An event of this magnitude has not been experienced in a lifetime for many Australians with COVID-19 expected to trigger the deepest recession since WWII. After an expected short celebratory spending uptick as restrictions are eased, Australians will likely re-evaluate how they spend their time and money.
Having rediscovered the pleasures of baking, making and spending time at home, there is no question that this experience will change how we engage with retailers and brands. In our report, Beyond COVID-19: From panic buying to mindful consumption (PDF 1.9 MB), we explore the possibility that we are entering an era of mindful consumption and share our perspectives on how to respond and prepare.
Ethical and sustainable
A real focus on ethical and sustainability components behind brands – social cause, transparent sourcing are critical and differentiating. A support of brands that bring human connection versus materialism alone.
Simplicity and safe spaces
A renewed focus on simplicity – brands that are focussed on calm, practical, no fuss components to their product and service provision. Dual purpose wear, nurturing and investment in ones ‘safe space’ – home, garden, health and wellness.
|Needs based consumption
Needs based assessments taking place due to economic uncertainty – do I really need this? Outsourced services now being self-fulfilled – ‘do it yourself’, beauty, fitness being replaced by apps and newly formed outdoor routines.
|Convenience extends post sale
New definitions of convenience with the rise of online consumption extending to post sales - frictionless returns and post purchase service become critical differentiators.
If you have any questions regarding the content of this report and would like speak to someone from our team please contact us.