The world is passing through the
toughest of times. A Small virus has made the world standstill. All media,
mainly social media, is flooded with scary images from all parts of the globe.
We are staring at an apparent economic downturn. A vast majority of the population,
especially in developed nations, face a threat to their physiological
needs(Maslow’s Need Hierarchy Theory) for the first time in their life, which
has triggered the ominous panic buying. Lock down, social distancing, etc. have
become buzz words of today. We are all expecting a New Normal post-Covid. What
will happen to consumer behaviour? How will the brands respond?
I feel the New Normal will stay
forever, and the change seems to be irrevocable. However, brands have started
responding to the change. Opportunity lost for someone is gain for others. I
wonder the speed at which brands have tweaked their product portfolio by
including sanitizers and hand-washes in the kitty. The emergence of Zoom and
other platforms have portrayed a different dimension of consumer adoption.
Post-Lockdown, face masks, sanitizers, etc. may act as crowd pullers for small/
Kirana shops(a shift from cigarettes, recharge coupons, etc.). We are not sure
when the government will lift the lockdown. But for sure, there will be a surge
in usage of online platforms like Amazon, Flipkart, Swiggy, etc. that helps in
social distancing. The automobile sector may fare well as consumers avoid
public transport and rely on their vehicles. However, the most exciting and
crucial fact is the shift in consumer behaviour as such.
I predict three types of consumer
behaviour.
Liberated Buyer:- You
can see liberated buyers immediately after lifting of lockdown. The consumer
enjoys freedom after a long time, and he now focuses on individual habits.
Besides, alcohol or tobacco, the consumer was missing a lot of his pet habits.
He may be missing a tea from his favourite shop or may be missing a Pizza,
Burger, etc. Moreover, he may have postponed purchase some necessities like
inner garments, natural beauty products, visit a beautician, etc. which had
frustrated them. In some families, this lockdown may be a revelation to
buy/change some kitchen utensils, or some consumer durables. This buying can
lead to a sudden surge in economic activity. But availability may be an issue
for at least some products. This behaviour is shared among all consumers, even though
wallet-size decides the extent of purchase.
Responsible Buyer:- The
consumer accepts reality and become more accountable. There exist a
self-imposed austerity. Health and hygiene get a more significant share of
wallet. Since lockdown can happen anytime, there will be a demand for
large-volume packs and, in some cases, sachet packs. Sanitizers, hand washes,
immunity supplements, health drinks, etc. are considered inevitable by these
buyers. The consumer always makes a planned purchase and stay away from
impulses(read impulsive buying). They also strongly reappraise their
priorities.
Normal Buyer:- The
Buyer shows a very regular buying pattern. They tend to buy everything, not
restricting themselves to necessities. They are less concerned about their wallet
and spend more time window shopping. They are least bothered about the pandemic
or any other issues. Moreover, for them, things are the same as before. I
presume this group of consumers is tiny in size.
These are just my anecdotal
observation. For sure, consumer behaviour will change, and the future will take
its due course.
