Board Converting News, February 8, 2021

Consumer Trends (CONT’D FROM PAGE 22)

cashier-less stores, self-checkouts, home delivery, and consolidated shopping trips will become the norm, and consumers will continue to cut down on non-essential goods and services. In this time of incredible uncertainty, brands are tasked with communicating and delivering tan- gible benefits that motivate consumers to believe those products are indispensable. Coming Together The isolation and loneliness associated with the pan- demic have made consumers reflect upon the importance of community and mutual support. Consumers are coming together online, forming communities that unite to help one another. Forty-six percent of U.S. consumers feel giving back/ helping others is one of the top five values most Ameri- cans live their lives by. Just more than 40 percent of UK consumers say they feel more connected to their neigh- bors due to COVID-19, and 80 percent of Chinese consum- ers say it is important for them to feel part of a community. This increased importance consumers feel in trying to be- long to a like-minded community offers brands the oppor- tunity to support these communities in new and supportive ways. “The cancellation of social gatherings opens endless possibilities for online and digital communication,” the re- port stated. “The longterm impact of this shift is that we will see innovation across online and digital communica- tion continue at pace to cater to changing consumer ex- Experiential attitudes toward brands are increasing and can no longer be viewed as fads or marketing tools. Con- sumers are experiencing powerful emotional connections to brands that are creating a point of differentiation. Tech- nology has made experiences available to the masses while simultaneously creating a counterdemand for offline interaction with brands. Both act as a means for consum- ers to feel like they are stepping out of their comfort zones. People are challenging themselves in more demanding ways than ever before, while others seek thrills in the ‘nothing experience’ and recognize the importance of shutting down, switching off, or not doing anything at all. Consumers are becoming familiar with various forms of digital experiences that allow them to relax, socialize, learn and create,” said the report. More than 60 percent of Chinese consumers agree some online entertainment activities (e.g. fitness, music festival) conducted at home through short video platforms can replace offline activities. More than 30 percent of UK consumers who use mobile apps say using an app to ex- perience a virtual exhibition (e.g. museum, art gallery) ap- peals to them. Consumers are now increasingly living in a digital world, and the trends seen in areas like gaming will have an im- pact on other consumer and brand interactions, whether in retail, entertainment, or communications. pectations.” Virtual Lives

the amplification of grassroots movements and the func- tioning of society, consumers are wary of surveillance technologies and unsound data collection, raising aware- ness about ‘ethical’ tech. Priority Shift In addition to the myriad ways in which the pandem- ic has forced the world to reevaluate the ways in which health care and government should better serve the gen- eral population, it has also shifted consumer perception of value toward minimal consumption that emphasizes af- fordability, convenience, and protection. Consumers are also redefining value through a re- sults-driven lens, seeking durability, flexibility of use, and efficacy, according to the report.

Nonetheless, while consumers value their daily essen- tials, they still seek simple pleasures in splurges that el- evate their everyday – they just might need a little extra nudge from brands to allow themselves to feel comfort- able with these mini indulgences. Again, brands have the opportunity the shape consum- er spending as consumers report being worried about the long-term changes to their lifestyle. Sixty-four percent of UK consumers have a budget they try to stick to; 52 per- cent of U.S. adults are worried about how COVID-19 is im- pacting their lifestyle; and 82 percent of Chinese consum- ers think it’s worth paying more for higher quality products. Globally, consumers are embracing a scarcity mindset that makes them monitor their spending more closely and avoid excess consumption. In this search for things that matter to them, consumers are seeking not just affordabil- ity and convenience but also safety, protection, and dura- bility of goods. In the very near future, accelerated by the pandemic,



February 8, 2021

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