The Biggest Changes I’ve Seen In Consumer Behavior Over The Last Year

Being in any consumer-facing industry requires you to constantly monitor and observe changes that may directly or indirectly impact you as a business. It also means keeping on top of the trends so you can change and adapt with the times. Changes in consumer behavior have never been so sudden and apparent and they were during the peak of the pandemic. This period of time has required more pragmatism and adaptability from businesses than ever before.

What we’re seeing now though, is that many of the changes that occurred because of the pandemic are starting to dramatically shift back to the behavior we all were familiar with before —instant purchases, real-life experiences, and in-person community, to name a few examples. However, several aspects of the Covid-consumer era are still lingering in a good way, especially the “new normal” of interacting in a largely digital world which will only continue to expand. Below I’ve outlined the biggest changes I’ve seen in consumer behavior over the last year.

A Shift To Digital Experiences

During the height of the pandemic, we had no choice but to go digital for just about everything: concerts, exhibitions, awards ceremonies, even drinks with friends. This shift from unique physical experiences, to solely online experiences, forced platforms and digital solutions to focus even deeper on humanizing their technology and focusing on making interactions almost life-like.

We’ve seen this in online experiences that range from visiting a foreign country via an extensive virtual tour, to digital retail stores. Perhaps no case study illustrates this better than the cult-like exercise community around Peloton. Not only is the community around this growing phenomenon the stuff of dreams for any brand, but it was primed for the context of the pandemic when gyms weren’t accessible. But it still provided a real-life experience, despite being completely virtual. And this is one digital experience that we can be confident is here to stay.

Similarly, the staple video conferencing software that defined the pandemic online experience, Zoom, saw a staggering revenue of $2.65bn in 2020— is also likely to stick around, if not continue to grow as things start to shift back to the old normal. While digital experiences could never be a replacement for the real thing, the convenience and flexibility of using video software rather than paying double to attend in-person talks or conferences, for example, is winning many people over. Consumers are constantly looking for the most convenient and efficient ways to do things.

Longing For Community

The pandemic isolated so many people for months, and the longing for community was never stronger. Community platforms such as Clubhouse and Lunchclub boomed because they brought people together. Clubhouse, the audio-based networking app, had 10 million weekly users as of May this year. It strategically allows users to get into the app via invite only, meaning it activity promotes shares and human connection. Lunchclub sells itself on the idea that it facilitates casual conversation that may lead to professional opportunities. In a world where cocktail parties and networking events were put on hold, people flocked to these apps.

While groups that were kept apart during the pandemic, such as sports clubs and religious communities, are now able to resume, people have realized the power of online communities. This is especially true considering how important it was to even have virtual contact in a time when we were starved of human connection. At PatientPartner , we recognize the power of these types of interactions particularly when it comes to connecting strangers. By utilizing artificial intelligence, a very non-human resource, to create real-life connections, it’s clear how a hybrid of the online and the real can be impactful. We truly believe in the importance of one-to-one connection in a new age of consumer behavior, especially when it comes to things as personal and emotional as your healthcare.?

Slow Down In Instant Gratification

While accessibility to some resources (like guided exercise), became instantaneous in some ways, consumers were also forced to experience significant wait times for what were once basic resources. Due to disruptions to supply chains and significant knock-on effects, the world started to move a little slower. For perhaps the first time, consumers experienced what it was like to go to the store, and not even have access to some basic necessities like toilet paper or for a while, the basic materials it required to make bread. (Interesting trend)?

Similarly, products that people could ordinarily order and receive within the day, like Amazon purchases or online clothes shopping, could take weeks at a time. In March last year, Amazon Prime deliveries, which normally arrive within one day, could take up to a month. The demand and expectations for instant gratification slowed down, and people started to become familiar with waiting. But this is one trend that is quickly reversing, as consumer-facing industries are regrouping and prioritizing speed and efficiency once again.?

Wider Adoption Of Tech Platforms

Though we have an aging population, with the number of Americans aged 65 and older expected to more than double over the next 40 years, the pandemic forced everyone to become technology-literate and open to adopting digital solutions. It forced the general population to become more adept with using tech regularly and utilizing new platforms, solutions, and resources. As a result, industries such as healthcare were forced to adapt, which jump-started their adoption to new tech resources which will ultimately benefit consumers in the long run. This is especially apparent with the rise of telehealth consultations, with one report suggesting that at the start of 2020, it was already up 33% over the last year. This is one of the reasons we are so confident in PatientPartner’s ability to use technology even though many times we are dealing with an older demographic, to drastically improve the real-life experience of surgery.

Not only this, but tech platforms are becoming the norm for making big decisions, like surgery, and other health conditions, among many other things: job interviews, meetings, even buying houses. People have become more familiar and comfortable with interacting digitally, which is essentially creating a “digital village” of the world where everyone is even more connected though they are remote. One study found that during the pandemic, one in every 20 homebuyers purchased a house having not ever set foot in it. According to a San Francisco-based listing platform Zumper , 3D and virtual tours generated 300% more engagement than standard listings during the pandemic. People have started to normalize the idea of life-changing purchasing decisions to be made digitally.?

More Spending On Experiences

Looking longer-term and post-pandemic, people have more saved income (the percentage of saved income rose to 32.2% in April 2020, up from 12.7% in March), and have been locked up for over a year. Consumers want to get out and spend, but less on products, and more on experiences. Condé Nast Traveller predicts that people will spend on big, once-in-a-lifetime holidays that are now possible because of pandemic savings. In addition, experiential technology that came out during the pandemic is now at risk of extensive user abandonment due to the re-opening of the world. Consumers are almost running rampant at any opportunity to re-engage with the old normal.?

That’s why technology that actually enables real-life experiences rather than recreates them, is the name of the game and is what needs to be created for long term and sustainable solutions to solving consumer problems. Pandemic or not, consumer trends shift, and it’s our role to continue to build technology that empowers consumer decision making, and allows for accessibility to networks of information.?

-Patrick Frank

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