According to the latest EY Future Consumer Index, global consumers are placing a high importance on affordability and health when it comes to their shopping habits post-Covid. The survey, which gathered responses from 14,500 international consumers between January and February, revealed that individuals are still concerned about their health, families, and future prospects. Despite the progress made with vaccine rollouts in certain countries, the percentage of people expecting to live in fear of the pandemic for at least another year has risen. Nevertheless, nearly half of consumers believe that life after Covid will be an improvement compared to before the pandemic. This is due to the fact that the crisis has fast-tracked changes that contribute to a better quality of life or a more convenient way of living, such as the inclination to move away from cities, increased online shopping, and a focus on health, affordability, and sustainability.
For brands and retailers, it is crucial to comprehend where consumers are heading and to boldly accelerate transformation efforts in order to align with consumers’ lifestyles, as opposed to solely catering to their purchases. The survey findings also highlight the significance of vaccines for retailers. The majority of global respondents (91%) plan to get vaccinated, and 56% would be more inclined to shop with retailers that enforce vaccination requirements for their employees. Furthermore, 48% of respondents consider those who refuse to take the vaccine as selfish.
Affordability and health will remain consumers’ top priorities when it comes to shopping, with affordability slightly surpassing other considerations since last June. While affordability may not rank as the primary consideration for everyone, 58% of consumers will maintain a heightened awareness of their spending in the long term. Price will be the most crucial factor for 63% of consumers when making purchasing decisions three years down the line. Additionally, 57% of consumers aim to make healthier choices in their product purchases in the long run.
Although it may not be at the forefront, 49% of consumers still plan to prioritize environmental concerns and climate change when making purchasing decisions and choosing how they live their lives. Sustainability is expected to become the most important purchase criteria in three years for 26% of consumers. Social impact also holds significance for consumers, with 56% stating that they would be more likely to purchase from companies that have a positive impact on society.
In terms of experiences, 37% of consumers are less enthusiastic about participating in activities outside of their homes due to health and safety concerns. This suggests that online shopping will continue to thrive, as consumers now perceive their homes as the hub for work, leisure, and health-related activities. A staggering 56% of consumers intend to maintain their fitness routine at home even after the pandemic, and 30% hope to work remotely more frequently in the future. Overall, the pandemic has had a profound impact on consumer behavior, necessitating that brands and retailers adapt to these changes in order to meet consumer expectations.
[Optional link: EY Future Consumer Index] [Optional link: EY Future Consumer Index – Rebuilding]
