COVID-19 has changed our pattern of doing things in almost every area of our lives. It changed our way of working, socializing, how we shop, and even how we entertain ourselves.
There’s also no doubt that so many business sectors were affected by the pandemic. Companies had to change their methods to work with the ‘new normal’. One of the biggest impacts the pandemic had was on consumers’ behaviour, especially during the lockdowns.
We have seen many significant changes in the trends of consumers’ behaviour and many things are never going to remain the same again. Here are some ways in which the pandemic affected how consumers choose, buy, sell, and use goods and services:
Customers are now more ethical
Several reports have proven that the pandemic made many of us more focused on creating a healthier world. A global survey carried out by Accenture in 2020 reports how consumers have evolved and how about 60% of more people were making more eco-friendly and ethical decisions in purchasing products. The report also added that 9 out of ten of these new people would likely continue to do so.
This increased ethical concern also applies to the food sector. A Plant-based Association in the US reported how the sales of vegan food items increased by 90%. Also, a food website in the UK testified that sales of vegan products tripled.
This means consumers are not just buying products to derive satisfaction but they also consider their environment.
Increase spending on games
All over the world, gaming developers and providers experienced a huge increase in customer base during the lockdowns. This is because most people turned to games to escape boredom. A lot of people were introduced to gaming while existing players increased their gaming time.
In India, spending on real money games also increased. Apart from entertainment, it was also a form of making extra money. Those who love to gamble at physical casinos also had to move online to play from home.
For example, online roulette games are now as popular than ever. Many people discovered the numerous versions of the game online and couldn’t just stop playing.
Cybersecurity is considered more important
Due to the lockdown, many companies had to ask their employees to work from home. And the internet was the major workstation. Both major companies and small businesses had to make cybersecurity a top priority to protect their activities.
Also, due to the increase in the rate of cyber attacks, a lot of consumers are now conscious of protecting their data. According to research by BT Security and Davies Hickman Partners, around 67% of consumers considered their security more important than convenience when making online purchases.
Health segment has seen a boost in sales
Another thing COVID-19 did to almost everyone is making us more conscious of our health. Many people began to purchase health products to boost their immune system and their overall wellness.
In the US, the market for VMS(vitamins, minerals, and supplements) experienced a huge increase in demand. The market which was previously growing at a yearly rate of 6% increased to 140% in March 2020 alone.
There has been a similar increase in the demand for hygiene products as we are now more conscious of keeping our environment free from germs.
More people are shopping smartphones
Even as demand for essential products and services increased, more people also began to shop smartphones. This is due to the increased need for people to stay connected to their families and loved ones as they cannot meet them physically. Also, more people needed smartphones to work from home and also get some form of entertainment.
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