Not surprisingly Covid-19 has changed a lot about our lives including our consumer buying habits. In a recent condensed version of their extensive consumer research McKinsey and Company came up with some interesting trends.
How many of these changes will stick? McKinsey has identified 5 areas.
Categories where expected growth in online shoppers exceeds 35 percent include essentials such as over-the-counter (OTC) medicine, groceries, household supplies, and personal-care products.
Consumers are now trying new product brands at the rate of 36% and another 25% are switching to private label brands. Of consumers who have purchased different brands, 73% intend to continue buying those brands.
Enhancing hygiene with contactless delivery and curbside pickup is increasing in popularity as 79% of consumers indicate that they will continue or increase their usage of self-checkout after Covid-19.
As discomfort with the state of the economy grows, about 40% of U.S. consumers have reduced spending and cut back on nonessentials.
Consumers are concerned about returning to regular activities outside the home at a rate of 73%. The places most listed include hair salon, gym, or restaurant along with public transportation, ride sharing, air travel, and crowded spaces like indoor or outdoor events.
More at-home time is spent on domestic activities, media, and news. Usage of online entertainment has skyrocketed. So has investments in at-home fitness equipment and online exercise programs.
Following consumer trends during Covid-19 gives us all some insight into how we are changing. If you are considering changing your insurance, we are here to answer your questions and support you.
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Source: McKinsey and Company