COVID-19 ANXIETIES ARE DRIVING SIGNIFICANT CHANGES IN CONSUMER BEHAVIOR
As the world prepares to emerge from the pandemic’s profound disruption to normal life, our collective experience over the past year has imprinted on how we will behave going forward. Restrictions prompted by COVID-19 differed across the globe in their scope and severity. But consumers across the board have had to learn new behaviors and adopt new habits in their everyday lives.
Our ongoing study of changing consumer priorities has found that two-thirds of consumers are optimistic about a vaccine. But while many will go back to spending through familiar pre-pandemic mechanisms, others will not abandon behaviors learned during this period anytime soon. It is imperative for consumer companies to understand what has and is continuing to cause these permanent shifts.
People have been riddled with anxieties about finances and physical as well as mental health over the last year. Our study has found that consumers who have felt the most vulnerable are more likely to exhibit permanently changed habits. Significantly, the survey found that these consumers span all age groups, genders, income levels, and locations.
Mapped by the two main vulnerabilities—health (this includes mental and physical) and finances—consumer behaviors take on four distinct dimensions that companies must consider going forward in addition to traditional demographics. Continue reading to learn more about these behavioral dimensions.
How can companies prepare for this changed world?
While many consumers will prioritize going back to spending through familiar pre-pandemic mechanisms, others will focus on finding the best value for their money either through experiences or through better deals, and some may choose to splurge. It is imperative for consumer-facing companies to understand what has, and is continuing to cause, these changes—many of which have developed into habits that will not be renounced any time soon. Read more for additional research outcomes.
Our ongoing research finds that consumers are taking on four distinct behavioral dimensions
Behaviors are shifting within every age group, gender, income level, and location—but not in the same way. Put another way, identifying consumers who anticipate permanently changed buying habits is more difficult than relying solely on traditional demographics. So, how can we identify the large percentage of consumers who are leaning toward long-term changed behaviors? When mapped by worries around health and finance, consumers take on four distinct dimensions. Find out more about each.