By Anchal Jain
1. ATTITUDES DO NOT DRIVE BEHAVIOUR. It is actually the other way around. Behaviour is a powerful driver of awareness, perceptions and attitudes.
2. COVID-19 has changed peoples’ behaviour in ways that were unimaginable just a few weeks back. As we get comfortable with lesser spending and consumption while learning newer ways to pray, live, love, party, work and exercise; deeper reflection is being done about the meaning of life and the need to bring a balance. We can perceptibly see human impact on environment as it quickly regenerates. A lot of us, for the first time, are blaming ourselves for the situation, and are changing behaviour without leaving it for someone else to figure the impact on the planet, other humans and ourselves.
3. People are changing their behaviour at all levels - Physical, Mental, Emotional and Spiritual. These new behaviours will later peoples’ attitudes to many things which were thought to be sacrosanct. We are predicting 5 major changes in consumer behavior in the post- Covid 19 world:
i) WELLBEING, NOT WELLNESS WILL BE THE NEW NEED. New benchmarks in human creativity and productivity will be established, not just at work but at self actualisation. Consumers will look for a holistic approach to wellness to build on personal needs, interests and talents. The new consumer norm will be to seek wellbeing, which will be a balance across all dimensions of wellness - physical, mental, emotional and spiritual.
ii) DEFINITION OF TRUST WILL CHANGE. Consumers will demand more details on how things are made, packed, stored, handled and transported before it reaches them. New standards of hygiene and sustainability will be demanded, not just appreciated.
iii) PHYSICAL, NOT SOCIAL DISTANCING is here to stay. Brick and mortar retailers will need to rethink how they will deliver social distancing in their stores. Restaurants will need to reconsider their seating and service arrangements. Many other industries like Airlines, Movie Halls, Resorts & Spas, Entertainment Parks to name a few, will need to incorporate this emerging consumer need in their offering.
iv) PERSONAL HEALTH WILL BECOME A MATTER OF STATE CONCERN AND CONTROL, even personal privacy breaches will be taken for granted. Global travel will become more restricted and controlled (eg., health criteria in visa processing) as countries become more socially insular. New comfort in remote transactions will get reinforced.
v) HOME IS WHERE I AM AND I WANT TO BE HOME. Personal time with loved ones, oneself, pets, nature will be demanded and work-life balance will take a new meaning.
Disclaimer: The views expressed in this article are Val-More’s views only. Anchal is neither an economist nor an astrologer. However, besides having an ability to connect future dots, he is an eternal optimist always looking at the positives in human behavior in any difficult moment to come out stronger. Special mention of Manoj Kumar and Geetanjali Rastogi from the Val-More partner team for their contribution and challenges.
If you would like the full PDF, please contact our founding partner and author of this article at anchal@val-more.com