As consumers around the globe are recently adjusting to the next normal. There is a significant variance in consumer sentiment and also the behaviors across countries.
Heading into the fall of the season, there is a renewed sense of caution as the coronavirus cases has soar in parts of the world. While the uncertainty from the COVID-19 has persisted throughout the globe. Its impact has been greatly felt differently across countries. As a result of this, there is significant variance in how the consumers respond to the crisis and how they adapt to the next normal.
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While these themes was held true across the 45 countries we have also tracked through the crisis. We focus on a subset of the 13 core countries. That we had to select them because of their economic significance. And the impact that the COVID-19 has had on their populations.
Marketing strategies must have to shift as consumers are now becoming more price-sensitive now than pre-pandemic
While most of the consumers are cautiously optimistic that the life will return to normal this year after experiencing the coronavirus outbreak uprooted. Most aspects of peoples everyday life last year, many remain concerned about the long-term of economic impact of the pandemic. And are now more price-conscious. They are now elevating the importance of communicating deals, the values and benefits, according to new research that was carried out.
A survey of about 1,004 US adults that was conducted by marketing solutions company. The Vericast’s Valassis business and a third-party market research firm reveals that nearly three quarters of the consumers are saying that they increased their savings behaviors during the pandemic. And the 82% plan to continue these practices over the next year.
The Effect of Covid-19
Part of this shift has a reflects to the widespread job losses, the pay cuts, the furloughs and other of the negative financial impacts. That occurred early in the pandemic when the regional lockdown orders disrupted the economy at large. According to The Consumer Optimism Outlook, which revealed that about 49% of consumers said their household income was somewhat negatively impacted by the COVID-19 in 2020. And the “vast majority” of those that are expecting it to continue in 2021.
However, another of the savings driver was the forced closing of leisure activities and the concern for the economic outlook. Which could dissipate as an out-of-home entertainment and the activities resume over the course of this year, the report noted.
Regardless of the impetus for making savings, more consumers are very price-conscious now and it is worst than last year. According to the survey. It found about 31% on consumers that are considering themselves price-conscious. While shopping for consumer packaged goods and groceries for an increase from the rate of 23% in 2020.
Given that money will still continue to be tight for so many consumers and that financial scars will run deep. Researchers are recommending brands “communicate with deals, the bargains and the big benefits.” If they really want to successfully engage with the shoppers.