COVID-19, aka the coronavirus, has affected societies and economies around the world in ways we can hardly imagine. It has changed many aspects of people’s lives, and consumer spending is no exception.
What has changed? According to official sources, spending has declined in almost all industries, as lockdown and social distancing measures have restricted how people can spend their money. However, consumers around the world are spending more on some necessities, like food, household items, and of course… home entertainment (thanks, Netflix, for entertaining us during the lockdown).
Will other consumption habits change in the post-corona world? Will life after the pandemic look different (and better)? The truth is that the pandemic is already leading to an increase in socially responsible behaviors, which include reducing unnecessary consumption, donating to charities, and buying products from socially responsible companies.
The virus has and will have dramatic effects on certain industries and people’s lives. However, let’s hope it will also change things for the better. The world has been forced to unite in new ways like we have never seen, which has restored priorities. The pandemic has served as a catalyst for awareness and consumers must lead by example. Consumers can do this by rewarding purpose driven associations and companies whose mission is not only to generate profit, but also to generate prosperity. Let us #buildbackbetter