To be fair, many consumer companies did pivot to cater to shifting consumer demands during the last 18 months of the pandemic. However, the consumers that companies adapted to serve during the pandemic may not be the same consumers who will make them profitable in the future.
Redefining how to best serve consumers, looking at the business through a non-traditional lens and anticipating disruptors are vital. Before the Covid-19 pandemic unleashed its unprecedented impact on economies and societies, consumer behaviours were already shifting. Digitalisation was reimagining how consumers live, work, play and consume, evidenced by the rapid rise of e-commerce in the Asia-Pacific region.
The Covid-19 pandemic accelerated some of these changes that were underway, leading consumers to reprioritize what they value. Arguably, it is no longer just about what they buy but also how they want to live their lives. That means consumer companies need to understand what is driving consumer lifestyles and ultimately, use these insights to make bolder plans to get ahead of change.
