How Have Spending Habits Changed Since the Pandemic?
COVID-19 has changed how we live socially, professionally, and financially. Because of economic setbacks and widespread job loss, some people have less spending money, and others have saved due to receiving stimulus funds. The types of products that gained and lost popularity during this period can provide insight into how people are spending their time and how their priorities have changed.
Online, digital and DRTV, and home shopping increased prominence during this period due to people spending more time at home and actively avoiding going out in public. Because of this digital surge and its convenience, the popularity of online shopping and direct-to-consumer advertising is likely to continue at full force after the pandemic.
People had more time at home and more time to evaluate brands. And are more open to value and new brands. This shift could lead to economic instability for higher-end name brands. Still, it could help increase popularity for start-up brands promoted in DRTV and social media, giving a more level playing field.
Certain product categories surged in popularity, such as soaps, hand sanitizers, and other types of sanitizing products, as well as health, fitness, and home improvement products and services. Pandemic behavior will likely linger for a long time post-pandemic, and marketers can take advantage of the trends created during the pandemic.