LONDON, July 7, 2020 /PRNewswire/ -- Five new consumer segments will emerge beyond the COVID-19 pandemic according to the third edition of the EY Future Consumer Index, a monthly survey tracking the sentiment and behavior of 14,074 people across 18 countries.1 Each segment reflects the different ways in which consumers expect to be living their lives beyond COVID-19, how they will make choices, and what really matters to them.
Consumers crave normality but have new priorities
The survey finds that craving stability is a rising trend, with 40% of consumers keen to "get to normal" – doubling over last month's survey results (20%). However, half (50%) of consumers still expect their lives to change significantly in the long-term, while 53% say the pandemic experience has led to a re-evaluation of their values and how they look at life.
According to the EY Future Consumer Index, the five new consumer segments that have emerged as a result of these changing sentiments are:
Kristina Rogers, EY Global Consumer Leader, says:
"Organizations will need to work out how to serve a more value-conscious, health-conscious consumer, but also a consumer who demands purposeful brands that reflect their environmental and social values. Business leaders should focus on reshaping their portfolios so that they are relevant to the future consumer, providing digital customer journeys that reflect the way consumers will behave and creating the transparency needed to secure consumer trust."
Health and affordability will dominate beyond COVID-19
Consumers expect to make deep and lasting changes, with 62% indicating that they will be more aware and cautious about their physical health and 58% increasingly focusing on value for money in the future. These are not new drivers of behavior and preference, but the EY Future Consumer Index suggests that consumers will become much more committed to their values.
Andrew Cosgrove, EY Global Consumer Knowledge Leader, says:
"Many businesses believe they already have the right portfolio, marketing and supply chain. However, few are resilient enough to deliver against these heightened consumer expectations. Efficiency is important but must be balanced against the need to keep developing the capabilities that will deliver growth. Businesses now have the opportunity to not just protect what worked in the past, but to actively shape a successful future."
The latest edition of the Index is available at ey.com/futureconsumerindex3.
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About the EY Future Consumer Index
The EY Future Consumer Index tracks changing consumer sentiment and behaviors across time horizons and global markets, identifying the new consumer segments that are emerging. The Index provides regular longitudinal indicators and a unique perspective on which changes are temporary reactions to the COVID-19 crisis, those which point to more fundamental shifts, and what the consumer post COVID-19 might be like. More countries will be included as the analysis continues.
1 Survey conducted week of 8 June 2020.