Meet the New Consumer
Post Pandemic

by | Jul 27, 2021 | Blog

The New Consumer Post Pandemic

What a year it has been, 18 months, to be more exact! And during this period, the New Consumer Post Pandemic has born. One who’s been through a roller coaster of emotions, and a business now closed-now open, now closed again ordeal.

Now it seems like life is finally going back to some kind of normal. But what does this new normal look like? How much has the pandemic changed us as consumers? Who is this New Post Pandemic Consumer?

We’ve collected statistics from studies by McKinsey, KPMG and Forbes, that tell an interesting story. And this is a story we’ve heard before, life as we knew it changed for good. Indeed, we’ve developed new habits and mindsets that make us different persons, and consumers.

New Consumer Post Pandemic Spending Behavior

  1. According to a study by McKinsey, just in the U.S., 40% of consumers will continue to be careful of how they spend money.
  2. While 31% plan to buy less expensive versions of items to save money.
  3. And, whenever they make those purchases, 21% of consumers plan to do more brand/product research than before Covid.
  4. 27% of consumers expect to spend at pre-Covid levels within six months. (KPMG) via Forbes.
  5. 26% of consumers expect to spend at pre-Covid levels within a year. (KPMG)
  6. 12% of consumers don’t believe their household income will ever return to pre-Covid levels. (KPMG)

Consumer Behavior Shifts

  1. “Over 60% of global consumers have changed shopping behavior, many of them for convenience and value.
  2. In the US, the percentage was 75%,” the McKinsey study notes.
  3. The same McKinsey study states that 75% of consumers have changed brands at least once during the pandemic.
  4. McKinsey’s study goes on to conclude that the top three reasons consumers changed their habits or brands were value, availability, and convenience.

Future Outlook

  1. 75% of U.S. adults say the pandemic will drive long-term changes in their behavior. (Forrester)
  2. More than 3 out of 4 consumers who adjusted their behaviors to follow government instructions, said they will continue that conduct. McKinsey

The future looks cautiously optimistic. As the economic recovery continues, 40% of US consumers are feeling optimistic, while less than 15% are still on the more pessimistic side.

The new consumer post pandemic is all of us. And we are coming out stronger and more cautious than before. And we are also more mindful of how and where they spend their money. There are also new customer expectations post covid that have set in. We’ve come a long way as a society, and are slowly adapting to the new normal.