These days, deep within the pandemic, it is only natural consumers are pessimistic. But is this current sentiment an indication of their future behavior? Not necessarily.
According to IRi survey (April 23rd 2020), Consumer sentiment indicates the economic fallout of COVID-19 will last far longer than the health crisis. This pessimistic sentiment is no surprise given the recency and uncertainty of the situation. There is no definite estimate of the economic impact of the expected reduced free income. However, realistically, consumers have always shown high adaptability to solutions that accurately meet their new way of life. "Consumers (sentiments) are Likely to Shift Over the Next Three to Four Weeks" concludes the survey.
So how have the shopping patterns changed?
Here are additional key findings that may indicate the developing Consumers Outlook and areas of opportunity:
It will take time for Fresh product to rebound as shopping patterns changed, with more weekday trips, larger baskets as well as larger pack sizes.
Adjusting to cooking at home, consumers are turning to social media for inspiration and for sharing their abilities.
Consumers are adopting e-commerce. Delivery is increasing, but post-COVID-19, click & collect holds more opportunity.
An opportunity arises for the Convenience channel to provide more fill-ins and supply fresh produce, particularly in urban areas.
No doubt there is high uncertainty ahead. But short term indications already offer initial guidelines to address the near future consumers' needs. Room for optimism to those quick to leverage the potential.