Alison Angus, head of lifestyles, Euromonitor COVID-19 International
No two ways about it—the new coronavirus disease (COVID-19) has left a lasting impact on how and what consumers purchase, as well as the trend forecasts surrounding such behavior.
Acknowledging this reality, global market research company Euromonitor International recently revisited its report on the top 10 consumer trends around the world, released earlier this year, which looks into how these are changing industries, especially in the long term.
“We’re all experiencing dramatic upheaval and disruption, and life as we knew it has certainly changed for now,” says Alison Angus, Euromonitor International head of lifestyles, in the webinar “How is COVID-19 Affecting the Top 10 Global Consumer Trends 2020?” uploaded last month.
“What we do know is that COVID-19 is impacting pretty much all the trends we’ve highlighted,” Angus says, giving a side-by-side analysis of each consumer behavior trend and its impact on industry pre-COVID-19, and now, amid the pandemic.
One impact is acceleration, affecting trends such as Beyond Humans, Inclusive for All, Minding Myself, Multifunctional Homes, and Proudly Local, Going Global:
Beyond Humans focuses on robotics and artificial intelligence, and Angus says that pre-COVID-19, the expectation was for consumers to “be more accepting” of such technology, because it helps them do certain things quicker and easier. Now, enforced isolation is pushing people to look into this kind of technology because it also guarantees their safety.“If you think about it, voice control technology limits the need to touch surfaces,” Angus says. “We’re seeing chatbots being used to find more information.”
Robotics
Even among businesses, Angus says the adoption of robotics and automation has picked up, with the technology being considered to fill in labor shortages and for contactless delivery solutions. She adds that in the medical industry, robots are already being used for disinfection of surfaces.
“This pandemic could well propel robots into the mainstream, moving them from novelty to essential,” Angus says.
Inclusive for All is one trend that has become stronger because of the pandemic, says Angus, as it highlights the need for businesses to be mindful of all kinds of consumers—especially the disabled community.
The pandemic, she emphasizes, has heightened the anxiety of disabled individuals, since they are also in the high-risk category for infection.
“More people are investing their own time in helping those in need, and are putting even more pressure on businesses to do more, to include the lesser-abled communities,” Angus says. One good thing that has come out of this lockdown, for the disabled community, is how virtual technology is making experiences more accessible; think of all the free entertainment events now available online. It would be even better, Angus says, if businesses could provide “immersive” virtual experiences, such as YouVisit’s virtual tour of Machu Picchu.
Minding Myself is another trend that has become even more relevant today, with many consumers “struggling with seclusion and the fear of the unknown,” Angus says. “The number of people dealing with anxiety is expected to become dramatically higher as we come out of lockdown. These individuals will look to manage their feelings with products and services that will help them get a handle on the situation they’ve found themselves in.”
Multifunctional homes
Multifunctional Homes is a trend that practically “happened overnight,” Angus says, with people now living, working, schooling and even partying at home. This transition to the home as a hub for all kinds of activities is here to stay, Angus says, which means businesses will also need to keep up with virtual lifestyles.
As for Proudly Local, Going Global, Angus says it’s also a trend that COVID-19 has made particularly relevant, since the pandemic has “catapulted” localization among consumers, with many relying on local sellers instead of global brands, since many international borders have been closed. More than this, however, the trend also points to how customers are supporting their local merchants—the ones hit hardest economically by the pandemic. Postlockdown, with safety still an issue, people will most likely still go for local-origin products, Angus says, as they would have been handled by less people, therefore lowering the risk of virus transmission.
Another group of trends has pretty much been stalled or changed, Angus says, and these include Frictionless Mobility, Private Personalization and Reuse Revolutionaries:
Angus says that while Frictionless Mobility has been stalled because of lockdown measures, “travel will return to normal for many” postlockdown, which means the need for seamless, sustainable and safe transport options will still be there. An industry example, she says, is Wheels, a US-based bike-sharing company. While its regular service is on hold, Wheels will be deploying e-bikes with self-cleaning handlebars and brake levers (with NanoSeptic technology these surfaces “contain mineral nanocrystals that are powered by any visible light to create a powerful and toxin-free oxidation reaction that continuously breaks down any organic contaminants at the microsocopic level without the use of poisons, traditional heavy metals or dangerous chemicals,” according to Wheels’ official website to businesses with delivery transport needs. Individual customers who need a ride to go to work or pickup essential items can also rent out the e-bikes.
‘Clean before green’
The Reuse Revolutionaries trend—wherein consumers go for reusable or longer lasting products—has also been halted by the pandemic, since consumers are fearful of contracting the disease from things that have been previously used. Temporarily, people are returning to single-use and disposable items, says Angus, and now “clean comes before green.”
Still, she says sustainability “remains high in consumers’ agenda, and that companies need to embrace this trend while putting in the right hygiene measures in place.
Privacy issues are usually part and parcel of a virtual lifestyle, which many are now living, since people want to know how their personal data is being used—but, for now, the game has changed for Private Personalization. Angus says that because of COVID-19, people have become more willing to share personal information in the name of public health and safety; think of apps now being used to determine if one has been sick recently, and who they’ve been in contact with, to make contact tracing for the virus easier.
Easy access
The last two trends, Catch Me in Seconds and We Want Clean Air Everywhere, haven’t been impacted as much, but are just as important for businesses to take note of, Angus says.
Catch Me in Seconds focuses on how brands and platforms need to provide content that is easy to digest, authentic, and that caters to consumers’ personal preferences, since information has become very easy to access. Now, Angus says that aside from providing easily digestible information, businesses also need to reassure the safety of all their stakeholders.
“Businesses need to be agile and relevant in order to engage consumers who are occupied and scared. If they do it now, companies can put themselves in a good position postlockdown,” Angus says.
Constant disinfection
As for We Want Clean Air Everywhere, well, who doesn’t, especially amid a pandemic? The only difference is now, with people staying inside more often, their concerns have shifted toward reducing indoor pollution, and keeping everything constantly disinfected.
And as people move out of lockdown and become aware of how air quality has improved in the last couple of months, Angus says this will likely further their desire for sustainable living. “Despite the initial delays in sustainability projects because of the outbreak, climate change investments will make a comeback. Consumers will continue to seek protection from pollution, and expect businesses to support initiatives and provide solutions,” she adds.
Ultimately, Angus says the changes in these trends also mean that businesses need to revisit their strategies amid the pandemic.
“The speed and spread of this pandemic has highlighted the need to rethink future planning,” she says. “Consider different possibilities and scenarios. And, for sure, invest in digital. Technology is keeping us all connected, working and healthy—and that’s what the future is.”