Charting Today’s Landscape and Its Implications
Whether by choice, government direction, family situation or personal choice, an ever-mounting number of consumers globally are turning their thoughts inward – specifically toward their homes.
It’s affecting their attitudes, shopping habits and purchase patterns, affecting brand owners, manufacturers and retailers of all stripes. It goes well beyond the run on cleaning supplies and hand sanitizers. (Has anyone else noticed that the brand “Purell” — owned by GoJo Industries — is being used generically, entering the Hall of Fame that includes such stalwarts as Xerox, Band-Aid and Styrofoam?)
As they cope with effects of the Coronavirus outbreak, consumers around the globe are increasingly focusing on homebound activities, and their purchases are likely to reflect that reality. It’s worth noting by marketers of all stripes.
Practical patterns
In some cases, there’s a practical impetus. For example, laptop PCs and tablets have been in short supply in China where schools and universities, closed since January, have moved lessons from the classroom to live-streaming. There’s even been a 200% jump in sales of printers since the Lunar New Year in February as students seek a way to create worksheets.
There’s also been a boost in U.S. consumers stocking up on shelf-stable items, following the lead of consumers in other countries such as China, Vietnam and Taiwan, where instant noodles have become scarce on store shelves.
What’s cooking?
Even before the rise of the Coronavirus, we’ve noted a trend toward brands catering to such homebound areas as cooking, entertaining and board games, among others.
Licensed consumer products based on popular sites such as Tasty and Allrecipes, for example, are part of a merchandising and digital ecosystem that link the products (from Epoca and Lifetime Brands, respectively) to recipes and cooking tips.
Board games have been on the rise the past couple of years, even as such screen-based activities as videogames and eSports, as well as license-inspiring streaming platforms continue to proliferate.
Ecommerce
The shift to in-home activities also will likely increase ecommerce sales, although the magnitude still remains to be seen, according to Coresight Research. More than 40% of those surveyed by Coresight said they were avoiding or limiting visits to shopping centers/malls and more than 30% avoiding stores altogether.
And, for the suddenly homebound workers, there’s also no shortage of advice being offered on such topics as the ins outs of surviving a lengthy WFH stint, and proper etiquette for home videoconferencing calls.