The Covid-19 pandemic has shaken up the globe in a way that no one could have ever anticipated even just a few short months ago. With lockdown now in full force across the UK, brands are struggling to assess how their markets are likely to change. With a threat of a global recession – or even depression – it seems that the changes that had already begun across consumer markets are set to accelerate.
Let’s look at some of the main trends that are set to impact the marketing industry and the way that brands seek to engage with customers.
1. Digital will be more important than ever
Digital’s growth trajectory will only accelerate, as customers continue to live their lives with greater social distancing in mind. Large shopping centres look set to struggle as the public will be less inclined to circulate whilst fears of the virus persist. Online stores will have an even greater opportunity to win over existing and new customers alike.
2. People may be less inclined to spend
Economic fears also look to become entrenched with estimates suggesting that 1 in 6 people may lose their jobs as a result of the pandemic. Disposable incomes may be reduced and price-conscious purchasing is likely to be a trend.
3. Luxury brands may suffer
With this in mind, luxury brands may struggle to sell their products, especially if they also fail to fit in with modern values around sustainability and eco-friendly buying.
4. Germaphobia will be rife
Expect to see products that deal with hygiene continuing to do well, as fears around the virus and germs in general persist in the public consciousness.
5. Delivery and distribution will be more important than ever
More people will work from home, meaning that at-home delivery services will do well. Distribution chains and partnerships may change as a result, seeing smaller brands partner in a bid to share logistics networks.
6. At-home services will continue to grow
From home gym kit through to cooking supplies, people will continue to stay at home by choice, as well as by mandate. This means that products which allow people to enjoy their time at home will become more popular. These are likely to replace alternative products and services which are delivered out of the home.
7. Brands will consolidate
The high street is certainly set to become a very different place after the pandemic, with various retail brands sounding profit alarms, along with large ‘globo-gyms’, entertainment venues and leisure facilities. Brands will no doubt consolidate and see mega-companies such as Amazon continuing to grow, along with growing local networks of community service providers and brands as part of the inexorable drive towards buying local.
The post-pandemic world is filled with uncertainty and managers now really do face greater challenges than ever before. But opportunities will still exist for those brands which are prepared to evolve and change. With this in mind, access to the right talent will be key to success. Why not contact Clifford Associates to find out how we can help you to secure the senior digital resources that your company will need to succeed in a post-pandemic world?
