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A deep dive into the impact of covid-19 on consumer behaviour

As COVID-19 continues to impact consumer buying habits, it’s more important than ever to have an accurate view of the current market. This allows you to pinpoint what’s declining, what’s thriving and where the real opportunities lie.

News Xtend recently pivoted our ‘Brave are the Small’ research project to focus on COVID specific consumer-led insights and how changes in behaviour can create new opportunities for marketers and businesses.

Each fortnight over the next 8 weeks, we’ll be sharing a one-page snapshot of current consumer insights and trends to help you identify marketing and business opportunities.

Consumer Behaviour Snapshot from 20th – 26th April 2020

EVENTS PROMPTED: COVID19 has prompted people to re-visit their financial circumstances. Most prevalent is people accessing their super for immediate support, however, others are learning to invest, and some even paying off their existing debt.

MOST LOOKING FORWARD TO: Once COVID19 is under control, Aussies are most looking forward to social distancing restrictions relaxing, and it appears they will reintroduce social occasions into their everyday lives pretty much immediately.

SHIFT IN SPEND: Category spend has most significantly increased on household basics (food, utilities, supplies), online and offline entertainment, and overall health & wellbeing (supplements) – more of this spend is taking place online than in physical stores.

SHIFT IN ACTIVITIES: Increased spending in key areas is also evident in activity uptake, with more cooking, cleaning, gardening & DIY. To counter social distancing, we are also chatting online and using contactless payments when in physical retail environments.

SHIFT IN MEDIA CONSUMPTION: Media consumption across the board has increased. Video conferencing sees the biggest uplift as people use it for work and leisure, followed by social media, and long-form content. Ultimately, consumers are looking for more ways to be occupied and entertained.

 

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