How Pandemic impact on Consumer behavior
Businesses and industries across the world have been hit hard by the lockdown and really, there’s been a massive impact of coronavirus of the pandemic on various sectors of course tourism, entertainment, fashion, education all of these have been hit hard by the coronavirus and the subsequent lockdown.
Now with regards to the behaviour of the consumer, it’s completely changed because of the lockdown because most of them are sitting at home and that’s where businesses are also trying to tweak and ensure that they reach out to consumers in a renewed and rather different way. For example, talk about luxury products has always been at the end of the queue because it has a very select audience as a very select consumer base it remains in that position now because of the lockdown you’ve got these businesses suffering even more luxury consumers up of course staying at home so because of that the demand for products luxury products has come down. The Nielsen study report has stressed about consumer behaviour during the lockdown which states that consumers are taking more emotional more intuitive decisions right now and that’s of course seen in the fact that you’ve been seeing a lot more purchase of hand sanitizers of personal care of things to help you know in the upkeep Monteux of your house. Consumers are more focused on words like health on sanitization and immunity and that’s why manufacturers are also tweaking exactly what they’re advertising now they’re focusing more on health on sanitization showing how you know their outlets are better sanitized manufacturers who are putting out hand sanitizers.
Focusing a lot more on personal care as well as on food products and when we talk specifically about food products consumers seem to be going more for products that you know have a lot more nutritional value than looking into the details of every product they buy and are also looking to see if it has any nutritional benefit because at this time of coronavirus everyone’s, of course, focused on the immunity and boosting their immunity so products which have some nutritional value seem to be doing better during this time.
Now, coming on to the loyalty of the customers before the lockdown all of us would have had our favourite brands would have chosen that over anything else now during the lockdown that’s completely vanished what has been the focus is about what kind of benefits these particular products have and of course during the lockdown also what was available is what would be immediately grabbed no longer was there any sort of loyalty to brand. A lot of behavioural changes a lot of changes in how consumers choose to spend their money and also importantly on how they choose to spend their time away when everything opens up and we decide to finally go out and ask you know so many people and experts have a point to live with the virus even then the entire experience of shopping or watching a movie meeting up and catching up with friends is going to be completely different from how it used to be.