Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Tuesday, July 14, 2020 07:16:31 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Consumer Behavior Will It Be The Same At Post-Covid Context?

  • Twitter
  • Google+
  • Save
  • E-mail
  • Print
Share your thought
Post a comment »
Read all () »

Md. Jamil Hasan :
On March 11, WHO declared Covid-19 as a global pandemic- an indication that the world is going to face another crisis moment after the World War II. All the manufacturing organizations have stopped their production, financial markets have started to see their downfall, and consumer's liberty has been curtailed for their safety and security. People have never been experienced such a stagnant world before.
Economist Frederic Bastiat has introduced us to the difference between obvious and seen costs and more unobvious and unseen cost. The health issues associated with the virus are seen and obvious. But the unseen cost has myriad impact on consumer's post covid behavior specially in their economic and social lifestyle.
Consumer decision-making pattern and their priority list will not be the same as before. They will prefer to spend less, their saving tendency will become vigorous and they will spend on only what they need right now. Though a research from the global measurement and data analytics company Nielsen has claimed that there has been an improvement of consumption willingness in China as the country has effectively controlled the contagion, this research cannot certainly claim that all the consumers around the world will show the same attitude.
Consumer's preference for brick-and-mortar retailer will slow down, as there is a chance of social gathering. The majority of the e-commerce business will continue to grow at the same time their major challenge will be to provide consumer real time delivery, authentic product and touch & feel experience. According to the e-Commerce Association of Bangladesh (E-CAB), about 100 e-commerce businesses - mostly with product lines of essential commodities, groceries and medicine- are witnessing a jump in business as people are bound to order online due to lockdown.
The ways of passing vacation and leisure will drastically change due to the outbreak. The habit of maintaining social distance seems to be sustained for long time. People will be more interested in passing their leisure with their family, playing indoor games, watching movies and series and dieting for developing their immune system. The tours and travel agency, hotel, motel, restaurant and different tourist spots where there is chance of social gathering, need to be repositioned their brand to get the customer attention.
According to the EY Future Consumer Index, five new segments may emerge as consumers move beyond the pandemic. First one is 'back with a bang' (constituting 38% of the respondents) is expected to spend much more in all categories. They are called fuel of the economy as they mostly contribute for the revival of the economy. Second one "stay frugal' (constituting 29% of the respondents) will spend less as they used to do before whereas 'keep cutting' segments (constituting 19% of the respondents) will cut their spending than they used to spend. 'Cautiously extravagant' segment (constituting 11% of the respondents) will be willing to pay premium price for certain product but that must be needed to surpass their level of satisfaction. The final 'get to normal' segment will remain unchanged according to the index.
Overall, it is time for all the big and small organizations to rethinking their business model, properly understanding consumer behavior mutation, repositioning their brand, taking decision about going virtual and focusing on consumer's digital footprint to communicate effectively with them. Otherwise, they cannot sustain in the market and will vanish in the near future.

(Md. Jamil Hasan writes on business).

Add Rate

News Archive

Inside The New Nation

Editorial »

Five recommendations to attract investment, but who will act on them

BANGLADESH needs to make progress in five key areas in the coming days to attract both domestic and overseas investments, as per a report of a local daily on the recommendations at the third resurgent dialogue. The five factors will further facilitate investment, promoting greater coherence between trade and investment ...

City »

Movement for Safe Food and Consumers' Right, Bangladesh forms a human chain in front of the Jatiya Press Club on Monday to realize its various demands including exemplary punishment to those involved in giving fake corona report.


International »

21 injured after an explosion and fire on a naval ship in San Diego

CNN :Twenty-one people were injured after an explosion and fire on board a ship at the US Naval Base in San Diego, US Navy officials said."Seventeen Sailors and four civilians are being treated for non-life threatening injuries at a local hospital," the US Navy said in a statement.The sailors on ...

Entertainment »

Ashiq-Moumita Mou

Entertainment Report :Ashiq Chowdhury, hailed from Munshiganj, is working simultaneously in dramas and films. He has also fame as a mime and theatre actor. On the other hand, Moumita Mou, hailed from Manikganj, only worked in films. Earlier she acted in a drama titled Bhalolaga Bhalobasa directed by Taju Kamrul. ...

