1.Shopping cart reset
Macroeconomic changes influence purchasing decisions, however new habits do not build up in weeks, but rather over months or even years. The example of the United States shows the buying trends perfectly. After a drastic increase in “stockpile” shopping, which has translated into an increase in the value of the cart and a decrease in the frequency of purchases, the trend is back to normal. Although the average value of the cart is still about 10 points higher than before the pandemic, it is falling – slowly returning to normal. An analysis of the cart content will allow us to review our current beliefs about what consumers consider to be basic goods and which – despite being described as pleasurable or impulsive – were still in pandemic carts.
2. Household residents reset
The inability to freely use services outside the home – whether for health and hygiene or financial reasons – affects compensating for some of them at home. On the one hand, we try to make ourselves comfortable, mainly using food delivery services. On the other hand, we also try to take care of our loved ones by cooking at home. According to Nielsen’s data, the sale of flour in the last week of July increased by 39% in value terms! Organizations that will be able to provide substitutes for the experience at home at a price that will provide a mass scale will be those who will benefit most from the pandemic in the long run.
3. Needs reset
With regulations restricting the use of certain goods and services and a decline in consumer optimism, certain product categories, such as airlines, are in trouble. However, the fact that people do not decide to buy more or less, does not mean that they do not have such needs to meet. Desires do not change quickly, but they can find an outlet in alternative methods of satisfying them. For some, an exotic meal will serve as a substitute for a long journey, and a good bottle of alcohol or premium sweets can respond to the need to pamper. It is worth taking a look at new consumer behavior – thanks to this we can learn the full spectrum of applications of our products.
4. Accessibility reset
The pandemic clearly affects the profitability of all sectors of the economy and most companies. Previously reduced advertising budgets are coming back, sales performance is not coming back so quickly everywhere. One reason for this is the margin levels that marketers do not want to reduce knowing how sensitive the current consumer are to them. The solution turned out to be giving up price promotions. We currently have the lowest share of promotional sales in FMCG categories – about ¼, while previously it could reach 1/3. In such a situation the solution is to build brand value in the eyes of consumers. For example, by emphasizing product features, referring to growing trends such as ecology or sustainability.