If theres one word thats been over used in this pandemic its: unprecedented. If you take it for its literal dictionary definition then you would know that there is actual precedent for COVID-19. That was the Spanish Flu seen in 1918, which lasted for 2 years and kicked off The Roaring 20’s, a time of new innovation and growth in the economy, sparked none other than businesses and entrepreneurs. However, whats changed from 100 years ago is that we are living in a globalized economy, everything is linked and COVID-19 has disrupted this global economy. Today, I wanted to talk about the potential this pandemic has for businesses and more specifically, how it has changed consumer behaviour and sustainability marketing.
The Roaring 20’s (Image Source: Financial Times)
According to an article by McKinsey, value is more essential than ever in the times of COVID, however this sentiment varies across different countries. I believe that this is because consumers are now thinking more about their spending while others, have saved and can spend on other non-essentials more freely. Indeed, the pandemic has impacted and exposed the different socio-economic classes and may have actually widened the gap. Another article by Deloitte highlights the importance of going digital, which was a similar finding the McKinsey article. Consumers need to feel safe in order to make a purchase and going online facilities this safety. In fact, digital sales have become more active than during the holiday period during the pandemic. Another finding from the McKinsey article is that there has been a shock to consumer loyalty. Although we love our favourite brands, the article showed that consumers are more price sensitive, want to find value, and are willing to try new things. However, besides value, convenience, and availability, consumers are also saying that purpose and quality are reasons why they would facilitate a purchase. The desire to support local, or the company’s vision would be purpose for example.
These findings have massive implications for how both traditional marketers and green marketers will move forward. Digital marketing will be more important than ever, and as new grads we must be prepared to adapt to this shift. Understanding how the consumer behaviour has shifted and how to integrate that shift into technological applications will probably define how we as a generation will take on this new roaring 20’s. But right now, I can only hope that this pandemic will be ending soon and look to an optimistic summer.