Mudra Compass

Recently Accenture had a survey on buying behavior of consumer post pandemic. Things changed a lot before and after the pandemic. People have developed new habits in buying terms.

“71% Indian consumers changed their buying behavior/habits post-pandemic,” said the Accenture Report.

Consumers are more focused on the purpose and importance before buying rather than directly involved in impulsive buying. They think why they need, what is the purpose of buying, is it necessary to buy at this moment etc. are the consideration points before making a buying decision.

People around the globe are worried about adopting the new normal developed during the pandemic and the situation has changed people in many ways in terms of differing attitude, behaviors, purchasing habits, point of view and many more. Consumers are responding to the situation in a variety of ways. Some involve panic buying to stock up grocery and other pantry items, some are worried and anxious, and some are becoming extra cautious and extra hygiene activities.

The report titled “Life Reimaged: Mapping the motivations that matter for today’s consumers’ is based on the survey conducted by the Accenture in 22 countries on more than 2000 consumers including more than 2000 consumers in India. The purpose of the survey is to reevaluate what is important to them in life. 22% of consumers in India seem to have changed their mindset in their buying habits while the other 7% have no such impact of pandemic on them.  Though the lockdown is on the easing side, still the people prefer to choose to stay at home and still they prefer work from home. Still the option of socializing at your own home or someone else’s home is not a preferred option. But virtually meeting up is highly on priority. The rise of cooking and banking over ordering outside food is more in trend. 72% consumers are mindful towards their food waste during pandemics and still 90% are likely to continue this habit post crisis and 61% consumers are making sustainable choice or ethical purchase while still 89% would likely to continue this.

Retail consumers are shopping locally, digitally and mindfully. And we come across the newer term “hyper local” where people choose a very near option to shop, roam and meet rather than finding a farther place.  The notable rise in online and digital gateway for purchasing and payment is evidence that people also changed in terms of using the technology and are still interested in continuing with the habit of using digital option, home delivery, curbside pick-up etc.

The research found five factors that extend beyond price and quality to include health and safety; service and personal care; ease and convenience; product origin; and trust and reputation. Beside this the priority is also changed for people around the globe like they now focus on the most basic needs, sending demand for hygiene, cleaning and staples products soaring, while non-essential categories slump. 

(The source is from Accenture survey and report)