City »

Samajtantrik Chhatra Front forms a human chain in front of the Jatiya Press Club on Sunday demanding waiver of mees and house rent of students, stopping harassment by landlords and reduction of fees in school, college and other educational institutions.


Sports »

Mosaddek Hossain marries Umme Tamanna

Sports Reporter :Player of Bangladesh National Cricket team Mosaddek Hossain Saikat married Umme Tamana at Mymensingh on Friday last. Mosaddek, the promising all-rounder completed all the formalities of his marriage with a simple note. It is the promising all-rounder's second marriage. Mosaddek Hossain is an inhabitant of Mymensing, while Umme ...

Entertainment »

Mitali Mukherjee praises for Authi’s rendering style

Entertainment Report :Indian noted Ghazal singer Mitali Mukherjee was born in Mymensingh, Bangladesh. She often comes to Bangladesh to perform in stage shows. She lastly came to Bangladesh in last December to perform in reunion of Sylhet Cadet College. She has popularity among those people who talks in Bengali.  Khudey ...

Business & Economy »

Mahmudur Rahman, SEVP & Head of Noakhali Zone ofIslami Bank Bangladesh Limited, inaugurating its Dudmukha Bazar sub-branch under Boshurhat Branch of Noakhali recently. Mohammad Abdul Awal, Head of Boshurhat Branch of the bank and local elites were also present.


International »

Lives will be lost as Syria aid access cut, aid agencies warn

Reuters, Beirut :A U.N. Security Council resolution that leaves only one of two border crossings open for aid deliveries from Turkey into rebel-held northwestern Syria will cost lives and intensify the suffering of 1.3 million people living there, aid agencies said.Western states had pressed for aid access to continue through ...

Editorial »

When the ones highest in government don't regard law, don't blame DCs

A NATIONAL daily on Saturday reported that the Deputy Commissioners of nearly half of the country's 64 districts continue disregarding the government's directive to upload information on allocation and disbursement of relief and financial assistance on their respective websites. The Disaster Management and Relief Ministry has long been asking DCs ...

Health »

Hopeful RNA vaccine strategies in Covid-19 pandemic

Dr. Muhammad Torequl Islam :An injection of nucleic acids (e.g., RNA or DNA) into the experimental animals (e.g., mice) lead to the expression of some proteins encoded by the injected nucleic acid, suggesting a gene encoding a protein of a pathogen is necessary to create a vaccine. Both DNA and ...

International »

Meghan tries to stop her friends from being named in media lawsuit

CNN, London  :The battle between Meghan, Duchess of Sussex, and a top British tabloid is heating up.Meghan's legal team has filed an application seeking to prevent Associated Newspapers, the publisher of the Mail on Sunday, from publicly naming five friends who anonymously defended her against bullying in a US publication ...

International »

China's southern Jiangxi declares highest flood alert

Reuters, Beijing  :Jiangxi province in southern China issued its highest flood warning on Saturday, predicting a big overflow from a lake on the Yangtze River as torrential rain continues to batter much of the country, state media said. The Jiangxi government raised its flood-control response level to I from II, ...

Cricket »

Ben Stokes second fastest to reach 4000 runs and 150 wickets in Test cricket

England all-rounder and stand-in captain for the Southampton Test Ben Stokes became the second-fastest Test Cricketer to reach the milestone of 4000 Test runs and 150 Test wickets under his belt. The New Zealand-born cricketer achieved the historic feat while batting on Day 3 when he scalped Alzarri Joseph's wicket. ...

Entertainment »

Urvashi Rautela is promoting her film Virgin Bhanupriya

The trend of the digital release of films the due to shut down of theatres is no doubt affecting the entertainment business very badly but filmmakers and artists are trying their best to promote their projects on social media with their fans. Urvashi Rautela, a crowned Miss Diva Universe 2015 ...

Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Write a comment to this news