Recognising changing behaviours and understanding your consumer s lifestyles and attitudes demanding adaption to forward-thinking and emotional intelligence needs to guide your future strategies and developments.
Past trends also reveal that economic uncertainty often alters consumption habits and the emergence of new models. Retailers and consumer products companies continue to expand outside of their traditional revenue models to fast-track growth and meet changing consumer preferences.
However, depending on the pandemic s impact, it is likely that the proliferation of new models will continue, but it remains unclear which models will sustain impact in the long run.
With the impact of Covid-19, deductions imply the global economy will return to the end of last year by late 2021 suggesting that the pandemic will cost two years of growth. (Deloitte. 2020. Online. Recovering from Covid-19 – Conserving economic scenarios for resilient leaders)