How the Pandemic is changing consumer behaviour?

Covid-19 has brought the globe to a stand-still, altered the marketing world, and adjusted the way consumers consume products.

Marketers have changed their messaging, campaigns, and offers they provide to their customers. With the change in how the globe is functioning, we will now not assume what, why and the way customers will buy products available now. Consumers across the world are observing products and types through a brand new lens.

The Cultural Shift

• There has been a significant cultural shift from “I” to “we”. This shift could have a permanent effect on consumer behaviour. Research indicates people from individualist cultures prefer buying products and services related to being successful and autonomous. But if society becomes more community-focused, then so will our shopping habits. In other words, buyer motivation will shift from personal gain towards products, services, and experiences that may be shared and enjoyed with others. The very act of consumption will now not be synonymous with status, but rather social harmony.
• In short, consumers will become more receptive to brands that demonstrate prosocial behaviour. And so, all future brand activity will have to benefit society and not only the individual.

The Behavioural Change

• The pandemic is probably going to supply two distinctive behavioural archetypes: those that have embraced a brand new lifestyle and people who have largely remained unchanged. The emergence of the new behavioural group goes to possess a transformative impact on the long run of brands. 
• Inevitably, there'll be winners and losers. Some brands will have to determine the way to get back old customers with new mindsets. Whereas, other brands will use the chance to steal market share by appealing to consumers newly formed lifestyles. Regardless, marketers should have these two distinct archetypes in mind when updating their customer segments.

Offline to Online Shopping

• The shutdown of physical stores has forced consumers to question their deep-seated shopping habits. Those that had previously been reluctant to buy online are fixing online accounts and experiencing a completely new customer journey.
• Historically, traditional brands have relied on their retail partners to market their products through physical availability and mass distribution. But now, the brands will need to build a right direct relationship with their consumers.

The Gen-Z’s of the society

• The economic recession goes to transform their outlook and life chances. Even before the pandemic, young people had limited income. But the present economic climate could lead to a brand new era of frugality.
• Post-pandemic society could find themselves being less materialistic, with young people prioritizing meaningful experiences over material products

All said and done, one can only await the long run to unfold to witness how consumers change their behaviour towards different brands and products. 

Source: Forbes, Accenture