INDUSTRY | 2 JULY, 2020
5 NEW CONSUMER BEHAVIOURS IN THIS NEW NORMAL
While the past few years showed progressive changes in the way people shop, 2020 has a different tale to tell. Necessity is a new luxury and the consumer behaviour changes are likely to continue post-pandemic.

Here are the 5 new consumer behaviors that have emerged in this new normal.

1. Economic uncertainty leading to price sensitivity

Where few customers are concerned about their health and safety, a major section of society seem worried about their job security and declining economic activities. A survey conducted by Accenture reveals that two-third of the global customers fear recession and are dreadful about the impact of COVID-19. As a precautionary measure, customers are now cutting down their monthly spending, and prioritizing goods that are essential and available at moderate rates. In addition to this, discounts and promotional offers are far more attractive than they have ever been as buyers turn sensitive towards their monetary savings.

2. Embracing Digital Commerce and Omnichannel

Consumer appetite for digital commerce has outnumbered the figures creating sales records in nearly every category especially the under-penetrated categories such as grocery. 3 in 4 customers have made an online purchase rejoicing the convenience offered by the e-commerce shops and warding off the need to physically visit the offline store. They have also increased their use of omnichannel services like contactless payment, social commerce, virtual consultations and curbside pickups.

3. Turning Conscious About Their Consumption

As with the ongoing pandemic, people are now more mindful than ever about what they are buying. People are conscious about why they buy when they buy. They are emphasising on buying only the necessities, shopping more health-consciously and minimising wastes. Also, the segment of sustainable products has experienced a sharp growth as people shift their focus on goods that are conservative, peddling on ethical awareness.

4. Go Vocal: Go Local

The pandemic has created a demand and growing love for local brands and locally sourced products as consumers are looking out for brands and products they feel they can trust. This not only allows them to achieve efficiency as they will be doing fewer shopping trips but also helps the local community to get through the uncertainty.

5. The Rising Work-From-Home Fashion Trends

With the recent lockdowns and companies starting to embrace the work from home culture, fashion trends and consumer demand are moving towards work-from-home comfy outfits and loungewear.

Fashion retailers such as @Zalora and @Pomelo Fashion have launched new collections of foolproof outfits for work-from-home, lounging and even workouts.

Consumers have adopted new behaviors in the new normal and it will be interesting to see how retailers will jump on the bandwagon, identify customer sentiments, and build future-proof strategies for their businesses.
Petra Ng is Pixibo's newest addition. She's part of the backstage crew behind all social media and marketing content. She's proud to bring to you the latest Pixibo updates and developments!