flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

COVID-19: 10 Trends in Consumer Behavior

COVID-19 has taken the world by a storm. Financial markets, manufacturing, services, and tourism have been hit hard.  In fact, it has also changed the way we work, communicate, interact, and shop more than any other disruption in the decade.

As a result, there have been key changes in Consumer Behavior. There is a growing reluctance to visit crowded places, the increasing shift of work from the office to home, and the higher propensity for digital adoption and Digital Transformation.  The changes are inevitable. For businesses to stay relevant, businesses have to adjust to the new norms.

We are now entering the Low Touch Economy, a new normal where there are behavioral shifts and entirely different rules and policies.

A Glimpse of the Low Touch Economy

A new economy will be shaped as a result of new habits and regulations. There will be reduced close-contact interaction, tighter travel, and hygiene restriction.

The global economy will transition into a Low Touch Economy as an aftermath of the COVID-19 2020 crisis.  A Low Touch Economy will be characterized by entirely different rules and policies, habits, and behaviors. New rules and policies will be passed that will limit the number of people gathering, restrict travels, hygiene requirements, and strict adherence to practices that will ensure the protection of vulnerable groups.

In the work organization, there will be more people working from home and there will be a greater need for access to e-commerce and logistics.  With the Low Touch Economy, traditional business and lifestyle norms will be greatly challenged and behavioral shifts occurring.

The 10 Trends in Consumer Behavior

While COVID-19 has made a great dent in the global economy, it has also triggered a shift in human behavior. There are 10 trends in Consumer Behavior driven by COVID-19 that are becoming more and more prevalent.

Let us take a look at the first 4 Trends in Consumer Behavior.

Trend 1: Mental Health

As a result of COVID-19, there is an increasing state of anxiousness, loneliness, and depression.  People have started feeling isolated, experiencing lower productivity, and even loss of a job. Relationships have also been affected and the cost of healthcare increased.

Trend 2: Hygienic Concerns

The second trend is geared more on limiting COVID-19 exposure on the job.  It is the ability to respond to varying levels of disease transmission through prevention and control measures.

As a result of this trend, there has been increased caution when interacting with people and products.  In fact, establishments, offices, and even individuals are increasingly demanding for formal proof of hygiene and current health status.

Trend 3: Travel

Travel and Tourism is the trend that has the biggest impact as an industry.  There are now extended travel restrictions, even within one’s country.

We can expect local tourism to flourish and there will be longer extensive holidays with quarantine taken into consideration.

Trend 4: Working from Home

Trend 4 is a COVID-19 preventive measure that used to be an office perk.  There is now a need to optimize remote work home setups, which are beyond typical office jobs. As a result of this trend, individuals and families will start figuring out news ways to balance work-life needs within the confines of home.

With more people working from home, we can expect a reduction in office space and infrastructure.  At the home front, there will be the presence of special equipment, machines, and advanced video/audio setups to accommodate the change in lifestyle.

There are 6 other trends on Consumer Behavior that have propped up as a result of the COVID-19 pandemic. With these trends, there are response mechanisms we can expect from organizations, families, and even individuals.

What to Expect

With the changes that the COVID-19 pandemic has brought, we can expect organizations to come up with response mechanisms that will address concerns arising from these trends. Relative to mental health, risk-stratified crisis counseling needs to be initiated as additional support to employees. In fact, it is essential that organizations provide comprehensive benefits for their employees that will center on mental health.

For each trend, a corresponding response mechanism must be put in place if we are intent on ensuring the well-being of our employees and the continuity and stability of our organization.

Interested in gaining more understanding of 10 trends in COVID-19-driven Consumer Behavior? You can learn more and download an editable PowerPoint about COVID-19: 10 Trends in Consumer Behavior here on the Flevy documents marketplace.

Are you a management consultant?

You can download this and hundreds of other consulting frameworks and consulting training guides from the FlevyPro library.

About Joseph Robinson

Joseph Robinson is the Vice President of Strategy at Flevy. Flevy is the marketplace for best practices in business management. Learn how the Fortune 100 and global consulting firms do it. Improve the growth and efficiency of your organization by leveraging Flevy's library of best practice methodologies and templates. The documents at Flevy (https://flevy.com) are of the same caliber as those produced by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Most were developed by seasoned executives and consultants with 20+ years of experience. Flevy covers 200+ management topics, ranging from Digital Transformation to Growth Strategy to Lean Management. You can peruse a full list of management topics available on Flevy here. Prior to Flevy, Joseph worked as an Associate at BCG and holds an MBA from the Sloan School of Management at MIT. You can connect with Joseph on LinkedIn here.

, , ,



Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]   This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]
We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]   We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  


The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most articles have been contributed for management consultants and industry executives with over 20 years of experience. If you would like to contribute an article, please email our editor David Tang at [email protected].

Flevy (https://flevy.com) is the marketplace for premium business documents, such as management frameworks, presentation templates, and financial models. Our documents are of the same caliber produced by top tier consulting firms, like McKinsey, Bain, Accenture, BCG, and Deloitte. Learn more about Flevy here.


Connect with Flevy:

   
  


About Flevy.com   /   Terms   /   Privacy Policy
© 2020. Flevy LLC. All Rights Reserved.