Following the introduction of lock-downs in late March 2020, consumers have turned to the digital world as a new way of life. From online college classes to working from home, many people are living and breathing on the internet. Online shopping has increased across sectors as consumers strive to eliminate any unnecessary COVID exposures.
Fostering customer engagement is hard enough when buying behaviors are predictable, but the way we eat, live, and shop is changing radically. So what do we know? The EY Future Consumer Index has identified four segments of consumer behavior1:
35%
of people are considered “save and stockpile,” which means they’re spending more on groceries and necessities to prepare for the future.
27%
of consumers are “cut deep,” which means they’re the hardest hit by the pandemic and are therefore spending less on all categories.
26%
are “stay calm, carry on,” which means they’re not directly impacted by the pandemic and aren’t changing their spending habits.
11%
are “hibernate and spend,” which means they’re well-positioned to survive the pandemic and are spending more on all categories.
These statistics, in addition to a host of other changes in consumer thought and behavior — spending more time on mobile devices, increasing dependence on e-commerce, and shifting attitudes on working from home — make it clear that customer habits will continue to evolve in the aftermath of COVID.
Values, lifestyles, and patterns are changing. There’s also a very real chance that some of these changes won’t reverse. It’s critical that businesses reassess the way they approach customer engagement and leverage new digital strategies to adjust to an unpredictable environment.
So what can you do in these uncertain times? Start by downloading the entire article here.
