Q: What’s the common theme for change that will mark this era? While we’re united by isolation, meaning unprecedented change and upheaval, the actual experience is different for everyone. Some people can maintain their employment and move to working from home, others can’t. Some are juggling childcare/homeschooling with work, some face forced separation from loved ones they might ordinarily see and care for each day. Whatever our behaviours going into this isolation, weeks, if not months, of social and resource deprivation will focus our priorities and preferences. The following, inevitable, global downturn will only serve to further focus consumers on where they spend their time and attention. Broadly, this will mean increased tension between wants and needs. The effect we saw in supermarkets post-2008 financial crisis will be writ large across all categories. Middle-class supermarket shoppers, who previously turned their noses up at discount chains and own-label products, abruptly tightened their belts and changed where, and which labels, they bought. When they experienced the relative lack of experiential difference at the lower cost, most didn’t return. Covid-19 adds a new experience to these financial imperatives – the lack of many general goods, luxuries and experiences. Gone without for long enough, consumers will surely question their necessity even when they are available again. Already we’re seeing gym memberships cancelled and own-label sales grow. This reflection will set us up for a ‘decade of deliberate decadence’, where consumers, informed by this experience, will be selective about where and when they spend like never before. It will be small, but highly valued goods and experiences delivered both physically and digitally that will make occasions special and be loved beyond their monetary value. A: Consumer preferences will be pushed to the poles, reducing spending on the staples of life, and instead spending on little luxuries and experiences where the difference is more readily felt. This is part of our FMCG (CPG) Thought Leadership x Covid, read more here. To hear more, or talk to us, please drop us a line.
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