Re-evaluating priorities in the wake of COVID-19

As a result of this, consumers are reflecting on how their lives can be constantly governed by stress and uncertainty and this is something they want to eliminate. Additionally, they are also recognizing that time-scarcity and dependency on digital devices has impacted on personal relationships with loved ones. This is something that will drive demand for products that help maximize personal relationships in the later part of 2020.

The global pandemic crisis is something that is having a profound impact on consumer attitudes and behaviors. Whilst much attention has been given to the health and economic implications of COVID-19, restrictions on movement at a national level is also influencing the way that consumers think. This is especially true given that the mental wellbeing of consumers is being impacted by feelings of continued concern and uncertainty. As a result of this, consumers are looking to re-prioritize what is important to them, such as looking to maximize face-to-face personal relationships with loved ones when they can. In addition, consumers are also demonstrating a greater sense of appreciation of things that they previously took for granted, such as easy access to products in shops.

Prior to the outbreak of coronavirus, a high proportion of consumers from across the globe indicated that they were unsatisfied with many aspects of their life. For instance, a Cognitive Health survey series conducted over the period 2018/19 by FMCG Gurus found that 53% of consumers said that they often have difficulty sleeping, whilst 57% regularly suffer from feelings of stress. In addition to this, a Country survey series conducted over the period 2019/2020 found that 30% say that they are unhappy with the amount of time that they have to relax, whilst 64% are making active attempts to improve their work/life balance. These feelings of stress and anxiety are something that can be attributed to consumers feeling increasingly time scarce as they look to cram as many activities into the day as possible, meaning they often do not have time to relax. Additionally, these feelings are something that can also be brought on by feelings of continued worry about issues such as financial security and the health and wellbeing of themselves and loved ones. Finally, a total of 37% of global consumers say that they spend too much time on digital devices.

As consumers are placed in isolation and many temporarily not working, they will have more chance to evaluate their life and re-evaluate their priorities. Many will look to step back from the pressures of everyday live and daily stresses, especially as they question their vulnerability to disease and illness. Additionally, consumers will also question if they have spent too much time on digital devices at the expense of face-to-face interaction with family and friends.

As a result of this, consumers will demonstrate a greater appreciation towards services and people that they feel that they may previously have taken for granted. Moreover, they will increasingly seek out products that help facilitate social occasions with loved ones, especially when social restrictions are eased.