The pandemic COVID-19 has raised many challenges by bringing the world to a health, economic and cultural crises. The changes in consumer behavior are natural and have been noticed. They are likely to shift towards safety and wellness products to keep their near and dear ones protected. Globally consumers are using digital channels, products, and services across categories.
A few observations about consumer reaction in these uncertain times are:
- A decrease in consumer optimism levels has been observed in some parts of the world while some countries have maintained or increased the level.
- Consumers globally expect decrease in the household income which directly affects their buying trends.
- An increase in household category spending is observed. Consumers are spending on necessities like food, household supplies, personal care items, and home entertainment. The decrease is observed in the categories of apparel, footwear, accessories, travel, and restaurants.
- Majority of people across the global are spending less time working and more time engrossed in social media and digital content leading to an alarming spike in their screen time.
- Due to the pandemic, consumers have involved themselves in new ways to learn, entertain, and work. A huge spike in the options available online fitness, courses, video calls to connect to the loved has been observed.
The industries benefited by the crisis are those related to essentials like items food and beverages, home and personal hygiene while for others, the business has come to a standstill. It’s more important now than ever to keep a track of your customers’ insights and Solugo helps you do exactly that. This will help businesses to know about their clients and their needs and will also contribute in making strategies to fulfill their customer’s needs in these challenging times.