducted by Raydiant found that 48% of consumers are not shopping online for items that they previously bought at a brick-and-mortar retail store.
In addition, they are more likely to switch brands. Here, social media plays a big role – someone who is looking to buy a new appliance will likely rely on the opinion of his/her hundreds of social media contacts for an overview of the available brands before they will buy something “just because that’s the way that we’ve always done it.”
Additionally, consumers today have more choice than ever. They have more access to more brands along with conveniences like same-day shipping which leads them to explore more options before they make their choice.
The pandemic has changed our world in more ways than one. Brands must monitor the new consumer trends when looking for ways to successfully market their products.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.
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