Markets incorporate speculation in a more or less noticed way, and the recent behavior of raw materials and precious materials is unusual. Is it a consequence of people’s consumption profile during the pandemic period?
The truth is that the pandemic caused changes in consumption habits (ambivalent dynamics). The digital commerce has increased and the local production has gained importance due to people greater awareness regarding the price of products and their origin. These trends have been identified in multiple longitudinal studies and in different geographies.
Otherwise let’s see:
- online commerce
- 15% of buyers said they had purchased products for the first time
- more experienced consumers on this channel have increased to complement their number of interactions
- one in three families increased spending, as well as believes that their online purchases will increase in the future
- 40% of families revealed awareness of sustainability, with 45% children
- 38% of consumers revealed their intention to continue purchasing online
- environmental awareness
- as a result of loss of income in 45% of cases and 26% estimating that it will occur in the future, pessimism about short-term recovery is high
- concern revealed by 72% of inquiries about the continuity of the outbreak (s) and respective confinement (s), therefore 68% reference take more care with prices and payment terms
- buy locally
- 65% of people purchased goods and services from their own country, the percentage reaches 79% when it comes to sustainability
- 42% of consumers now pay more attention to the origin of the products and, in the case of families with children, the value of 52%
- one in four consumers considers that as brands they should relocate production in their country (improved economic activity and reduced safety risks)
With such dynamic, it is normal that strategies upon price, promotion and added value are critical for the brands; being mandatory a great consumer experience within e-commerce. And, success will depend on the agility and creativity of the response to emerging D2C (Direct to Consumer) competitors; therefore, exploring opportunities in raw materials will be the key to success for companies and consumers will invest in securing their savings.
