The covid-19 pandemic caused the world population to have significant changes in their jobs, purchases, strategies and lives in general. Having this experience, they managed to affect their consumption habits, today we will show you what consumers will be like after the pandemic.
The appearance of the pandemic caused by Covid-19, caused that people around the world had to find themselves in the need to adopt a new lifestyle, moving away from their most common customs, such as going out to buy a pantry, changing their jobs to online mode, students taking online classes, going to the movies, etc. In accordance with Statista, almost three quarters of the Mexican population moved to the online mode; Similarly, the National Institute of Statistics and Geography reported through the Study on Business Demography (EDN) that approximately one in five business they had to close their doors permanently because of the covid.
The booming digital world
This event, which has marked a new era in the technological age, caused those who chose to move to the digital platforms could increase their sales, hire services from streaming and elaborate new marketing strategies to do business online, opening a new world of opportunities.
Forbes mentions on his website that the e-commerce has increased exponentially since the beginning of the pandemic, and although this is getting closer to its exit, users have adopted online purchases and do not plan to leave them since during this first quarter of 2021 (compared to the first of 2020), electronic commerce has increased by a 300 percent its development value.
Similarly, a study carried out by OBS Business School showed due to the pandemic the growth of number of users on streaming platforms, representing the figure of 900 million users worldwide, representing 25 percent of the television market, dominating mainly Netflix with 203 million users and Amazon Prime Video with 150 million.
The networks social they also had a increase of users; The Digital 2021 study carried out by Hootsuite in conjunction with We Are Social, showed that during the last year there was a growth of people who used these networks of 13 percent, that is, 490 million new users.
What will consumers be like after the pandemic?
The abrupt change from one normal to another caused changes in the way the consumer acquires new products or services, a situation that will accompany you even after the pandemic thanks to your previous experience where there was a shortage of money (for some people) and changes in online shopping. According to the study of EY “Future Consumer Index”After Covid-19, 5 types of profiles will emerge from which information was obtained through a survey.
- 9 percent of respondents will return to do shopping even more strongly than before, mainly this sector will be occupied by young people with stable jobs.
- 13 percent will make adjustments to their accounts and make cuts, modifying their consumption habits in a notorious way. They probably do not have a formal job and have a low level of education.
- 22 percent will make their purchases moderately and easily, they will spend less than normal and it will be difficult for them to return to “everyday life.”
- 25 percent are “quirky but responsible,” meaning they have income media and tall, plus they will be willing to spend money in elements necessary to safeguard your health.
- 31 percent are the ones that saw the least changes during the pandemic, so they will be back to normal.
Despite these four profiles, Marco Orbezco Lead Partner of Strategy and Innovation at EY Peru, mentions that four will arrive new types of consumer behavior, where the consequences will be clear in their thinking due to the covid and will be a great opportunity for companies to take advantage of the new opportunities:
“This will represent a great opportunity for companies that transform to take advantage of them or ‘startups’ that appear, but it could be the end of their companies for those who only see them happen, without structurally changing their business models.”
Among these, four trends that will predominate in the consumer stand out:
- The search for safety and well-being – Consumers will still be worried and will continue to fear in terms of their health and that of their family. In the same way, they will bear in mind that decision-making is of vital importance for their financial stability, so they will invest more intelligently so that they have results in the medium and long term.
- Digital consumption and hyper connectivity – The technologies used during the pandemic will continue to be present in the consumer to buy, communicate, have fun, work and study (among the others that exist). This will have as a consequence that the consumer may prefer to make their purchases at home thanks to delivery services.
- Most demanding consumers – Having a wide catalog of products that we can access from the comfort of our homes, as well as the ease of comparing prices, consumers look for lower prices on good quality products.
- Social conscience – The covid-19 pandemic caused some people to lose their jobs, decrease their salaries and that social responsibility was seen on the rise. Consumers were aware of the economic problems that appeared and that may appear, so there will be a thought of help for those who need it most.
The consumers and their daily habits have changed after the onset of the pandemic. We must obtain sufficient information to be able to carry out effective marketing strategies that keep us updated on the way in which consumers make their purchases and remain within the market, increase our sales and above all, not letting ourselves be defeated by the new worries of customers and adapt.
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