BAKU, Azerbaijan, Jun. 2
Trend:
Consumer lifestyles are changing dramatically as a result of the coronavirus (COVID-19) pandemic, Trend reports with reference to the Euromonitor International.
The topic how COVID-19 is reshaping some of Euromonitor’s key megatrends, impacting how and why consumers shop, their core values and how businesses operate was discussed during a webinar, held by the Euromonitor.
The topic was discussed by Alison Angus and Michelle Evans at Euromonitor International.
Thus, during the webinar experts discussed how COVID-19 is affecting eight Euromonitor-defined key megatrends.
Talking ways that consumer behavior could evolve in the long term and how businesses are adapting to these changes with case study examples the experts said that more and more both consumers prioritize experiences over things, where they engage with a product or service, and in return they receive an enhanced and unique interaction with the brand.
“Among consumers and business, increasing attention is paid to ethics and moral values. Healthy lifestyle habits, inside and outside the home, are becoming a more normal way of life, and a more holistic approach to wellness is being adopted,” the experts said.
In turn, experts also noted that slowing volume growth has led brands to seek new ways to drive value expansion.
“How we buy goods and services is constantly in flux as economic and technological realities change every day for businesses and consumers. Originating in developed markets, middle class consumers struggle to maintain their economic position and lifestyles, as cost of living outpaces stagnating incomes,” the experts said.
Concluding the webinar, the experts highlighted the key findings of the discussion. Thus, digitalization has become an imperative, further changing how businesses operate and consumers live.
“Home has become central to all aspects of life as consumers cocoon due to fears of virus transmission. Economic uncertainty is leading consumers to become more cautious and selective in spending. Consumers emerging from isolation are reassessing their values and rewarding brands with a new purpose,” the experts said.
Fears of the COVID-19 virus spreading has put an even greater emphasis on one’s health and wellbeing, the experts concluded.
The outbreak in the Chinese city of Wuhan - which is an international transport hub - began at a fish market in late December 2019.
Some sources claim the coronavirus outbreak started as early as November 2019. The World Health Organization (WHO) declared COVID-19 a pandemic on March 11.