How Consumer Behavior Will Change After The Pandemic — 3 Proofs It Has Already Begun
If there was a reset button to this year, now would be a good time to press it.
What started off on a rather optimistic note spiraled down to the unthinkable. If you asked your friend or relative what their plan was three or four months down the line, you would probably hear getting a good appraisal, promotion, vacation or anniversary they’re looking forward to.
Cut to now and our aspirations are completely different. What we yearn for right now is to step outside for quite some time, take a stroll in our park during the golden hour, meet our friends, go on a shopping spree, catch our favorite film in a theater or simply get back to work.
It took a virus and less than six months to bring about a dynamic change in the way we think, look at the world and decide on our experiences. Most of our long-term ambitious goals have trickled down to simple pleasures in life.
Psychologically, our mind has come to terms with the fact that big-budget dreams are all looking weary at the moment and the best thing would be to find joy in the comparatively simpler things.
Experts believe this is the basis of a new-born mindset as consumers. As part of the many things the virus has taught us, this is a major one — something nobody saw coming. As we pondered more on this, a few things hit and that’s when we thought to share this was inevitable.
So, let’s understand together what is causing this paradigm shift in our mindset.
The Lockdown And The Stay At Home Impact
It would be safe to say that a major chunk of the population is office-going. Meaning, they have a routine they follow diligently and you can’t stop them from getting to work. As the pandemic gained momentum, strict lockdowns, curfews and shelter-in-place were implemented across nations.
Now, because of this a lot of working people were asked to work from home. This does not go well with everyone. Someone who looks forward to stepping outside and getting to work, it is tedious for them to stay in different confinement and come to terms with it.
This has brought about a psychological shift in our minds, where people want to go outside and let loose their inner explorers. The desire to step out is not just restricted to the workplace now but there is a new ideology to see the world and gather life experiences.
So far, people had the choice of whether to go out or stay in and even when they decided to stay indoors, it was their choice. Now when you force something, it usually rattles people’s minds and the end result is them doing contrary things.
That’s exactly what is happening right now.
Proof-1
The first proof of explosive consumer behavior is the reopening of Shanghai Disneyland. What got shut in the month of January was reopened on May 11, 2020 with improved safety and sanitation standards.
Social distancing was the norm and visitors had to wear masks mandatorily. Temperature checks were conducted for the visitors before entering and reduced attendance and gathering was encouraged at all times.
Even the dining area was reduced to a 50% occupancy status to curtail the contagion. If you were wondering what the surprise was in this, let us share the fact that the theme park was open for only 24,000 visitors — which is only 30% of the park’s entire capacity.
An advanced reservation was required to enter and when the ticket sales went up online, it got over within a few minutes.
This ties back to our point that the mind of a consumer has changed tremendously at a time when more than half of the world is in a standstill.
Proof-2
One of the other proofs that shows people can’t keep calm anymore and demand normalcy to desperately return is the onset of a new concept called revenge shopping. Revenge shopping loosely translates to overindulgence in shopping.
We as consumers are already firm believers in retail therapy, where we tend to ward off stress and anxiety with a visit to our preferred retail stores. So, revenge shopping is a more intense form of retail therapy.
Experts believe that millennials would be going on a revenge shopping spree when the lockdown restrictions are lifted. With nowhere to go and nothing to spend on, the average working-class society has a relatively better spending capacity. And this is believed to be channelled into super-intensive buying after the pandemic. Be it indulgence in food, apparels, home decors or others, a significant rage in buying is on the cards.
And for those of you who didn’t know, it has already begun in Hermes, China, where close to $2.7mn revenue was made on a single day.
The Pandemic Has Put Crucial Things In Perspective
This pandemic has been nothing less than a revelation for most people out there. Specifically for people who were too focused on their work and routine, paying little attention to life and its experiences. Now, all those tunnel visions are expected to get blurred as experts believe this pandemic has put a lot of things in perspective.
When locked down at home, one thing that was for sure was the fact that money in banks was of no use when there’s nothing to spend on. So, in a few months, the entire struggle and hard work suddenly made no sense and all several people had in their minds were the missed opportunities to spend time with their families and themselves and do things they loved.
This urge to reconnect with life is visible and people are simply waiting for the restrictions to be lifted. While there would still be skepticism within about contracting the disease, the urge to explore and do things would conveniently eclipse the fear.
Proof-3
We’re sure many of you would have heard about the popular cruise venture Carnival Cruiseline. Recently, it made an announcement that it would get back to the sea on August 1, 2020. This is the date after the CDC (Centre for Disease Control) lifts the Do Not Sail order.
Now the interesting news is that after the announcement, its bookings skyrocketed by 600%. Now, this is more than the average of 200% increase which the company has been witnessing year after year.
This news comes at a time when there is speculation of the downfall of the hospitality and tourism industry. With people’s enthusiasm getting revealed, there is only optimism on the shore. Obviously, Carnival Cruiseline is offerings its tickets at a lowered cost. For instance, a cruise in August from Miami is priced at $119 and 8-day cruises are charged at $519.
Key Takeaways
To sum the entire essence of this post, understand that
● People are waiting to get back to their normal life
● Consumers want to spend on things they love — food, travel and shopping
● Mobile commerce is the backbone of all this
● Apps and E-commerce will be our future
● Businesses have to foresee more such changes in consumers’ mindsets after the pandemic but prepare from now
Wrapping Up
So, what do you think? Could you relate to any of these changing mindsets? This is an interesting perspective that was backed by examples. What do you think will happen to the market post Covid-19? Will consumerism change? Share your thoughts by Getting in Touch.
