As countries are beginning to look towards stages of re-opening, the trends in research have demonstrated a renewed interest in the way forward. We are seeing more questions such as, what does life look like after COVID-19? What stays the same? What changes?
Here are some interesting points to consider from around the web that look at some of these questions:
EY surveyed 4,859 consumers across the US, Canada, UK, France and Germany to develop a Future Consumer Index to analyze the long-term effects of the current crisis on consumer behaviours. After asking them how their concerns and consumption habits have changed, they identified four consumer segments that have emerged during the COVID-19 crisis:
Save and stockpile (35%)
Not so concerned about the pandemic, but worried about their families. Pessimistic about the long-term effects.
Cut deep (27%)
Hardest hit by the pandemic. Most pessimistic about the future. Spending less across all categories.
Stay calm, carry on (26%)
Not changing their spending habits. Not directly impacted by the pandemic. Worried that others are stockpiling.
Hibernate and spend (11%)
Most concerned about the pandemic. But best positioned to deal with it. Optimistic for the future. Spending more across the board.
In this survey they’ve also asked people what they think they will do once they feel the crisis is over. This resulted in five consumer segments:
Get to normal (31%)
Spending largely unchanged. Daily lives were never really affected. Least concerned about the pandemic overall.
Cautiously extravagant (25%)
Middle to high income. Very focused on health but relatively optimistic despite a strong belief that a global recession is coming. Will spend more in areas important to them.
Stay frugal (22%)
Spending slightly less, but some deep cuts. Trying to get back on their feet. Among the most pessimistic about the future.
Keep cutting (13%)
Least educated. Least likely to be working. Making deep spending cuts. Changing what they buy and how. The pandemic was always a huge worry.
Back with a bang (9%)
Younger and in work. Spending much more in all categories. Their daily lives were most disrupted. Now they’re the most optimistic.
A recent article from Strategy Online addresses another question that affects our industry, “what is the role of live events and experiences moving forward?” The article quotes Craig Mawdsley, chief strategy officer at AMV BBDO, who said: “The only thing for sure is that everything has changed and those plans you put on hold can’t just be reheated in the microwave. Your success in the coming years will depend on how closely you’re paying attention right now.” The article cites touch-free, antiviral innovations, controlling health-friendly behaviour through design, and the new importance of having a Plan B as some of the key markers of success in the live event industry going forward.
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