The current crisis is driving changes for companies everywhere. The isolation has led to shifts in consumer lifestyles and behavior, and this is visibly impacting various industries.

Almost all of our daily activities have moved online – from payments to various courses, and a significant percentage of consumers have now moved to digital, constrained by limitations. [1] Thus, many people have tried new things in this period because their everyday habits have been disrupted [2]: 33% have started online courses, 26% have started investing in the online entertainment industry, 21% now watch live broadcasts from their mobile device, 18% of consumers now rely on e-commerce, 14% have bought sports equipment for at-home use, and 13% have started using mobile banking services. [3]

As consumer needs change, some markets are suffering, others are predictably gaining ground, and in some market segments, the situation is unchanged. More focus is seen in this period on preventive products – medicines, supplements, but also hygiene products. Consumption has also increased in the online entertainment industry, but also food and non-alcoholic drinks. The personal care industry, on the other hand, has not been affected by the crisis so far. Because some needs are being suppressed, either because of isolation or because of the crisis, their associated industries are also suffering. This includes large electronics, beauty products, alcohol, luxury goods, the travel industry, clothing, and accessories

There are also some predictions about post-pandemic consumer behavior, so we can anticipate increases in HORECA, associated with the greatly increased needs for socializing and traveling, and also in beauty (beauty salons, esthetics, and gyms), needs that were limited during the isolation period, but to which consumers will return later with a willingness to invest their money in.

Sources:

[1] Creative Fightback 2020 – Ipsos

[2] Innovating in challenging times 2020 – Ipsos

[3] BrandZ webinar 20th March

Cosmina Chelariu

Junior Copywriter Minio Studio