Consumer trends change constantly, especially during these unprecedented times, with the world facing a global pandemic. Various studies are being conducted to identify and analyse these new trends by researchers, marketers and businesses with an objective to understand consumers and cater to their needs.
Nielsen, a consumer insight major did their work amidst these trying times and came out with their findings in the fourth part of their study on new and evolving consumer trends. They found that with all the steps taken to contain this epidemic, which has affected travelling to other countries severely, has given way to a growing ‘vocal for local’ sentiment. As per their studies, now two out of three consumers intend to buy more ‘local’ products.
Consumer goods industry has shown signs of rebound to pre-Covid levels in June, which is a good news as India was dealing with a delayed recovery rate. The beauty category sees the sharpest recovery, the products which helped in the recovery were deodorant, hair colors and skin care products, this is a good sign considering these were the same categories that had the sharpest decline in May 2020.
Similarly, the demand for daily use objects such as, toothpaste, shampoo and detergents have returned to normal after a slight dip. As per the report, consumers’ focus on hygiene has increased, leading to increase in sale of products like floor cleaners and liquid toilet soaps. Ghar ka khana or home-cooked meals continue to trend as recorded by the equilibrium in cheese, refined oil and packaged Atta sales.
The report also mentioned the rise in the influence of mental and physical health concerns on the consumers buying behavior. This trend can be witnessed as a rise in spending on healthy food, personal and home hygiene, medical, fitness, education and home entertainment. Discretionary spending on luxury commodities and experiences such as dining out, travel, luxury brands, new vehicles, apparel, alcohol and tobacco has reduced significantly.These emerging trends are also influenced by factors such as economic recession, rising unemployment and salary cuts.
The biggest surge however is in hygiene and immunity category, consumer inclination towards immunity building products like Chyavanprash, organic natural honey has risen along with rising demand for safe and good quality liquid soaps. The measures taken by consumers for their own safety has resulted in a preference for ‘contactless’ home delivery and digital payments. The safety and immunity concerns will influence purchase decisions for a long time.