[UNLOCKED]: Consumer behavior
The pandemic has thrust upon us unprecedented challenges and uncertainties. Crises like this take a heavy economic toll, while the disruption they bring about often heralds new consumer and marketing trends. For example, the need to generate income during the 2009 financial crisis led to the creation of marketplaces for underutilized assets, giving rise to the sharing economy; the shutdown following the 2003 SARS epidemic stimulated the widespread adoption of e-commerce in major economies in Asia, making China the center of innovation around social commerce. So, for your first discussion post, share your opinions on how changes in marketplace and consumption behaviors during the pandemic, due to safety measures like social distancing, stay-at-home orders, mask-wearing, etc., may evolve to create new consumption patterns that may prevail in the next ‘normal.’Consider the following prompts for your discussion (250-500 words)
- How has consumer behavior – the way consumers shop and interact with brands – changed during the pandemic?
- Give atleast one example of a new trend in consumer shopping behavior (e.g., social commerce) and strategies that brands have adopted to adapt to this changing trend (e.g., virtual try-ons, livestream shopping)
- Are these changes here to stay or will consumers fall back to old habits (e.g. patroning brick-and-mortar stores) once the threat has passed?