As the country remains under a 40-day lockdown due to the coronavirus pandemic, consumer behaviour is expected to undergo major changes when the economy finally comes out of a shutdown.
As the country remains under a 40-day lockdown due to the coronavirus pandemic, consumer behaviour is expected to undergo major changes when the economy finally comes out of a shutdown. Millennials in particular are likely to indulge in revenge buying to make up for not being able to purchase during the lockdown. “When the economy opens up, the initial shoppers will be millennials going for revenge buying, discount seekers and bargain hunters,” Retailers Association of India (RAI) said in a statement on Wednesday. Further, there will be other behavioral changes as well with the reasons for shopping and going to malls expected to undergo significant changes.
Among other changes, e-commerce is likely to emerge as a clear winner as more and more shoppers are adopting this channel to buy essential and non-essential items alike. In the future too, this change will have certain lasting effects, the report said. Earlier, market research company Nielsen had said that many FMCG players will look to go aggressive on e-commerce in both near and long term as part of rethinking their strategies since e-commerce is on rise.
“This is the first time in our lives where all of us, our families, have been confined to the four walls of our houses, this changes a person, the person’s outlook towards life, we’ve reprioritized. And this is going to reflect in our shopping behaviour too,” Amit Kumar Sirrohi, Head — Retail Business, Raymond Ltd, said indicating that retailers also need to gear up to tackle shiting consumer behaviour.
Meanwhile, among other changes, shopping by appointment might become a new normal in the aftermath of coronavirus lockdown. “Preference will shift to standalone stores. Health and safety are going to be the primary differentiators,” the report said. Further, brands which enjoy strong credibility and loyal customer base will be the first ones to recover from coronavirus blow.