A new report from global market research company Euromonitor International identifies six themes it identified as reshaping consumer goods and services in the aftermath of the COVID-19 pandemic.
Euromonitor characterized the trends as:
- From Sustainability to Purpose. Initiatives move beyond the ethical and eco-conscious to a more holistic approach that encompasses social, environmental and economic benefits.
- Hometainment and the New Experiential Consumer. Out-of-home activities gravitate online to the extent that virtual experiences provide as much value as in-person occasions.
- Where and How Consumers Shop. Rapid shift to e-commerce, click-and-collect options and the direct-to-consumer operations further digital disruption.
- Wellness Redefined. Greater consideration given to achieving optimal health, with happiness becoming a tangible commercial prospect.
- Innovation and the New ‘Core.’ Efficiency and value drive product development that aids brands in aligning with fundamental consumer needs.
- The ‘New Normal’: What’s Here to Stay? Online shopping, remote living, decreased discretionary spending and self-care will weigh on consumer behavior.