Consumer trends emerging in 2020
Here are some trends that have shaped the way we have engaged in shopping over the past 3 months and are likely to persist for some time longer.
1. Time is precious - We are all juggling things we never thought we would. Being a carer, teacher, taxi and chef all while working from our kitchen makeshift office. Time has become an even more precious commodity. "Time which previously felt regimented and in short supply is now more fluid. A drastic slowdown of most activities outside the home has increased the time we spend alone, with our loved ones, and in our own heads. And as boredom, anxiety, and uncertainty set in, people are looking for new ways to stay occupied, productive, and composed." ThinkGoogle
2. Boredom has spiked. While some of us are exhausted from performing many roles, others are bored. Either on the job keeper or seeker allowance, many people are bored at home and are seeking ways to entertain themselves. The searches for boredom spiked in March according to Google. This boredom has given rise to some creative outlets and businesses including many virtual entertainments. Video gaming has seen a huge increase. Netflix has gained 15.8m new subscribers during Q1 2020, more than double its original 7m target for the period, according to the Financial Times
3. People with a new appreciation for the importance of staying well are prioritising their physical health, becoming more conscious of their emotional and mental well-being, and making time for self-care rituals. Coping rituals according to kantar.com include:
Exercising, Sleeping more, meditating, avoiding alcohol, avoiding news.
4. There is a desire to be" alone together." Spotify recorded a 33% year-on-year increase in monthly active users during the first quarter of 2020, according to its financial results.
5. There is a 24/7 consumption cycle with all normal working hours thrown out the window. Australians are likely to buy more online after the lockdown ends and continue this trend. Amazon sales up 27%.
6. With travel resistrictions starting to ease, Australian's at least are looking to travel within Australia for their next holiday. There has been a 75% in carvans, camping sites and camper trailers on Google
7. Forrester has predicted that the global loss in the retail sector will likely hit $2.1 trillion in 2020 and will take four years to overtake the levels of growth seen before the pandemic.Over half of Millennials (52%) and 49% of GenZ say they have already experienced an impact on their household income and an additional 26% across the combined 18-34 age group expect to be impacted in the future more than any other generation. Winners have been Pharmacies, luxury brands, beauty brands, sports apparel
8. Product availavility and trustworthness of brands have become more important because of the outbreak.
9. Facebook as seen an uptake in the numbers of daily users by 11% year on year. Facebook stated that voice and video calling across Messenger and WhatsApp has more than doubled in areas hardest hit by the coronavirus, and that total messaging across all of its owned apps has increased more than 50%.
10. Downloads of video sharing app TikTok surged by 315m in Q1 2020, making it the most downloaded app ever in any three-month time period, according to analysis from SensorTower.
Certainly, brands that have taken proactive steps towards the fight against the virus, or to protect their workers jobs, seem to have benefitted most from an increase in positive sentiment, proving just how important brand purpose has become to customers during the crisis.
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