Trends in Consumer Lifestyles - COVID-19 Consumer Survey Insights - Weeks 1-10

Trends in Consumer Lifestyles - COVID-19 Consumer Survey Insights - Weeks 1-10

Summary

Despite the easing of lockdown restrictions, few countries are experiencing pre-pandemic normalcy. New routines imposed by social distancing measures are likely to impact consumer choices even after the threat of the virus subsides.

As a result of being forced to conduct more activities at home, from exercising to meal preparation, consumers are recognizing the merits of things such as cooking from scratch and online shopping. Additionally, the threat of a second wave of infections may result in enduring caution and reluctance to embrace past behaviors.

Scope

• At a time when trust and transparency are paramount, consumers are gravitating towards their favorite brands for guidance and reassurance. Male consumers are slightly more likely (54%) than their female counterparts (52%) to say they prefer to stick to their favorite brands.
• There has been a gradual but consistent increase in the proportion of respondents who prefer to pay with credit cards instead of cash. Consumers aged 18-24 are actually the least likely to prefer this payment method, which may be driven by their preference for other digital payment methods.
• There has been a clear rise in the proportion of consumers who are trying new cuisines, with younger consumers particularly inclined to do so. Evidently, self-isolation is facilitating consumer interest in new flavors and cuisines, which suggests an enduring desire for novelty and excitement.

Reasons to Buy

• Identify the reasons underpinning consumers' lifestyle changes and behavioral adjustments.
• Gain insight into the key consumer trends that are most likely to drive innovation.
• Put innovative products into context by connecting them to specific consumer trends and preferences.