Study: How COVID-19 Is Changing Consumer Attitudes And Behaviour

Study: How COVID-19 Is Changing Consumer Attitudes And Behaviour
B&T Magazine
By B&T Magazine
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A new report from research agencies The Lab and Nature – “Brand New Australia” – reveals a divided nation in the wake of COVID-19, with dramatic differences in the way Australians think and behave.

The Lab and Nature found that Australians are divided in their outlook of the future and identified five distinct consumer segments emerging because of COVID-19.

Two-thirds of Australians believe the pandemic, its resultant restrictions and the changes to daily life were the reset we needed to re-evaluate how we are living.

A third feel different about what they want out of life since COVID-19 and 58 per cent say they want a simpler life when the pandemic is over.

On the other hand, 46 per cent of people say they will not let COVID-19 change the way they live, while 27 per cent of people are not concerned about COVID-19 and just want to get back to normal life.

Major findings of the report included:

  • 65% of Australians believe the pandemic is the reset we needed to re-evaluate how we are living
  • 58% of Australians want a simpler life when the pandemic is over
  • 36% of Australians are excited about the opportunities that will emerge post-pandemic
  • 53% of Australians are really worried about the future
  • 49% of Australians want things to go back to exactly how they were before COVID-19
  • 44% of Australians will not be able to relax until there is a COVID-19 vaccine
  • 48% of Australians expect the next few years to be very difficult financially

The five segments revealed through the research highlight the divisions that have emerged among consumers:

  • The Safety Seekers, who represent 26% of Australians.
  • The Simplifiers (20%).
  • The Opportunists (20%).
  • The Strugglers (18%).
  • The Returners (16%).

Nature partner and managing director, Sydney, James Jayesuria, said: “It’s clear from our research that many Australians feel like this is an opportunity for change, while others strongly believe that the world needs to return to ‘normal’.

“For many, the pandemic has led to their first taste of unemployment, a looming recession and a potential housing market crash. For some, it has led to a rise in the sense of community and connection to local neighbourhoods. For others, it has led to a reinterpretation of what matters – where we spend our time and money, what we missed and what we didn’t miss.

“Just over half of the people we talked to are really worried about the future and 62 per cent say things will never be the same. Conversely, more than a third of Australians are excited about the opportunities that will arise from the crisis,” James said.

The Lab Co-Founder and CEO, Neale Cotton, said: “The pandemic changed the lives of all Australians, but how we have reacted and how we see the future is not uniform.

“We have spent years understanding the Australian national psyche and we are seeing our belief systems being tested and new cohorts forming. It’s an important time for brands to communicate with these different groups in order to remain relevant. We are expecting to see these groups change in size and shape over the next few years, leading to some potentially radical new versions of modern Australia.”

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