Liberalization has transformed the Indian consumer landscape ever since the 1980s and 90s. Technology has also participated in a similar role in the past few years, especially Digital technology, since it has revolutionized our involvement with each other and with the world. Ever since COVID19 came charging into our lives, it has changed pretty much everything. So how exactly does this conflux of forces effect the consumers in the near future?
In the future, selective consumerism will be a critical part of categories like fashion, beauty, food, and even healthcare. This is because these fields are bound to play vital roles in the consumer’s quest for self-definition.Therefore, soon enough, the markets that enhance an individuals’s uniqueness will more likely grow into importance.
This significant shift will build a new mindset, that signals confidence in consumers and encourages them to continue with what sets them apart. This is in contrast to the consumerism patterns that existed before COVID19 hit us, as these patterns encouraged the public to continue with buying habits that made them fit into a particular reference group.
This more calculative approach towards consumption will soon become a significant focus in our lives. This shift in priority is because of the new generation of consumers who have unleashed the unusual amount of potential that comes along with their newly found individuality. So now the question is that how will COVID19 impact the consumer’s need of preservation when it comes to their individuality?
The forced isolation in the last few months has given people a chance to live more profoundly with themselves. This has helped them distill the aspects that are genuine & fundamental to their identity from those which are not. They have acquired some new facets like self-education, cooking experiments, new skills, and discarded several others. In terms of consumption, their lifestyles have forced them to be more cautious when it comes to their savings & expenditures. Post-COVID19, the consumers have learned to distinguish between what really is needed and what is not. They have also discovered new things that give them pleasure and many other things that do not.
These elevated levels of consciousness will most likely lead the customers into a more evolved relationship with consumption. This recent diversion towards more meaningful consumption was already on its way, but the COVID19 situation has accelerated this much awaited shift even more. A distinctive & personal approach towards buying things will lead to more thoughtful and selective consumption. In particular, categories like fashion will face the challenge of relevance and will find the need to re-brand themselves soon. It is not that fashion will not be necessary, but its purpose and its demonstration will require major efforts.
Brands will need to offer a more substantial reason for their existence and define what value they add to the consumer’s life in more careful terms. While brands that seek a real purpose will be appreciated, consumers are most likely to boycott all poseurs. There will be a sharp distinction between two particular kinds of brands—the effortless brands versus the brands that come from a genuine source of belief. The latter will find it easy to attract consumers since all their actions will be naturally branded. The brands that lack originality will struggle to keep up with the profits as the consumers have evolved post-COVID19 for the better. If done right, this development in marketing will diffuse into every other aspect of our society and start a significant change in every consumer’s life.