There is a paradigm shift in people’s buying behavior—a shift towards the digital. Amazon.com Incorporated, an American multinational conglomerate technology company focused on e-commerce, reported soaring quarterly sales of 26% from a year earlier to $75.5 billion in the 3 months through March which is by far the highest on record for Amazon amidst the COVID-19 crisis as homebound customers flooded it with online shopping orders.
In Singapore, consumer have shifted their purchasing online as well as a result of the COVID-19 pandemic, and experts are saying that this behavior will last even after the pandemic. According to data from Nielsen, some 70% of Singaporean consumers opted to shop online to stock pantries with fast-moving items such as packaged foods and beverages, and 69% of those who had bought these goods online for the first time during COVID-19 are already planning to do so again within the next 12 months. Here are also a few changes in consumer behavior you might want to note:
Generational Purchasing. 96% of Gen Z and Millennials in the U.S. have greatly changed their buying behavior as they start to cut down on spending, stock up on items, and spending less on experiences. They are more concerned of the pandemic impact on their health as well as on the economy. However, only 24% of Boomers and 34% of Gen X said they were letting current events impact their purchasing habits.
Men and Women’s Shopping. Survey data shows that women are more likely to be concerned about the effects of COVID-19. One-third of men, compared to 25% of women, reported the pandemic affecting how much they spend on products. Additionally, 36% of men, compared to 28% of women, reported it affecting how much they are spending on experiences (travel, restaurants, entertainment, etc.). Men were also found to be shopping online and avoide in-store purchases compared to women. This includes taking advantage of options that limit in-store purchases such as buying online and picking the items up in store, curbside pickup, delivery services, and subscription services.
Product Categories. According to Nielsen, items like hygienic and medical mask, shelf-stable goods such as milk, dried beans, fruit snacks, and other food and beverage products increased in sales by more than 300%. Digital streaming services such as Netflix, Amazon, Hulu, and Disney+ also saw gains in subscribers during the first quarter of this year. Non-traditional streaming services are releasing media streaming, on-demand, sometimes even earlier than the projected release. However, luxury goods and fashion apparels are not doing so well.
Consumers have already changed their lifestyle habits due to COVID-19, making adaptations to how they shop. These adjustments may have established new and lasting habits. Furthermore, even when people return to their daily routines after the crisis passes, they may continue to be cautious about their health and want to enjoy the convenience of e-commerce. Just like Instakart online grocery and online store, a trusted online store in Davao city that delivers your essential needs to your doorstep. Search for Davao online supermarkets near me to find the option to get your essential needs t while maintaining your safety during this time.