Even trapped inside, consumers are still shopping. However, without an office to commute to, restaurants to eat in, and other public places in which to do things or be seen, their spending priorities have shifted. We have identified five key personas to categorize consumers, based upon their long-term behavior as well their response to the pandemic:
This consumer was already embracing the #JOMO (joy of missing out) trend, now they’re investing in quality loungewear and adopting new hobbies like baking bread and taking on DIY home improvement projects to make their personal space even cozier.
Wealthy consumers turn to online retail therapy as a cure for boredom while stuck at home, and the convenience of ecommerce may convert them to online shoppers in the long-term.
These consumers are focused on getting the most for their money and are cutting unnecessary spending as much as possible; they respond positively to deals on the items they need and use daily.
Millennials HENRYs (high earners, not rich yet) who have retained a stable income through COVID are spending more time on social media, which drives their continued impulse to spend on trend-driven clothes and accessories.
COVID hasn’t curbed demand for streetwear, and digital drops are maintaining excitement online among digital natives, who have no problem shifting to e-commerce to shop their favorite streetwear brands.
More related articles: Covid-19 will drive fast change in consumer behavior, says Accenture study, Covid-19 has emphasized the importance of brand transparency, Social Sustainability overstock and ‘greenwashing’: How covid-19 is changing the fashion industry
MADE Trends is a fashion trend forecasting agency based in NYC. Merchandising and Design Experts (MADE) specializes in trend forecasting and market positioning foresight for the fashion and retail market. Delivering researched and highly relevant insight on market conditions, emergent opportunities and key products. MADE bespoke reports help clients to identify and capitalize on current and future 25 market trends. For your industry-specific forecast, please contact us.