November 2020: the second wave of digitalisation
Category: eCommerce, covid19, digitalisation
Category: eCommerce, covid19, digitalisation
Consumers are in the midst of a reconfiguration of habits, changes in brand evaluation criteria... but also changing their emotional mood in a matter of days and their daily routine in weekly intervals. At The Cocktail, we have been trying to understand the impact of COVID on consumer attitudes and behaviour on a recurring basis since the first moments of the pandemic.
In line with emotional and habit hibernation, the dominant and decided trend in recent months has been towards spending control. Almost 5 out of 10 people have said they will spend less than in the same month last year (48%). The percentage of the population that seems to have moved into a spending control attitude is up 17% since September.
Overall, a similar proportion of those who say they have increased (a lot or some) of their savings since the start of the crisis than those who have had to spend (some or most) of their savings.
After the explosion of confinement, many businesses have taken note and moved into the channel. In addition, users have acquired new habits and that is why we are witnessing a second wave of digitalisation, quieter than the first but (even) more expansive. Digital access" (to peers, leisure, services, work...) was the basic tool of "being in the world".
Practical unanimity on how different the coming festive season will be. Two out of three anticipate a completely different Christmas than in previous years. The general slowdown in spending runs parallel to projected spending on gifts. Fewer gifts will be given but with a greater "emotional investment".
Online (especially marketplaces) will play a leading role and local shops will grow compared to last year. Online shopping is increasing compared to last year for all the players analysed (wholesalers/marketplaces, specialised brands and
department stores).
Download the full report here.