The coronavirus crisis has completely shaken the foundations on which the marketing, market or product strategy of companies rests. Everything they expected from this year has been on hiatus, marked by the data that the market has been generating.
The crisis has changed everything, from the mobility of consumers to their perception of things, creating new concerns and new decisive elements in Last Database consumption patterns.
Therefore, companies need to understand what concerns consumers right now and what drives consumption tick. The study The Value Shift , prepared globally by WGSN, has studied what happens to consumers, what dominates user sentiment and what is, based on all that, what dominates in terms of purchase impulse.
Their conclusions make it possible to outline what drives consumption determinations and what companies should do to respond to them.
New aspects that mark consumption patterns
The study has initially identified 5 elements that are determining how consumers behave and what they expect from brands. They are the issues that make your buying decisions change and adjust them. In general, it could be said that right now the consumer is very concerned and that it is those concerns about the environment in which it operates that mark the state of things.
Thus, consumers are swept up in financial and health concerns . These are from the points that mark your buying patterns. In the first case, they are concerned about the context and are mainly buying products that are useful and that will last a long time.
In the second, the coronavirus crisis has accelerated an upward pattern. Consumers were already concerned before about their well-being and about both their physical and mental health. Now those issues have become even more important.
To these two points must be added security fears. Consumers-and as they explain in the analysis, this point is a kind of social unifier, which affects all social groups-are afraid. They want a certain sense of security and that has made the houses a kind of sanctuary.
The search for truth is also an important point that changes consumption. If fake news and misinformation were already a problem before the health crisis and something that consumers viewed with more fear, now it has become critical.
And, finally, the other point that marks the agenda and purchase decisions is what the study calls the loneliness syndrome. Consumers feel more alone, something that has accelerated our dependence more and more on the digital environment.
How companies can operate in that context
All this forces companies to adjust their strategies and position themselves in a different way. They must change their marketing, product or communication strategy to connect more effectively with consumers and to appeal to what really interests them right now.
All this forces us to follow five key points in terms of strategy, according to the study's conclusions. Thus, they must start by adding value. This implies not only adjusting prices, but also developing multifunctional and valid products for various uses.
They must also offer well-being, with solutions that meet these growing health concerns of consumers, and generate comfort and safety, using several ways. The position of the brands must help consumers to gain confidence, betting on being sources of truth and with clear and honest strategies (companies must be transparent and open).
And, to conclude, companies must work to promote unity. They should help create community spirit.