An evaluation of post-confinement and lockdown consumer behaviors and attitudes By: Kathleen Sharp
Consumerism is the preoccupation of society with the acquisition of things. Things like clothing, accessories, technology, cars, and more that during the pandemic have faded from the forefront of consumers’ minds as the world adjusts to the limitations of quarantine and social distancing. Not including essentials like food and health products, have we become less preoccupied with material things lately? After being temporarily deprived of them, we have certainly grown to appreciate the special moments with friends and family. Weeks of confinement and lockdown made us get creative with our free time, making bread, sewing, and partaking in other hobbies rather than visiting boutiques and department stores. In many ways, being stuck at home was a remedy to jam-packed days and exposure to a "buy, buy, buy!" culture. While societal attitudes toward consumer goods are hard to measure quantitatively, one of the key ways we could gauge consumer behaviors, as we’ll address below.
“After being temporarily deprived of them, we have certainly grown to appreciate the special moments with friends and family. In many ways, being stuck at home was a remedy to jam-packed days and exposure to a “buy, buy, buy!” culture. ”
Media coverage often describes the effects of the coronavirus pandemic shows how government health and safety regulations have impacted the global economy. We know that research points to the hospitality and travel industries having taken a hit while online shopping has become even more pervasive; and that delivery services and curbside or contactless pick-up have also become more popular.
What are some of the main ways consumption is changing? Using surveys across 45 countries, management consulting firm McKinsey & Company has identified five global consumer trends. We’ve compiled and summarized those trends here to shed light on the way
Shift to value and essentials
As incomes lower across the globe, consumers are increasingly pessimistic about the state of the economy in their countries. Many report that they are monitoring their spending habits and using less expensive products. Now, many are spending a proportionally larger amount of their budgets on household goods and food.
Flight to digital and omnichannel
Ecommerce, contactless “pick-up” and curbside delivery, and drive-throughs have become more common as shoppers look to avoid face-to-face interactions and brick-and-mortar stores.
Shock to loyalty
In the United States 75 percent and in France 59 percent of consumers reported having bought a new brand or shopped at a different store for convenience reasons. Brand loyalty has always been an important indication of product success, and building strong loyalty in consumers has been key to brand reputation and image. Companies should be very aware of unusual shifts like this in brand and product loyalty as it can greatly unsettle the market.
Health and “caring” economy
Shoppers report a strong preference for stores with visible safety and hygiene measures to protect employees and customers.
Homebody economy
Over two-thirds of survey respondents globally have stated they will not resume their normal activities, including shopping, until they have further guidance from health officials, many saying they do not plan to live life as “normal” until there is a vaccine ready. If willing to shop, most claim they are much less likely to resume air travel and to attend large events at all until the all-clear is given.
The ways we are shopping have certainly changed as we’ve adjusted to the “new normal.” Consumers prioritize hygiene. Consumer trends show that more people are using online, curbside, or delivery services, accelerating the online shopping trend we’ve seen over the past decade.
But are we beginning to shop less? When a pandemic hits home, do material things no longer rule our culture? What new emphasis do we place on quality time and experiences? These are all questions yet to be answered, but time and data will tell. Perhaps what’s needed to jumpstart the economy is more complex than we realize, and recognizing shifts in cultural attitudes toward shopping is crucial.