For many reasons, 2020 has been a year that will be published in history books, taught in schools and remembered for years to come. The way we lived our lives dramatically changed in an instant and on the 23rd of March 2020 the UK government introduced a lockdown. As a result, We were restricted to what we could and could not do. A harsh change from a relatively free life we all have experienced before the outbreak. The measures in place inevitably coursed us to make changes to the way we regularly purchase or consumed information.
Though the period may have been difficult, it provided an opportunity for businesses from all industries, the time to reevaluate and plan a grand reopening. A reopening to showcases the brilliant products, services and promotions on offer that will bring in vital customers.
Our new habits.
The change in consumer habits and the combination with the reduced ability to browse through physical premises has caused spending to decline. Thus, saying goodbye to the impulse spending habits on the high street. This shift has impacted business from all sectors, from automotive to non-essential retailers. Even though the changes may have been different for each, the impact would have reduced the revenue substantially or seeing its income diverted through other channels.
The diverted sales.
Businesses have always had to adapt to behavioural changes of its consumers and in the market itself. Now more so than ever, the sudden influx in demand for high priority products required during a pandemic or a dramatic decline in demand for some goods has become the new challenge. The shift has seen businesses like non-essential retailers bring in more than usual revenues through their online services. Supermarkets have also seen an unprecedented amount of people wanting to order online, with booking slot booked up weeks in advance.
A similar change has been seeing in the restaurant and takeaway industry. The market has seen a shift in demand and has been able to grow considerably during the lockdown. This growth has been fueled by the consumer’s desire to escape from the norm with restaurant prepared food. However, this has not come without concerns for its consumer’s safety, hygiene and whether the desire to return wilfully transpire post easing of the measures.
Whether it is a glimmer of light or a flicker of truth here are a few statistics that help us understand the wider picture of the current situation.
The UK’s consumer concerns over their household’s income and spending are starting to ease, as the Covid-19 crisis continues. (McKinsey and Company)
According to Influencer Marketing Hub, 28% of businesses continue to see a sales growth in March.
According to the survey carried out in late March 2020, searches for “Buy Online” Reached 27K in March 2020 (Influencer Marketing Hub, 2020)
A survey taken in late March 2020, 22% of brands say they’re spending more on ads (Influencer Marketing Hub, 2020)
Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 6.5%, resulting in a projected market volume of £5,974m by 2024. (Eservices report 2020 – online food delivery)
By 2024, out of home spending will surpass the combined total for newspapers and magazines, with annual growth for the category between 2.5 percent and 4 percent. (GroupM, 2020)
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