Euromonitor published a new report: study identifies 6 themes that will reshape consumer goods and services after the coronavirus pandemic.
I tried to summarize in a compact way these six small revolutions in the future of goods and services, almost like mental notes. Here they are:
A step beyond ethics and environmental awareness
Social aspirations will move towards a holistic approach that creates social, environmental and economic benefits. Sustainability efforts will have to coexist with the primacy of hygiene and service to consumers, even those in economic difficulty.
Hometainment and new experiential consumers
Many external activities will be brought online, and these virtual experiences will necessarily provide the same value as in-person events. The growth of online gaming and esports will make up for some of the lack of regular sporting events. Toy companies will reposition themselves as entertainment companies.
Where and how consumers will buy
The rapid shift to e-commerce, click-and-collect and direct-to-consumer (D2C) channels will accelerate strongly. D2C brands especially will increase awareness and customer acquisition across a greater variety of platforms.
A new wellness
Consumers will focus on achieving optimal health. Happiness will become a tangible business prospect. The concept of “home as a health center” will strengthen as consumers improve their cleaning and hygiene routines at home.
Innovation and the new "core" of companies
Efficiency and added value will drive product development. Brands will need to align with the primary needs and wants of consumers. The focus will be on efficiency and costs. The concept of value for money will regain its share, that of planned obsolescence will go from an annoying market accident to full-blown turpitude.
What is here to really stay after the coronavirus?
Online shopping, "onlife" life, less discretionary spending and more self-care. There is also room for low cost strategies, as long as they produce added value. And not just "low profiles": some "solid" consumers will also continue to choose "premium" technology companies.
Will the future of goods and services be more mature?
Seen from this point of view, the future of post-Covid-19 goods and services is certainly characterized, like other aspects of the future world, from greater maturity both in companies and consumers.
