The COVID-19 pandemic continues to change consumers' buying habits worldwide. We are spending less, making fewer trips to the market and the shops and buying more in one go. There has also been a surprising behavioral outcome from this situation. Members of Generation Z and the "culture of instant gratification" are starting to show “stocking behavior” like their parents and grandparents, for the first time in history.
According to new generation research and retail technologies company REM People, some of our old buying behaviors could change permanently with this pandemic. Bülent Peker, CEO of REM People, says a new era has dawned in consumer shopping amid global restrictions and lockdowns.
Shopping habits in the world and in Turkey have changed, and here’s what has happened in a nutshell.
Gen Z leading change
Generation Z (those born between 1997-2012) has had a much different approach to consumption and shopping compared to its predecessor generations. But now, due to this extraordinary pandemic, they are starting to exhibit a new behavior and unexpected habit: stocking. Normally used to getting what they need there and then, quickly consuming it in one go, and shopping online instead of in the traditional sense, Gen Z is now learning to stock up.
1 market instead of 3
In the first phase of the coronavirus’ global spread, shoppers started spending more per basket and made fewer trips for shopping outside. Worried about contracting the virus, people turned to online shopping and contactless home delivery. Instead of searching high and low for the most budget-friendly option of the item and comparing prices, people are now only going into one physical store or using multiple online shopping channels to complete their purchases.
Ages 50+ ordering online, too
This pandemic even left some consumers over the age of 50 with no option but to shop online. Experiencing their first virtual shopping escapade, that age group could change its shopping habits for good after this pandemic is declared over. Of course, this will be highly dependent on the nature and quality of their experience. Peker says everything is fair game for this newly tapped market, as these consumers have not yet developed loyalty for a certain brand or supplier.