The pandemic has forced most companies to rethink their approach to doing business, but this is particularly true of those trading in retail. Consumers have had to adjust their spending behaviours drastically to meet with the new health and safety guidelines and completely different set of circumstances we find ourselves in.
So, what can retailers expect when it comes to new consumer trends?
1. Decrease in spending
While some people have found themselves stuck at home and spending more due to boredom or from finding a new hobby, the general trend is that people are becoming more frugal. This could be because of unemployment, worries about the long-term impact of lockdown, or economic uncertainty. Companies need to keep this in mind when creating new marketing strategies or product launches.
2. Focus on online stores
Although it is reasonable to assume that some consumers are going to return to shopping in brick and mortar stores, it is very likely that in-store visits are going to decline overall. The ease of shopping online without the worries of COVID-19 are much more likely to take precedent over the next few years at least. It is fair to say that in-store shopping was on the decline before lockdown anyway, but that the new situation is likely to accelerate that decline somewhat.
3. Love for local
The lockdown period has certainly brought about a sense of community, which has in turn sparked a love for shopping local again. Supporting local businesses and trying to boost the local economy will be huge trends for consumers in the next few years.
From clapping for the NHS to taking care of the vulnerable people in the community, lockdown has brought out the best in a lot of people in local areas. For companies to succeed in this community-focused climate, it will be essential to develop brand authenticity and social values to stay important to consumers.
5. Increase in online media
With so many people at home, it is only natural that so many of them are turning to online media usage. Consumers are now spending an average of 13 hours and 35 minutes on various media channels every single day and it is predicted that this trend is only going to continue in the coming years while more businesses adapt to a working from home model.
By staying ahead of the trends in consumer behaviours, you can adjust your business to meet their new demands.
If you would like to find out more about post lockdown consumer trends and how they can help your brand, get in touch for a free consultation today at firstname.lastname@example.org to see how we can get your business the traffic it needs.