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. Efforts on sustainability must coexist with the primacy of hygiene and service to consumers, even those in economic difficulties.
Hometainment and the new experiential consumers
Many outside activities will be brought online, and these virtual experiences will necessarily have to provide the same value as live events. The growth of online games and esports will compensate for part of the absence 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 have a robust acceleration. Especially the D2C brands will increase awareness and customer acquisition through 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 new "core" of companies
Efficiency and added value will guide product development. Brands will need to align with the primary needs and requirements of consumers. The focus will be on efficiency and costs. The concept of value for money will pick up again, that of planned obsolescence will go from annoying accident of the market to full-blown turpitude.
What is here to really stay after the coronavirus?
Online shopping, “onlife” life, less discretionary expenses and more self-care. Space also for low cost strategies, as long as they produce added value. And not just "low profiles": some "solid" consumers will continue to choose "premium" technology companies as well.
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.
