Last year, the pandemic started up and took over the world bringing everything to a standstill. It had altered the way we interact with each other in shopping, business, and our daily life. As a result, the buying and selling of products and services came to a standstill, forever altering the trends in consumer behaviour.
Following the onset of COVID-19, manufacturers and marketers observed a change in the recent trends in consumer behaviour. They had also discovered that the service and products that enjoyed clear trajectories had changed for good.
Last will be seen as the year that impacted regular consumer lifestyles pushing them to redesign school, work, office, and shopping too. Marketers and manufacturers had to later their operations in response to this changing environment. Not only did the offline consumer trends change, the consumption of online buying, but media use also soared to an all-time high. The time is spent on digital media platforms increased by 12% YoY, with the use of traditional media increasing by 4%.
Impact of Covid 19 on consumer habits
Consumer trends had changed during the pandemic, as people wanted to play it safe while still being able to live a normal life. New habits began to accelerate, affecting how the average consumer spent, behaved, and used products. Here are some of the new consumer product trends 2021 that are expected to emerge and stay throughout the year.
1. Companies are focusing on consumer-centric strategies
Consumersare now expecting companies to focus on securing the interest and health of their consumers. Companies are now beginning to develop more wholesome strategies that focus on the buyer. They are trying to shift towards a manufacturing economy that is built upon value rather than volume.
2. Consumers want more conveniences when it comes to buying
People still want to enjoy all of the shopping conveniences they had before the pandemic set in. Businessesare looking for ways to alter operations so that they can offer acustomer experience that is more resilient and convenient as well.
3. Spending time wisely
Consumers are now using their time creatively to do more activities in less time, even multitasking if the need calls for it. Today, they are interested in buying those solutions that help them to fulfil this objective better, improve flexibility and maximise the time they have in a day.
4. Safety first
This was the very first out of all the new Consumer trends that surfaced. People are now driven by the fear of infection and have increased their awareness of better health procedures. This has created a brand-new demand for hygiene and personal care products and has facilitated the need for companies to build and use contactless solutions.
5. Higher interest in health and well being
The second most noticeable Consumer trends in 2021. The pandemic pushed people to explore a life that is balanced and improved with the aim of living a healthier life. Companies responded to this change by devising or offering them a wider range of services and products to support mental and physical wellbeing.
6. Out of office
Work from home became a new way of life. It had impacted our clothing buying habits, the food we ate, consumer life, and even the way we spent our cash. Consumers initially struggled to maintain these changes in the daily balance. The solutions they looked for were to help them support productivity, more communication, work-life balance.
7. Introduction of more virtual worlds
This is the next of the Consumer trends in 2021 that saw an upsurge. Work from home called for more screen time and the eventual creation of a hybrid virtual-physical world. This is how consumers shopped, worked, played, and lived out their days as the pandemic raged on. They purchased more digital tools to stay connected to the world outside. Businesses used this trend to trigger a jumpstart in stagnant operations so their customers could carry on purchasing without venturing out.
Top trends expected to gain traction in 2021
So, what does the new year hold in store for us? Are we likely to see any new consumer trends appear? As 2021 unfolds, we are nowhere close to a viable solution. Marketers are now looking for ways to develop an impactful customer experience, keep their buyers happy, and is relevant to all of the Consumer trends they spotted last year. In 2021, we can see these top trends gaining traction:
1. Accelerated online buying
Consumer trends will comprise even more online shopping patterns likegrocery delivery,click-and-collect, etc. The United States generated a 60.4% increase in Click-and-Collect sales in the last year alone. Retailers are interested in creating digital in-store experiences, they will still be using mobile ads with geo-locations but expected that a majority of the mobile ad viewers will make their purchase online.
2. Being more adaptable
Companies are preparing themselves with capital resources, inventory, and technology in an effort to be more agile. This gives them the greater capacity to adapt to sudden industry shifts, coupled with diverse marketing strategies. No company can truly say that they were prepared for the large-scale disruption that the pandemic brought about. What they can do now is prepare ahead for huge adjustments as quickly as possible, or as soon as newConsumer trends appear.
3. Effect on the Market
New Consumer trends will change the face of markets as we know them. Fewer people are visiting diners, shops, and stores today and many more have gone back to the basics, putting safety and value for money above everything else.
Companies have to reposition themselves to fit a world of social distancing, with lots of contactless options, crowd control in physical locations, and more online portals. In fact, the penetration of e-commerce has been pushed forward by about two whole years, creating a whole new delivery economy and there are no signs of it slowing down ever.
There is a huge shift in consumer spending away from travel, leisure experiences into other areas. These new spending areas include streaming media or portals for gaming, entertainment, work; the health and wellness sector as buyers focus on immunity-boosting services; sporting goods for items one can use to keep physically fit like gym and sports equipment.
As quarantine continues, we find consumer life adapting at its own pace. The buyer’s need for survival has opened up new avenues for marketers to explore. It appears that they already had the solutions for approaching a post-pandemic market, that were already in operation but at a very slow pace. It’s these solutions that are helping buyers survive the next normal in 2021.