The coronavirus pandemic has changed the attitudes and behaviors of consumers adapting to lockdown. Those stuck at home due to quarantine represent millions of dollars in losses for retail and service industries. However, these bored customers also present an opportunity for businesses to expand their markets and brand recognition. With the quarantine economy, there have been new consumer trends as individuals adjust to the changing norms in the wake of economic uncertainty. Here are some changes in consumer behavior due to the coronavirus pandemic.
Consumer Trends for Marketers to Take Note Of
Consumers Are Seeking Comfort
One of the latest consumer trends has seen consumers opt for slightly more upscale versions of products that offer a much-needed sense of comfort and stability. Sales for comfort brands have been high as consumers look for simple ways to treat themselves. Similarly, brands with high loyalty levels have retained market share during this period. Such brands have been unaffected by the lockdown since customers are turning to brands, they buy routinely. Also, brands with more aggressive advertising gained a dramatic increase in market share during the quarantine economy.
Increase in Online Purchasing
A reduction in shopping in stores and an increase in online shopping have both been the hallmark of this quarantine period. Shopping in stores has become more frightening, with consumers feeling anxious for their personal health. As a result, consumers have cut back on shopping in stores with buying online emerging as the natural solution. People are focusing on minimizing the exposure to the virus by staying indoors, in the process spending most of their time on the Internet.
TV, Video & Social Media Boost
Lockdowns due to the coronavirus pandemic have reduced the movement of people who were targets for out-of-home advertising. So, more people are spending time online or watching television, leading to more TV and social media advertising. Social media channels are offering an exceptional opportunity for innovative engagement as more people spend time at home.
Increase in Web Traffic for D2C Marketing
There is increased website traffic on direct-to-consumer brands that focus on an integrated path from production to consumer. Brands selling directly to consumers are seeing gains in market share.
Shifts in Consumer Behavior
Marketers are feeling the need to cut back on advertising due to financial uncertainty and supply issues. Instead, since most consumers are concerned with the coronavirus, brands must deliver simple messages that address the crisis instead of trying to sell products. Consumers are focused more on getting information about the virus and social distancing, which are human-centric messages.
Traditional brand marketing has had to be put on the backburner. Brands are facing difficulties with lost income and changing consumer behaviors. Individuals now must adapt to the quarantine economy, including increased online shopping and more focus on localized products. These new consumer trends form part of what marketers should learn to cater to going forward. To understand more about the latest trends during the quarantine economy, contact ADTACK at 702-270-8772 today for resources, information and a free marketing assessment.