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WHAT’S THE NEXT-NORMAL?

Consumers have seen changes to every aspect of their lives. Meet the next-normal consumer.

HOME :- During lockdown, the home has become a multiverse. It’s where we work, eat, play, and connect with our families and friends. Even as overall consumption has declined, the portion allocated for at-home categories has climbed. Over the months of social isolation, consumers’ net intent to take part in a variety of activities in the home has shifted, rise in the consumption of at-home categories, people are doing 54% more home cooking & 22% more home improvement.

SHOPPING :- E Commerce has shown 10 years of growth in just 3 months, preference for trusted brands choosing to visit stores closer to home.

ENTERTAINMENT :- Consumers stuck at home are spending more time but likely less money on their entertainment, as the trend toward digital options accelerates, Netflix added 16 Mn subscribers in 5 months while Disney doubled theirs to 50 Mn, Downloads of Gaming Apps increased over 30% YOY

HEALTH & WELL-BEING :- self-care becomes primary concern, digital is playing a larger role as the use of e-pharmacy and e-medicine accelerates, Online searches of tele medicine increased to 9x during lock down

WORK :- Rise in unemployment & remote working Zoom’s user base grew from 10 Mn to 200 Mn in 3 Months, Slack’s paying customers have doubled

LEARNING :- By necessity, learning and studying went virtual, driving adoption of new tools. The user base for remote learning services grew by 120 percent. The shift of learning from outside the home to inside has blurred the lines between learning and leisure, Virtual learning is driving adoption of new tools.

TRAVEL & MOBILITY :- Tourism is grounded, with air travel declining 90%, On the go consumption is also declines as people avoid major transit hubs, While it might take years for international travel to recover to pre-crisis levels of demand and supply, domestic travel could rise much sooner as consumers start summer vacations.

MEDIA CONSUMPTION :- There has been a dramatic increase in use of digital services.

ONLINE : – 39% people are reading more online news

TELEVISION : – 43% consumers are watching more television

SOCIAL  : – 40% people are using more social media

PRINT: – Print media worsened what a 33% drop in readership

 

                                                                                                                                                                  Sources : Mckinsey & company

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