Covid-19 and the consumer
As we approach the last few months of 2020, Covid-19 has embedded its stamp on economies worldwide.
Agile consumers have taken a stand checking income and essential expenses; buying what is needed versus what is wanted, and this decision has impacted on the activity called ‘shopping’.
Some key questions considered by consumers are
The agile consumer is looking closely at expenses and income because all industries globally have taken a hit.
McKinsey (2020) advises that as consumer behaviors change manufacturing sectors will have to focus more on innovation for changes needed to lead the next normal.
The shock of widespread global lockdowns has given way to a new normal acceptance, a way of adapting to uncertainness of the environment.
Social distancing, regular sanitizing and wearing masks are ‘now normal’ – at least in this short term, as health and safety measures for business operations to continue, until a working vaccine is available.
What is interesting to note is “79% of executives responding to a survey believed that the COVID-19 crisis would have a lasting impact on their customers’ needs in the next 5 years”(McKinsey,2020). For businesses, fundamental changes will be made for the future now!
Consumers also engage in business activities, buying goods ands and services, investing in stocks and commodities, and many are involved in trade at some level. Our world consumers are aware, agile, and informed.
Agility is the skill of adapting quickly and being able to respond, process and progress with changes, especially during crisis, keeping steady and present. Survival. As consumers settle into these uncertain times, responses to COVID-19 will depend on how governments and businesses adapt – offering much needed leadership, alternatives, guidance, and support. Grants and stimulus packages are not sustainable for the long-term, offering temporary relief while more permanent actions and strategies are developed.
Once consumers understand their income flow- they will spend, and economies need this. They need to spend. The big question now is ‘Who gets the money?’ Are you ready for this?
From my desk: As I research this role of the consumer and business at this time, there is a lot to share and decided to share on the agile consumer from different angles. Your thoughts and ideas on this are encouraged. We are all consumers, and our responses are real and matter.
About Me: People and family are big motivators for me. Caring and love are tangible words that require action and fulfilment of God given capacity. Experiences in Sales, HVAC, Business Development, Entrepreneurship and everything else are intertwined, existing together in my life. As a problem-solver navigating through chaos and crisis is my new normal. We can make sense of everything!
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Reimagining Consumer goods Innovation for the next normal, McKinsey (2020) https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/reimagining-consumer-goods-innovation-for-the-next-normal?cid=other-eml-alt-mip-mck&hdpid=4dbd6524-8ef1-4ce5-a3fa-1adbb58cc4eb&hctky=9514464&hlkid=80bfd3090c9545c988d4f0184cab2796
Photo Credit: Unsplash.com/ Toa Heftiba
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