American Marketer
 Ideas and insights for marketers
  1. Brands should incentivize consumers to go green
  2. Retailers expanding pickup options, facing staff shortages this holiday season: report
  3. Owning the customer experience in an Amazon-disrupted market
  4. Shifts in retail sales of women’s designer bags
  5. Macy’s trademark decision confirms importance of surveys
  6. Year of the Rooster luxury items: Hit or miss with Chinese consumers?
  7. How luxury is the millennial’s unlikely weapon to fight social inequality
  8. Luxury brands need to change their marketing strategy for India
  9. Green is the new black: Backing the Fashion Pact
  10. How resale, rental and flex payments can put luxury within reach – especially now
Comment

Research

6 ways how consumer goods and services will transform post-pandemic

June 4, 2020

Expect more purpose-driven businesses as the pandemic changes consumer behavior worldwide. Image credit: Euromonitor Expect more purpose-driven businesses as the pandemic changes consumer behavior worldwide. Image credit: Euromonitor

 

By Luxury Daily News Service

Six themes will reshape consumer goods and services due to the COVID-19 coronavirus pandemic as the worldwide economy enters its worst recession since the Great Depression.

In a newly released report, market researcher Euromonitor focuses on cross-industry themes to help marketers adapt to a new business landscape where per-capita global consumer expenditure is expected to drop by nearly 5 percent.

Per the Euromonitor report, the six themes across sectors such as health, beauty, fashion, beverages, food, home, retail, travel and restaurants are:

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 ecommerce, 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 is here to stay?: Online shopping, remote living, decreased discretionary spending and self-care will shape consumer behavior.

Impact of coronavirus across economies, businesses and consumers

 
LATEST HEADLINES
MOST POPULAR
  1. Brands should incentivize consumers to go green
  2. Retailers expanding pickup options, facing staff shortages this holiday season: report
  3. Owning the customer experience in an Amazon-disrupted market
  4. Shifts in retail sales of women’s designer bags
  5. Macy’s trademark decision confirms importance of surveys
  6. Year of the Rooster luxury items: Hit or miss with Chinese consumers?
  7. How luxury is the millennial’s unlikely weapon to fight social inequality
  8. Luxury brands need to change their marketing strategy for India
  9. Green is the new black: Backing the Fashion Pact
  10. How resale, rental and flex payments can put luxury within reach – especially now


MORE IN Research
British luxury brands look to overhaul UK policies as pandemic woes deepen
Despite weariness about in-store shopping, consumers ready to spend this holiday season
With Amazon Prime Day, the 2020 holiday season is officially here
Retailers expanding pickup options, facing staff shortages this holiday season: report
2021: What are the Asian wealthy focusing on?
Wealth of world’s richest takes hit amid pandemic: Wealth-X



RECENT ARTICLES
Managing an ecommerce pivot during an economic crisis
Connections redefined: What authenticity really means
7 trends to watch in luxury influencer marketing in 2021

Why HENRYs still should be a key target for luxury brands
5 steps to designing and implementing a client win-back program
FT Business of Luxury Summit 2020 focuses on luxury after the lockdown