Things are not looking too good for anyone's economic future given the pandemic and subsequent lockdown orders from governments around the world. I believe this is going to be a historic event that will have a massive, lasting impact on our world… from the rising business bankruptcies and unemployment, though to food production and logistics. If nothing else, this pandemic has shown how frail our global economy is.
That said, a forced situation like this makes consumers and businesses adapt. As businesses do their part and have employees work from home, we're seeing mass adoption of video communications. Perhaps we'll reach a level of comfort with this activity where business travel can be reduced in the future – bringing down operating costs as well as helping the environment. It's not good news for the travel and airlines industries, but I'm certain they'll adapt.
OwnerIQ, acquired by Inmar in Q4 2019, is providing quite a bit of insight into how consumers are adapting to their new normal of staying at home, shopping from home, and adjusting their purchase behavior to products accordingly. OwnerIQ analyzed online shopper data from their CoEx Platform to provide the information, which they graphically presented in their infographic, How Consumers are #StayingHome.
Consumer COVID-19 Behavior Changes
It's pretty clear from the infographic that consumers are spending additional funds on a number of items:
- Office-Related Equipment – improve their comfort and productivity while working from their home office.
- Home Atmosphere – investing in items that make staying at home more comforting.
- Personal Care – investing in items that ease their minds on the stresses of the pandemic and isolation.
- Home Care – because we're spending time at home and not going out, we're investing in projects in and around our homes.