What are the potential trends facing us when we get back to the “new” normal?
reliance on tried and tested brands; a rise in DIY at-home skills; more familiarity with digital offerings; flexible work arrangements and a prioritising of safety over privacy.
Virtual status symbols
Younger consumers and video gamers have long embraced virtual goods: we can now expect the coronavirus crisis to push the recognition that virtual goods can be genuine status symbols into other industries and demographics.
Even before COVID-19 triggered a global public health crisis and raised fears of a deep economic slump, people were facing rampant inequality, always-on social competition, the looming existential threat of the climate crisis and much more. Any organisation that can help improve people’s mental wellbeing will be welcomed with open arms.
The next direction for online shopping is interactive experiential and in real time. The recent crisis has seen the Chinese live streaming market grow even bigger, and this mix of entertainment, community and commerce will raise ecommerce expectations around the world.
It’s no surprise the pandemic has changed shopping habits in Ireland across the last ten months. But it’s interesting to note it’s not just a move to online from bricks and mortar retail, it's also a change of where people are purchasing online.
Since we’ve brought exclusive access to Premier League games live to the Irish market through our sister station talkSPORT, the largest sports station in the world, we have seen some really impressive stats.
For the first time ever online spending has overtaken physical spending according to new data gathered from Revolut. Since the start of November online sales now account for 51% of total consumer spend.