A new report from global market research company Euromonitor International identifies six themes reshaping consumer goods and services due to the coronavirus (COVID-19) pandemic.
In 2020, Euromonitor expects per capita global consumer expenditure to decline by approximately 5% and the global economy to enter the worst recession since the Great Depression. Euromonitor’s new report explores cross-industry themes to help companies strategize for and adapt to a new business landscape.
- From Sustainability to Purpose: Initiatives move beyond ethical and eco-conscious to a holistic approach that creates social, environmental and economic benefits.
- Hometainment and the New Experiential Consumer: Out-of-home activities are brought online, and these virtual experiences must provide as much value as in-person occasions.
- Where and How Consumers Shop: Rapid shift to e-commerce, click-and-collect options and the direct-to-consumer channel accelerate digital disruption.
- Wellness Redefined: Consumers focus on achieving optimal health. Happiness becomes a tangible commercial prospect.
- Innovation and the New ‘Core’: Efficiency and value drive product development. Brands need to recognize and align with fundamental consumer needs.
- The ‘New Normal’: What’s Here to Stay?: Online shopping, remote living, decreased discretionary spending and self-care will shape consumer behavior.
Euromonitor analyzes the implications of these six themes across health, beauty, fashion, beverages, food, home, retail, travel and restaurants, among other industries.
You can find more data in Euromonitor’s report: