Originally published at : http://www.pitchonnet.com/blog/2020/06/17/brace-for-impact-pandemic-set-to-define-new-market-trends/

Over a billion people across the country have been confined to their homes. Routines have been disrupted. Work habits and even socialising norms have been completely upended. The continuing lockdown and need for social distancing will possibly change consumer behaviour permanently. Any credible solution seems a long way off and as people prefer to stay indoors, further impact shall be seen in consumption habits and spending patterns. Business leaders and marketers are now required to brace for a different reality and take a hard look at their strategy going ahead.

In a recent survey that we conducted through Epiphany – a global market research firm, to study consumer perceptions in these times, nearly 50% of customers expect the situation to remain as bad or even worse in coming months. 80% of consumers have already experienced income loss due to the crisis & 92% estimate additional future losses. Further the survey enquired about customers’ perceptions with respect to three aspects related to health i.e. physical, financial and mental. 40% of customers are worried about all three aspects and 22% are more worried about their physical and mental aspects of health in the current situation. The overall results of the survey suggest a rise in anxiety levels and concerns about the future, which will force them to alter their spending patterns and make different lifestyle choices going ahead.

A prolonged battle against Covid-19 will force significant changes in what, when and how we consume anything. Here are a few scenarios to consider:

Clearly, customers’ response to this pandemic will see a departure from past norms therefore organisations must keep a close watch on trends and a keen ear to the ground. They should be more agile and respond swiftly to capture their customers’ imagination ahead of competition. Technology will not only be the ‘invisible hand’ enabling consumption but will also play a decisive role in raising competitiveness of businesses. There will be a strong need to provide an enhanced omni-channel experience to customers. All businesses irrespective of their size will need to deliver on the assurance of ‘Trust and Safety’ for their customers and employees, to survive and thrive in this continuing Covid-19 world.