COVID-19 has created shifts in consumer behavior. Find out how your business is affected by these changes and the different ways Proweaver can help.
Originally published at https://www.proweaver.com/consumer-behavior-during-covid19.
2. Introduction
The concepts of social sciences emphasize
how human behavior is an aggregate of the
many different influences an individual may
encounter daily. These factors include social,
economic, personal, cultural, environmental,
and physical factors, among others. That
said, it doesn’t come as a surprise that
COVID-19 has, undeniably, shifted the
behavior of individuals all around. Having an
impact on all factors mentioned above,
COVID-19 is a peculiar phenomenon that
requires adequate study and understanding.
3. The habits of every consumer never exist
in a vacuum; instead, they are greatly
influenced by current conditions. With
COVID-19, two (2) pertinent factors have
affected consumer behavior – (1) health
and (2) economic factors. These two
major considerations have branched out,
creating both short-term and long-term
changes to consumer preferences.
Which consumer habits
have increased?
4. In terms of short-term changes,
the following must be noted:
1. Consumers are opting for services
that can be availed online.
2. They take delivery as a deciding
factor to whether or not they will
avail of a service.
3. Consumers are availing more
services that take relevant
measures to ensure safety during
the pandemic.
5. In terms of short-term changes,
the following must be noted:
For the short-term changes documented above, it is
quite noticeable how health and economic factors take
precedence in every purchase decision. Consumers are
opting for services that lessen their risk of contracting
the disease. And although it is expected that individuals
will only avail of “necessities,” that is not strictly the
case. Data suggests that streaming websites and online
shopping are a big hit. So, contrary to common notions,
COVID-19 does not necessarily need to be the downfall
of industries producing non-essential goods. When
given the option, consumers will opt to maintain their
old purchasing behaviors, for as long as they are
provided with a safe platform to do so. It allows them to
maintain a sense of normalcy amid the uncertainties of
COVID-19. That said, a bigger factor to consider is the
promotion of consumer safety and product availability.
6. In terms of long-term changes,
the following must be noted:
1. Consumers will have a long-term
concern for health.
2. There will be a rise in “conscious
consumption.”
3. Consumers will be returning to
local, instead of global markets.
7. In terms of long-term changes,
the following must be noted:
Whether we like to admit it or not, the health
security challenges brought by COVID-19 are a
backlash of globalization. Although a “global”
arena is also a major player in combatting this
disease as the global health sectors are
working together to find a cure, it could not be
avoided that free movement will still leave a
bad taste in the mouths of consumers. That
said, health and safety are primary
considerations in their economic decisions.
8. What consumer habits
have decreased?
As an attempt to steer clear of the virus,
consumers will prefer to avail of goods or
services that require them little to no human
interaction. That said, the travel, tourism, and
transportation sectors have received the
biggest hit due to the disease. Other activities
that require increased interaction among
people, such as shopping in physical stores,
dining in restaurants, and working out in gyms,
have also been severely affected.
9. In terms of short-term changes,
the following must be noted:
1. Consumers will begin to shop less in
physical stores.
2. They will temporarily halt availing of
services that can only be provided in
certain facilities.
3. Consumers will become less “choosy”
in terms of their selection of goods.
10. In terms of short-term changes, the
following must be noted:
Because of the changes brought by COVID-19, people will
tend to stay away from anything that may be risky for their
health. As much as possible, individuals will prefer to stay
within environments and do activities that tend to be
under their control. Their direct control and supervision are
the best ways for them to ensure their own safety.
Maximum control could not be exercised outside the home.
Thus, any service that could be done at home is an option
consumers would prefer. Not only that, given that not all
businesses were able to make their services more
accessible to the general population, not a lot of
consumers have a choice on which services to avail of.
11. In terms of long-term changes,
the following must be noted:
1. Consumers will be less optimistic
spenders, choosing to spend less in the
long run to prevent facing major
consequences from the foreseen
economic consequences of COVID-19.
2. Consumers will be pessimistic about
health and safety. As such, a decrease
in travel and tourism will be a long-
term occurrence.
12. In terms of long-term changes,
the following must be noted:
Many of the immediate changes brought by COVID-19 to
consumer spending will likely be carried over to the long
term. To add to that, in the long run, the major effects
COVID-19 has on the economy will be at full effect. In
preparation for what the economic recession may bring in
the long term, a lot of individuals will begin to be smarter
consumers, purchasing goods with long-term value than
short-term satisfaction.
When this happens, manufacturers need to prepare and
find ways to make their services adapt to whatever is
needed by consumers. Even if some companies feel stable,
being able to continue operations amid COVID-19, it does
not mean that companies can already be complacent.
13. Conclusion
The crisis may have created several
difficulties in serving customers. However,
with the digital solutions available today,
this does not mean we have to detach with
the consumers. With the right digital
experts, you can also remove the physical
boundaries that hinder you from providing
the best services. What are you waiting for?
Contact Proweaver and achieve great
outcomes for your business today!