COVID-19 and recession mean the next 18-24 months will be a difficult time in which resilience planning will be essential for businesses everywhere; a new white paper from WGSN sets out what marketers need to know.
The Value Shift, from WGSN, a global authority on consumer and design trends (and a sister company to WARC), identifies the consumer sentiments that will be uppermost in a changed world and the business strategies necessary to address these.
Specifically, WGSN highlights the following five new Consumer Drivers:
- Financial Anxiety: The tough economic climate will drive low-impact consumerism and a desire for products with purpose and longevity.
- Health Concerns: Wellbeing was already under the spotlight but add in the fear of physical and mental safety concerns – and with self-care a rapidly growing industry – it’s little surprise that this is a critical consumer sentiment.
- The Loneliness Syndrome: A pervasive issue pre-Covid-19, loneliness has been driven by the switch from physical to digital connectivity and an increasingly desynchronised society. Post-pandemic ‘quarantainment’ will increase, becoming a new multigenerational normal.
- Quest for Truth: Prior to the pandemic, inaccuracies and falsehoods became a battleground in an increasingly partisan and post-truth world. Coronavirus has put a premium on truth. Keeping consumers reliably informed has never been more critical.
- Safety Fears: From social and political unrest to the global pandemic, safety and security is the great demographic and socioeconomic unifier. We are seeing a rise in collective trauma that is making the sanctuary of the home more important than ever.
And WGSN then advises the following five Resilience Strategies:
- Add Value by creating not just own-value ranges and affordable lines, but also think multipurpose and multifunctional products – and for beauty and household essentials, go big.
- Deliver Wellness for consumers who are health-conscious and looking for holistic solutions, addressing diet, beauty, fitness and home hygiene.
- Gain Trust for consumers who value truth. Be clear, open and honest about your supply chains. Take corporate social responsibility seriously and show you care.
- Promote Togetherness and inspire community spirit in both the real and digital world, through third-space opportunities and products that bring you closer to your customers.
- Offer Comfort & Reassurance in multiple ways. Recognise the home as the primary focus for work, rest and play. Add protective layers in apparel and beauty for life outdoors.
There are, says Bethan Ryder, Editorial Director, WGSN, “multiple opportunities and solutions for brands, from ways to win loyalty with their consumers in a tough economic climate, to the rising importance of wellness and products that add value with purpose.”
Sourced from WGSN