The New Consumer in the Age of Coronavirus

Again, people have concerns about social distancing and prefer getting a vehicle of their own. South Korean car company Hyundai reports that it now sees a silver lining after the virus initially caused sales to plummet. The company is planning to ramp-up the online sales of its vehicles. MG Motor India believes that this pandemic will strengthen the concept of YOLO. You Only Live Once, so people might start spending more on things like a luxury car. Both scenarios threaten the ridesharing industry.

Precaution and prevention will become essential themes in our daily lives. Building immunity will become the new mantra. Many magic formulae, for example, superfoods and home medicines, will become popular. People will try to bolster their bodies against attacks and infections. People are also likely to turn to vitamins and other supplements to try and stay healthy.

Short-term stockouts and bare shelves have disrupted brand loyalty. These factors have prompted increased experimentation. People are trying out both private label and national branded grocery items. US consumers have been trying new brands since sheltering in place became commonplace. The majority did so because their usual brand was out of stock. Substitutions have been high in fast-selling staples such as meat and protein, pasta, dairy, frozen foods, canned goods, bread, and baked products.

The pandemic has thrust consumers out of their usual routines. They are more attentive to what they’re buying. They are health-conscious when shopping. Many are now making a more considerable effort to limit food waste. We also see much more desire to shop locally. We see it in where consumers now shop, and the products that they buy. Many consumers expect changes to their shopping habits to be permanent.

We expect to see a further move to virtual shopping alternatives. Online vehicle sales went up in the first weeks of the crisis in China. Yet traditional car sales collapsed. Many museums have started to produce online experiences by creating virtual rooms to showcase art. We are also seeing many professional exhibitions and meetings moving online. Chinese online retail giant Alibaba is now organizing no-meeting concerts. They use these events to live stream new content.

Waiting in line may become difficult for some people. They may feel others are standing too close, especially if they aren’t wearing facemasks. Retailers may want to assign sales associates to help shoppers in the showroom. Or they can have reps in the aisles, so customers don’t have to wait in line. Self-service kiosks may become more popular. The onus will be on retailers to provide hand sanitizer and disinfecting wipes. They can also offer clean styluses to use with touchscreens.

Hoarding causes product shortages. It has become an urgent problem for numerous essential businesses. But, as the quarantine continues, people are falling into new norms. Customers are making smarter buying choices. Panic buying practices will dissipate. With the aid of no-hoarding systems, consumers are buying quality food and supplies. These items will last longer, and it’s a better approach than only going for quantity.

Offices have closed, and companies are encouraging their employees to work from home. Many of these employees are upgrading their spaces. They are buying items that allow them to be comfortable and efficient. Sales of gardening, home improvement, and interior design products have gone up in the US. Consumers are buying things like lamps, furniture, and area rugs. These items improve the quality of life, making the lockdowns easier to bear.

Shoppers say they prefer to go to stores with robust self-checkout options. They like vendors with touchless options. They are also using frictionless micro-markets to pay for their goods. Unattended shopping preserves health and safety and works for the good of both the consumers and the grocery employees. Some see the COVID-19 outbreak hastening a move to self-service. Yet, this move was already taking place.

The coronavirus pandemic has changed what consumers bought online during the lockdown. It has also changed where and how they made the purchases. Mobile purchases have grown since the outbreak began. This increase is partly due to improved user experiences. Brands started upgrading their apps and mobile sites pre-COVID-19. In contrast, online sales from non-mobile devices have shown a sharp decline.

Subscription services have increased their membership since the lockdowns began. Many more consumers are considering services such as Disney+, Netflix, and Spotify. Millennials and Gen Z customers were the generations showing the most substantial increases. Customers are also spending more time viewing different media. For example, the viewership of online video content from YouTube and TikTok has increased.

The coronavirus pandemic is changing our consciousness about touching things. We’ve already seen how people are wary of punching buttons on credit card readers. Many are cautious when pushing shopping carts. They are also on their guard when picking up merchandise that has come into contact with others. Stores are already encouraging contactless payment options such as Apple Pay. Macy’s holds items that consumers try on in fitting rooms for 24 hours before returning them to the racks.