2021 Consumer Trends: More Online Shopping, Binge Watching
METAIRIE – Here are some of the latest finding from the Gulf South Index, a consumer research project created by the Ehrhardt Group and Causeway Solutions:
Making Groceries … Online
There’s been a big shift to online shopping and direct-to-consumer services for grocery items. The days of walking the aisles at the supermarket are being replaced with filling an online cart and having Instacart deliver them. Surprisingly, consumers over 65 were the fastest to make the switch.
In Business We Trust
61% of respondents to the 2021 Edelman Trust Barometer say they trust companies more than government to solve the crisis because they developed vaccines in record time, found innovative ways to work and met the evolving needs of consumers. People are reporting that their most trusted source for information is their employer and the companies they work for. This puts businesses in a new role: protectors and guardians of the quality of information the public is consuming. If they succeed, it will only further deepen the trust people have in brands.
Throughout the COVID-19 pandemic, consumers have watched a lot of television. And streamed more content than ever before. COVID also opened new distribution channels for Hollywood to get its content in front of viewers. Wonder Woman 1984 and Soul were released directly to premium on-demand services. “Consumers are customizing their entertainment experiences and can watch virtually what they want, when they want with on demand streaming services,” said Marc Ehrhardt, president of the Ehrhardt Group. Netflix remains the top subscription streaming service with 22% of the market share, according to Reelgood’s Q4 2020 VOD Streaming Report. Amazon Prime and Hulu follow close behind with HBO Max and Disney+ closing in and cutting into Netflix’s share. In fact, Disney forecasts 260 million subscribers by 2024 and could potentially surpass Netflix, currently at 195 million users.
Resolutions Offer Clues
New Year Resolutions are a tradition that not only provide a source of motivation and inspiration for many, but also give clues to what trends may lie ahead for the year. For 2021, the same traditional resolutions – lose weight, quit a bad habit, get a new career – may still be in the mix, but now people are focused on mental health, self-care and quality time with family, according to the Global Web Index. Businesses will need to find ways to help consumers achieve these new goals by offering products and services tailored to fulfilling these enriching resolutions. According to Digsite, consumers have changing expectations for 2021 and businesses will need to adapt to retain their loyalty. These include focusing on new consumer values that are centered around health, safety and the home. Consumers are also placing a greater value on the product experience and practicality of an item or service as it relates to these emerging values. As 2020 was the year of consumers trying new things, brands will need to invest in turning those that experimented with new products or services into loyal customers.