CHANGE IN BUYERS HABITS IN 2020 AND 2021

From B2C to B2B markets, the year 2020 and 2021 has witnessed an extreme changes in the buying habits, all thanks to the tepid state of the economy stemming out of several reasons like existing economy slowdown triggered extensively by COVID 19. More or less, people are following the “wait and watch” strategy as everybody can foresee a lot of uncertainty prevailing in the market.

Postponing demand till the economy recovers

COVID 19 has threatened the job security of thousands of people and a majority of the earning population has faced pay cuts or reductions in earnings. Nobody knows when the situation will turn back favorable. The hanging sword of breaking out war between the countries is also a contributor to this turbulence. Saving is preferred than overspending. Households are more inclined towards buying smaller packets and cheaper items. A lot of expenditure incurred on food and entertainment is on the lower side due to the lockdowns and risk of virus coupled with the individual choices of savings. 

Online shopping and payment has picked up

With a lot being promoted to avoid changing hands for currency, the literate population has preferred to order online and with the changed situation online payments through Paytm, PhonePe, GooglePay, etc. have picked up very fast. Groceries sales on the WhatsApp platform by local Kirana stores are on the rising trends. The same trend is observed for online gaming platforms and online entertainment. Reading from books to online reading has now become a preferred mode. Many of the individuals have worked on honing their skills through online courses. 2020 is the year when consumers have mastered the art of online platforms to fulfill their needs related to products, payments, knowledge, and entertainment.

A new product line is developed

With buyers being more concerned about hygiene and safety, demand for a new range of products has evolved. We have seen the culture of covering mouth and nose with masks majorly in Jainism, and now there is a whole new market for masks. Sanitizers and disinfectants which used to be a choice of a limited number of people have become everybody’s requirement. With a shortage of consumers for textiles on one side and demand for PPE kits on the other side, manufacturers were forced to adjust to the situation. 

Immunity boosters market

People are more conscious of their health. The current trend is in favor of products that offer to boost immunity and help prevent virus attacks. After all, there is a realization that ‘health is wealth’.