Impact of COVID-19 personal job security and the overall economy
From the time COVID-19 was declared as a worldwide epidemic, and individual countries developed their own initiatives of curbing the disease, several consumer behavior trends have been seen to take place. For instance, there is a rise in conscious consumption due to consumers’ fear of the impact of the disease on their personal job security and the overall economy of the country (“McKinsey & Company,” 2020). Meaning consumers are more mindful about the items they buy, and they have shifted their priorities to basic needs, making the demand for hygiene, staples and cleaning products to soar, while non-essential product categories slouch (“Accenture,” 2020). Conscious buying is likely to continue even after the crisis since it has enabled consumers to learn how to manage their finance. This is something they would like to continue doing to stay prepared all the time for any crisis as the world is full of uncertainties.
Besides, consumers are increasing their love toward local shopping in an attempt to support community stores as wells to minimize their movement because of fear of contracting the disease (“Accenture,” 2020). There is also a shift to online ordering of delivery services. This is anticipated to continue even after the crisis since it existed before COVID-19. Furthermore, consumers are also embracing technology to support all facets and shortcomings of social-distancing and isolation (“McKinsey & Company,” 2020). The use of technology is likely to continue even after the crisis because people have always anticipated embracing new changes in technology.
Things are unlikely to go back to their normal; instead, a new normal is likely to be created. Consumers will now prefer shopping online than shopping in stores, brands that are customer-focused, and virtual, non-public alternatives (Pastore, 2020). Therefore, for the marketing managers to be able to meet the anticipated changes, they will need to make appropriate strategies that will enable them to counter the changes. For instance, they will require reshaping their marketing plan around brand purpose and new demand.