After almost two years of the pandemic, the consumer is no longer the same: factors such as confinement, fear of contagion or a decrease in income forced people to reanalyze their purchasing decisions, change their routines and definitively lean towards ecommerce .
For companies of all sizes, the start of a new year means the obligation to review and understand the needs, aspirations and demands of their target market ; since this information is key to designing new products, services, experiences and effective marketing strategies.
The first piece of information to take into account in this analysis is that Latin America is one of the regions most impacted by the reduction in household income. According to the Covid-19 Barometer, carried out by the Kantar consultancy, while globally the level of affectation is 54%, for Latin Americans the average rises to 67%.
In fact, among the countries in the region that have registered the greatest loss of household purchasing power, Mexico ranked third; which forced a large part of Mexicans to pay more attention to price or change brands.
The big question is whether the changes in consumer behavior that have taken place in recent months are here to stay. And according to the Kantar study and the latest PwC Consumer Insights Pulse survey , there are five significant cases where the answer is yes. Let’s see what they are.
Change #1. The post-pandemic consumer is more sensitive to price
The Kantar Barometer revealed that 76% of Mexicans now pay more attention to prices , while 48% have changed their shopping habits . In addition, the economic crisis and the prospect of a slow economic recovery have focused them more on savings ; so there are expenses —such as vacations or home renovations— that have been postponed. Another upward trend is the acquisition of second-hand products.
Change #2. The post-pandemic consumer is more local
Although commercial activities in Mexico have practically normalized, consuming and doing tourism locally has become a trend that will be further strengthened during the Christmas season and the end of the year. 66% of Mexicans say they support local commerce , and 56% prefer to buy often at the nearest store , even if it is a little more expensive.
Change #3. The post-pandemic consumer is more digital
During the confinement millions of people around the world were encouraged to buy online for the first time, they used their cell phones to make payments, they subscribed to a service to make video conferences or to watch movies online. According to Kantar, 51% of Mexicans discovered new digital stores where they will continue to shop, and now 50% prefer to pay with credit cards, debit cards and mobile apps instead of cash.
Change #4. The post-pandemic consumer is healthier
The fear of getting infected has generated more awareness in people about the importance of having a good physical and mental state to face any virus or disease . The PwC study revealed that 55% of those surveyed who work from home say they are in better health now , while in the case of those who returned to the office the figure was 46%. Among other changes in habits, people now spend more time during the week cooking and eating healthier , exercising and getting more frequent health and beauty treatments.
Change #5. The post-pandemic consumer is more sustainable
Another of the important changes revealed by the surveys is that consumers now have a greater concern and interest in caring for the environment and other causes in which they feel they have the power to change things. For example, 57% of Mexicans believe that they can make a difference in the world with their decisions and actions, which is why they have become more demanding with companies and organizations; while 53% pay more attention than before to the origin of the products .