How Covid will Change Consumer Habits?
Covid-19, which started to spread in late 2019 and continues as of 2021, is a major epidemic that changes everyone's lifestyle and habits. Practices such as social distance and quarantine that come into our lives with the pandemic have an important effect on the change of spending habits. So, how Covid will change consumer habits?
In the first quarter of 2020, the closure of shopping malls, restaurants, cafes, hotels and many businesses in different sectors, the restriction of intercity and international transportation activities caused economic contraction in many sectors as well as the clothing sector, food supermarket sector, entertainment sector, accommodation sector and travel sector. In this period, where more time is spent at home, there is a significant change in consumer habits. Then, how Covid is changing consumer habits?
Covid-19 Pandemic Directly Affects the World Economy
Since the Covid-19 pandemic continues to be effective all over the world, it is difficult to predict the future of the country's economies. However, according to the World Economic Outlook Update Report published by the IMF in June 2020, there is only 5.4 percent growth expectation in the world economy for 2021. However, this result is 6.5 percent lower than the growth expectation before the pandemic. In addition, according to estimates made by the United Nations Development and Trade Conference Report, the pandemic may affect the global economy more than the 2008 economic crisis. Therefore, this stagnation in production and consumption has a great impact on employment, working style, purchasing power and spending habits. İn that case, how Covid-19 will permanently change consumer behavior?
Also read: https://timeofarticle.blogspot.com/2021/04/remote-working-statistics-for-2020-and.html?m=1
Big Change in Spending and Consumer Shopping Habits
What is consumer shopping habits during Pandemic? As an important consequence of the pandemic, the concepts of working from home and distance education now have a more important share in our lives. In addition to these, concepts such as doing sports at home, socializing by video calling and online shopping are an important part of the new normal. This increase in credit card usage and online shopping also has a positive effect on e-commerce volume. There is a big increase in the e-commerce volume of different sectors such as the software sector, electronics sector, white goods sector and home garden sector, as well as the clothing sector and food supermarket sectors.
Contactless Shopping Due to Pandemic
With the coronavirus, new pandemic habits have entered our lives. One of the most important changes in shopping habits with the pandemic is the adoption of contactless shopping. The fact that the Covid-19 virus can remain on many surfaces for at least 24 hours causes contactless shopping to become more popular, especially in clothing and food shopping. There is also a large reduction in the rate of cash utilization. As a result of this situation, the contactless payment feature on credit cards is also widely used.
Is online shopping safe in Covid? Restricting the shopping areas and times due to quarantine practices as well as social distance, masks and hygiene rules can accelerate the decrease in physical shopping. As a natural consequence of this situation, online shopping is more common now. The fact that people can buy almost anything they want without having to enter crowded shopping environments accelerates the growth in the e-commerce sector. In addition, there is a significant increase in credit card usage during this period.
Domestic Products and Brands Are More Popular
Changing consumer habits Covid-19 includes product and brand preferences. In this process where import and export decrease, the demand for domestic products is quite high. In addition, people trying to eat a healthier diet during this period causes more attention to domestic and organic products. Supporting domestic producers and brands in order to stimulate the economy leads to three times more preference for local products.
The Covid-19 pandemic may continue to take place in our lives for a long time. Therefore, we can see different customer Covid trends on spending and consumption habits in the upcoming period.
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