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“Crossroads in a point of time”

How the buying behavior of consumers has changed after the post-pandemic era


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ANIKET SINGH

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Unstop Igniters Glim

2 years ago | 3 min read

Introduction

We homo sapiens are who we are because we evolve. From the very beginning of time, we were not the strongest, fastest or biggest but there was just one attribute that brought us to the top of the food chain, we could adapt. No matter what the situation is we take our time to accept what’s there and welcome the change as it adds to our growth. Even after so many years, this trait of adaptability has helped us get through a global pandemic, series of lockdowns, unemployment, high inflation, and whatnot. The economic dilemma of this new situation confused even the great researchers and philosophers. But the world doesn’t stop spinning, so everything happened one way or the other. So, the market was open and worked in a new way adding terms like digital, home delivery, online shopping, video meets, health, and many more as a permanent part of our life.

What changed for the consumer?

“Sellers drive the sales; buyers drive the market”.

As time changes, so does the needs and wants of people change and COVID-19 changed everything. It disrupted the market and created new situations which required new offerings.Two new laws of consumer gravity, one is the online consumer market and the second is the massive need for health & fitness.Let’s talk about the consumer market first.“I don’t have change”. How many times has it happened to you that you were buying something, paying for a ride, or just paying a local street vendor when you have to listen to this line and realize that a transaction is not as convenient, even with money? Well, gone are those days, I guess. The pandemic changed a lot of things yet the major change it brought to everyone’s life was ‘Cashless Transactions. One can even say that this was the first domino falling which led to a series of changes not just in the economy but in the perception and behavior of our everyday consumers in India. What changed in terms of behavior? ‘The perception that I am spending more than I should. In comparison to cash-based transactions, the typical Indian consumer felt less guilty about spending more. In addition to that, the enhanced convenience of not carrying your wallet added to the impulsive buying spree for some consumers.Furthermore, if one is talking about buying, how can we forget the e-commerce market? During the pandemic, it saw a growth of 133% in sales in India. The variety of categories, options available and the lockdown situation helped in boosting the e-commerce sector. Especially the essential category products like groceries, food staples, pet food, etc. were majorly in demand.The dark-cold days of the pandemic bought a lot of things with them but the most terrible was the loss of life. People understood the importance of health and started investing in it as one life lost is one too many. Products like sanitizers, masks, and personal hygiene equipment are so deeply entrenched in the minds of consumers that they will continue for an extended period. Because of the consumer’s interest in the fitness industry, demand for gym equipment, and accessories have grown widely. Even AI-based home workout apps were created to cater to the growing needs.

Conclusion

Overall, a consumer post-pandemic is optimistic about the future and has trust in the economy. They are spending more and the economy needs more. It is because of the increased demand of the consumers that the wheel of the Indian economy could withstand the hardships of COVID times.Factors behind this could be changes in the media consumption habits, increased want of in-house entertainment, spending more time with the family, habits cultivated during lockdown days, and so on.The force of COVID has affected every industry, seller, and buyer differently for some more than others. But one thing is clear, the way ahead will be significantly different.

References:

https://timesofindia.indiatimes.com/readersblog/the-macro-musing/the-sectors-which-will-boom-post-covid-era-32443/

https://www.researchgate.net/publication/346964245_A_SURGE_IN_E-COMMERCE_MARKET_IN_INDIA_AFTER_COVID-19_PANDEMIC

https://www.weforum.org/agenda/2020/05/coronavirus-covid19-consumers-shopping-goods-economics-industry

https://sell.amazon.in/seller-blog/products-that-will-be-in-demand-post-covid-19

https://www.bls.gov/opub/ted/2022/changes-to-consumer-expenditures-during-the-covid-19-pandemic.htm

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ANIKET SINGH

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Unstop Igniters Glim


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