Real-time market insights platform Suzy conducted two studies on the state of the US consumer during COVID-19 between April 24 and 29. The first was carried out from 24th to 26th with a sample of 750 participants, while the second was carried out from 26th to 29th with a sample of 1,000 participants. While #SMWONE, CEO Matt Britton has broken down the key findings from research.
Here are the key findings and insights:
- The behaviors that are shown behind closed doors today are becoming the new real habits of tomorrow
- Brands that evolve into brands that help or contain ingredients are the ones most likely to succeed after the pandemic is over
- DIY is a form of catharsis for consumers in these difficult times
The formation of long-term habits
According to a 2009 study by Phillipa LallyIt takes 66 days for a person to develop a habit. At this point in the pandemic, we are in a time window in which consumers engage in everyday activities that are likely to go well beyond the pandemic and interfere with the way we speak to and engage with consumers.
This does not mean that every single decision made during quarantine has these effects, but there are several key areas where behaviors shown today become the habits of tomorrow's new world. This includes cooking and self-care at home, distance learning and working from home, and the idea of having more time available that has a fundamental impact on today's businesses.
DIY as a form of catharsis
A key theme of the COVID-19 pandemic is that consumers are left to their own devices and forced to adopt new habits that take on more activities that they once outsourced to others. Cooking is a leader in this area, followed by housework, laundry, baking, self-care, home repairs, pet care, and sewing. 75 percent of consumers believe that they are now better in the kitchen, and over 50 percent believe that they will continue to cook more after the crisis. In the beauty sector, 54 percent say they use self-care or beauty treatments at home to replace spas.
Britton believes the food and beverage industry is the industry that will be the most affected in the long run, in addition to travel and hospitality in less than a second. However, over the next five to ten years, we can expect them to return to normal. The limitation, however, is that companies must make key business decisions in these areas that involve redesigning their launch strategies. This includes, in particular, selling your brand as an "ingredient" or "helping" brand, recognizing that your product or service can now solve DIY's weaknesses. L’Oreal is working with Eva Longorio to advertise her house by coloring her hair with a product, and Mattel Playroom’s “Play is Never Canceled” campaign is a prime example.
time is money
More than the half, (54%) of Americans are concerned about finances due to COVID-19, which comes as no surprise. With increasing layoffs and unemployment rates that could reach up to 20 percentConsumers find ways to redesign their routines within the confines of evolving household parameters to prioritize how and where they spend. And we're even looking forward to the upcoming Christmas season. Thirty-nine percent say they plan to spend less on holiday gifts in December 2020 than in 2019.
What Do Americans Do When They Spend Less Money? They are rethinking how to spend more time. They have less money but they have more time and this is spent on home cooking (60%), Do fitness activities at home (39%) and educate themselves through sales outlets like YouTube.
“In a new world of ingredient brands, DIY, where consumers have more time, YouTube has to be a place where brands have a place because consumers live there. Brands need to invest in the right amount of content to educate their consumers and give them the tips and tools they need to really engage and embrace this new DIY lifestyle. "
Redefine what it means to be social
Regardless of whether you're considering a middle school student interacting with teachers and colleagues through Zoom, or a salesperson trying to sell a new service or tool, and emotionally connect with potential customers without personal interaction, one is clear: The whole world had to redefine what it means to be social and interact.
From happy hour at zoom to birthday parties and weddings, the question always arises which part of this reality is good enough. In other words, COVID-19 gave us the idea that certain companies can work virtually at an optimal level. From this critical examination we can come to innovative conclusions that question our previous assumptions and improve our livelihood in a way that we could not have imagined before.
Online learning, for example, is growing in popularity as resources like Skillshare and Coursera allow people to take the time to learn more and prepare in a way that prepares them for success after COVID. Online fitness is another key area where influencers and personal trainers use their home studios to offer online workouts that are more effective than personal training for many.
Due to new platforms like TikTok, Squad and Houseparty as well as existing apps like Instagram, the economy for virtual experiences is booming. Artists like DJ DNice among numerous influencers and celebrities use these outlets to create a deeper connection point and more loyal fandoms that will remain without mass meetings after the pandemic. With that in mind, playing with Fortnite, Twitch, and even Microsoft Minecraft is also common and provides this common connection point that is more difficult to reach if you are not dealing with someone in real life.
Old habits: from not too hot
Thanks to COVID-19, more traditional habits that once dominated culture are reviving and are being used in conjunction with new technologies. Using Britton to stay connected, users rely mostly on physical phone calls (57%) followed by Facebook (55%), Whatsapp (36%), Instagram (34%), Facetime (26%), Skype (21%) and zoom (19%).
An important concern in recent months is whether colleges and universities will return. "The idea of a four-year college may still exist, but what consumers want to learn from the pandemic can change fundamentally," Britton said. In evaluating the 20 skills most in demand today, they are very trade and competence based, including cloud computing, SEO, UX design and video production, which are traditionally not taught in a liberal arts environment.
The most important aspect: jobs are in technology companies, GDP is growing, and this is unlikely to change. For this reason, it is unlikely that students will not want to go into debt for a system that does not prepare them to succeed in this role. This is supported by research results that show that COVID employees will be more likely to pay for online education in the future (69%).
Aside from education, grappling with neighbors is making a comeback alongside crossword puzzles, old-school puzzles, and games like Nintendo Switch, Sony Playstations, and XBoxes. Mobile has been king in media talks for years, but since the outbreak of COVID-19 64 percent These computer laptops and tablets are an essential part of your daily life.
"Anyone can come up with a campaign, but brands really have to ask themselves today how they will make decisions that affect the structure and DNA of the company," Britton said in one of his last thoughts during the questions and answers.
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