Factors Influencing Choices of Products/Services-COVID-19 Consumer Survey Insights-Week 3

Factors Influencing Choices of Products/Services-COVID-19 Consumer Survey Insights-Week 3

  • GlobalData
  • April 2020
  • Retail
  • 22 pages

Report Description

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Factors Influencing Choices of Products/Services - COVID-19 Consumer Survey Insights - Week 3

Summary

This report is part of the GlobalData COVID-19 Consumer Insight series, which tracks changes in consumer sentiment, lifestyles, attitudes, and behaviors stemming from the global coronavirus outbreak. It analyses factors influencing consumer's choices of products and services by category, geography, and demographic during week 3 of GlobalData's Coronavirus (COVID-19) Tracker Consumer Survey.

Key purchase drivers have shifted since the outbreak of COVID-19. Using GlobalData's TrendSights framework, this analysis shows that consumer sentiment is strongly characterized by anxiety and value-consciousness during this uncertain time. As the pandemic up-ends daily life and creates economic uncertainty, consumer choices are characterized by the need for safety and reassurance.

Scope

- Consumer sentiment is strongly characterized by anxiety and value-consciousness during this uncertain time.
- As the pandemic upends daily life, consumer choices are characterized by the need for safety and reassurance.
- For some consumers, an uncompromising emphasis on sensory appeal indicates a need for small indulgences at a time of unease.
- A renewed focus on value for money reflects economic uncertainty amid business closures and job losses.
- Country-of-origin preferences are also influential in guiding product choices.

Reasons to Buy

- Understand the relevant consumer trends and attitudes in consumer lifestyles and their choice of products and services in order to tap into what is really impacting the industry.
- Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
- Access valuable strategic take-outs to help direct future decision-making and inform new product development.

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Table of Contents
Factors Influencing Choices of Products/Services
Current Situation
Factors Influencing Choices of Products/Services
Take-Outs

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