Amarach Research recently published their latest research report “The New Abnormal; Consumer Demand in a post-Covid-19 World”.
The report shares some very interesting data and figures on the changes in Consumer demand going forward.
It is essential reading for any B2C companies out there.
The report offers some perspective, before delving into the research results:
– The COVID-19 public health emergency will end some time in the next 8-10 months, maybe sooner.
– The economic and business fallout from the coronavirus will be with us for the next 2-3 years, maybe longer.
– As we navigate the coming months and years we will have to adjust to the ‘New Abnormal’, a period during which economic psychology and economic reality battle for consumers’ hearts & minds, purses and wallets.
– But remember Smith: we will eventually overcome the trauma & harm wrought by the pandemic, and our nation and economy will survive and thrive in the end.
The report covers:
- Consumer Spending habits
- A drop of 21.3% in Consumer Spending during Q2 2020
- Negativity in relation to Consumers experience is increasing
- 55% want the Government to prioritise the Pandemic over the Economy
- How consumers are adapting to the New way of shopping, the new restrictions & regulations
- 42% of consumers feel “Worried” when shopping in a Retail Store
- There is a shift towards utilising Retail Stores, Restaurants, Hairdressers, etc. once again
- However there is still a great reluctance to leave the Country
- 69% will continue to shop online after the pandemic
Read the Full Report – The-New-Abnormal-An-Amárach-Briefing-September-2020
If consumer habits and demands are changing we as Business owners, especially SME’s, need to adapt our Business model and Strategy to meet those needs – Because if we don’t our competitors or the larger corporates will!
As always we are available for a coffee (virtually or in person) if you have any questions!