COVID-19 and Changing Consumer Preferences: Putting the Spotlight on Sustainability
The COVID-19 pandemic caused global disruption and is continuing to have lingering effects across nearly all industries. Because of its widespread impact, there is little doubt that COVID-19 will go down in history as a significant event. But it may be much more than that.
There is early data that indicates that the pandemic has altered the way people view their relationship with the environment and may even alter their habits as a result. COVID-19 may be remembered as the turning point for widespread adoption of more sustainable habits on a national scale.
Even prior to COVID-19, the consumer demand for renewable energy and sustainability had been growing, with over three-quarters of Americans indicating that they want to learn how to live more sustainably, and nearly half of the population indicating that they would be willing to pay a little more for renewable energy.
But the pandemic is changing priorities for many Americans. At the height of the response, many people reported that they had more time for reflection and that they were reassessing the things they value most. In addition to this, over a quarter of people indicated that they were going to pay more attention to what they consume and the overall effects of their consumption habits.
This early data also shows that very few people anticipate going back to their pre-pandemic habits and behaviors, including those related to the following categories:
The products they buy
How they eat
How they consume information
How they use technology
How they shop
How they work and learn
The bottom line is that the pandemic created an opportunity for many to reflect on their current lifestyle, re-prioritize their values, and adopt new habits. And for many, the reflection period underscored the importance of putting greater emphasis on personal health and long-term environmental health.
This sentiment is so widespread that nearly two-thirds of people indicate that they would be more likely to patronize companies that ‘do good’ for society, and almost one-third are willing to pay extra to buy products that contribute to the community. Moreover, some people expect that changes they make to the following habits will be permanent changes, which can forever alter consumption in America.
Limiting food waste
Making more sustainable choices
Shopping more cost consciously
Shopping in closer neighborhood stores
Only buying from brands that are trusted
Making fewer shopping trips
Overall, the virus will likely have a lasting impact on the future of consumption in three primary areas. First, there will continue to be an accelerated increase in conscious consumption, which is linked to shopping more cost consciously and selecting sustainable options. There will also be a greater demand for locally sourced products and community-based stores. And finally, consumers will be seeking products and services that support healthy lifestyles.
Embracing these three consumer preferences must be a key part of emerging business models and marketing plans in order to thrive in the post-pandemic market. The pandemic allowed many individuals to focus on their priorities, and it is also a great time for businesses to do the same to ensure that they can meet the new priorities and needs of their customer base.
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