Trend Report: Consumer Lifestyle
This post is part of our Trend Report series.
Coming out of the first wave of the COVID-19 pandemic, Double Forte identified 15 consumer trends for “the next normal” across four major categories: Food & Beverage, Consumer Lifestyle, Wellness, and Work. We identified two distinct types consumers that will emerge post-pandemic:
The Safe and Saves are those consumers who emerge more somber – impacted personally, emotionally, and financially by COVID-19, and humbled by it. They will be willing to alter their lifestyles to prevent further outbreaks. They will be looking to rebuild their savings accounts and plan for a future rainy day, making carefully considered purchasing decisions.
The Let Me Out & Lives are consumers eager to put the events of early 2020 behind them and make up for lost time. They are willing to take risks, socialize, and travel. These are the future luxury buyers as they react to the severity and scarcity of the past few months.
Each will respond to the following consumer lifestyle trends in their own way.
- Home as Haven With travel remaining unpredictable and consumers craving comfort and security, people will invest in their homes. Already sales are rising for retailers like Lowes, Home Depot, and Wayfair. For the Safe & Saves this will mean smaller projects like painting and patios. For the Let Me Out & Lives it will mean indoor pools and remodels.
- Parenting by the Hour Exhausted parents pulling double duty as parent and teacher will seek home-based activities that fill the day – hour by hour. School districts are still uncertain what a return to the classroom will look like and the CDC is cautioning we must prepare for extended closures at any time, so parents will look for help educating and entertaining their children.
- Casual Every day The wall has officially come down between work and home. As people blend both, they will look for clothes that do the same. Safe & Saves will build capsule wardrobes that can serve multiple functions. Meanwhile, the Let Me Out & Lives will want to shed the austerity of recent months by going brighter and bolder. Luxury is not over; it’s just more targeted.
- Deliver Me Goodbye experiential retail, hello UPS. As disruptive as social distancing has been, it has also streamlined many inefficiencies in the way we shop. Consumers will take the best aspects of shopping during the pandemic and demand retailers maintain them – easy online ordering, efficient delivery, scheduled pickups, prepayments, and no crowds.
- Fido Fever Our renewed interest in pets – for companionship, therapy, and support – will continue as the future remains uncertain and our confidence remains shaken. This will in turn drive a larger market for pet wellness and safety products.
Visit our website to download our Trends Report. Then give us a call. We want to talk to you about how you can apply them to your business.