Euromonitor International
- Item successfully added to cart!
  
  Your cart is empty
  
  View Cart Check Out

Megatrends

The Coronavirus Era: Innovation and the New Core

Jun 2020

US$1,325

Add to cart Pay by invoice

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

The Coronavirus (COVID-19) Era has disrupted “business as usual” for companies producing consumer goods and providing consumer services. This has led to rapidly changing operating and consumer environments and left the appetite for experimentation diminished. With retailers and consumers becoming increasingly risk averse, what could this mean for craft brands, new product development and the innovation pipeline? What are the new core set of values and features that brands will refocus on?

Files are delivered directly into your account within a few minutes of purchase.

Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

Key Findings

COVID-19 will be a major disruptive force to innovation

The unprecedented disruption brought about by the COVID-19 health crisis will not leave the field of innovation unscathed. Existing new product launches are likely to have marketing budgets slashed and the future pipeline for innovation will need to be re-evaluated. This doesn’t mean the death of innovation in consumer goods and services, rather it will require focusing of resources on what really matters to brands: a new core.

Increased working from home likely to be biggest long term shift in behaviour

Data from Euromonitor International’s ‘Voice of the Industry’ survey indicates that the most significant long term change in employee and consumer behavior will be more working from home, with 48% of respondents indicating that it will be a permanent shift. More days working at home will have a profound impact on consumer behaviour, from where consumption occasions are located to the importance of convenience and impulse.

Surge in interest in consumer DIY (do-it-yourself) and MaH (make-at-home) over the short-mid term

During the various national lockdowns consumers have needed to learn to do things themselves. From cutting their own hair to baking banana bread consumers have sought inspiration and guidance on activities that they had always outsourced before. This provides a sizeable opportunity for brands to engage and connect with consumers through digital instruction.

Once consumers trial digital, they may not go back to the original

With remaining at home being a core behavior during the Coronavirus era many consumers have had to adopt digital alternatives to real life activities, whether it Zoom work drinks or Youtube fitness classes. This has spurred much innovation and adoption of digital replacement apps. Penetration of E-commerce in almost all products categories has also risen dramatically during this period and we may see much of this behavior stick.

More profound transformation to occur in consumer businesses in physical spaces

Re-imagining the physical space was already a key strategic theme before the Coronavirus era. The increased adoption of E-commerce channels and transformation of restaurants to be delivery hubs meant the use of physical space was in much need of reinvention. In the Coronavirus era, this transformation will be accelerated as retail, foodservice and travel will need to adopt hybrid models with a reduced focus on space.

Want to find out more about this report?

Request more information

Introduction

Scope

Key findings

The impact of COVID-19 on market sizes

Our themes

The “Voice of the Industry”: less time in store, more time online

Innovation and the New Core: ideas to centre on more time at home

COVID-19 era: core innovation themes across the consumer landscape

Economies and Consumers

COVID-19 has transformed the economic and consumer landscape

How macro trends are driving “innovation and the new core”

Technology at the forefront of digital-first and people-centric innovation

How UK businesses are adapting to survive in the COVID-19 era

India’s entrepreneurial spirit keeps players agile in COVID-19 uncertainty

Health, Beauty and Fashion

COVID-19 has heavily disrupted health, beauty and fashion

Innovation and the New Core: for the home-bound and price-conscious

COVID-19 innovation will focus on consumer engagement in the home

Adaptive processes and lower costs as strategies for near-term growth

Deciem offering at-home consultations to locked-down consumers

Dylon partners with Raeburn to renovate old clothing

Key takeaways for Beauty and Fashion

Drinks and Tobacco

Drinks and Tobacco: on-trade and impulse channels hard hit by COVID-19

Innovation and the New Core: short-term obstacles in drinks and tobacco

For the foreseeable future, product innovation supports core brands

Package innovation to support on-trade accounts and e-commerce

Coca-Cola: optimising price/package mix will be an innovation focus area

Key learnings for Drinks and Tobacco

Food and Nutrition

COVID-19 has transformed the Food and Nutrition industry

Greater focus on wellbeing, family-friendly food and digital means

Innovation still a priority despite focus on ensuring products are in stock

Wild and Game: “self-isolation packs” offer families an exotic twist to meals

Avida Health: expediting immune-boosting innovation during a pandemic

Key learnings for Food and Nutrition

Home and Technology

COVID-19 has impacted Home and Tech

Emerging to booming: health-related and smart products to gear up (1)

Emerging to booming: health-related and smart products to gear up (2)

Emerging to booming: health-related and smart products to gear up (3)

Gree: innovating to target growing health concerns during the outbreak

Samsung: paving the way for long-term gains

Key learnings for Home and Technology

Services and Payments

COVID-19 has heavily impacted Services and Payments

Innovation and the New Core: accelerated use of new technologies…

…whilst balancing the need for safety, convenience and entertainment

Streetify: reimagining shopping through new virtual storefront platforms

Naixue Tea: tea chain uses livestreaming and an influencer to launch line

Key learnings for Services and Payments

Conclusion

Innovation and the New Core: innovation interrupted?

Impact of innovation and the new core on consumer markets

What should business focus on?

Why buy this report?

Want to find out more about this report?

Request more information

Megatrends

Megatrends

The Coronavirus Era: Innovation and the New Core

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Key Findings

COVID-19 will be a major disruptive force to innovation

Increased working from home likely to be biggest long term shift in behaviour

Surge in interest in consumer DIY (do-it-yourself) and MaH (make-at-home) over the short-mid term

Once consumers trial digital, they may not go back to the original

More profound transformation to occur in consumer businesses in physical spaces

Want to find out more about this report?

Table of Contents

Introduction

Scope

Key findings

The impact of COVID-19 on market sizes

Our themes

The “Voice of the Industry”: less time in store, more time online

Innovation and the New Core: ideas to centre on more time at home

COVID-19 era: core innovation themes across the consumer landscape

Economies and Consumers

COVID-19 has transformed the economic and consumer landscape

How macro trends are driving “innovation and the new core”

Technology at the forefront of digital-first and people-centric innovation

How UK businesses are adapting to survive in the COVID-19 era

India’s entrepreneurial spirit keeps players agile in COVID-19 uncertainty

Health, Beauty and Fashion

COVID-19 has heavily disrupted health, beauty and fashion

Innovation and the New Core: for the home-bound and price-conscious

COVID-19 innovation will focus on consumer engagement in the home

Adaptive processes and lower costs as strategies for near-term growth

Deciem offering at-home consultations to locked-down consumers

Dylon partners with Raeburn to renovate old clothing

Key takeaways for Beauty and Fashion

Drinks and Tobacco

Drinks and Tobacco: on-trade and impulse channels hard hit by COVID-19

Innovation and the New Core: short-term obstacles in drinks and tobacco

For the foreseeable future, product innovation supports core brands

Package innovation to support on-trade accounts and e-commerce

Coca-Cola: optimising price/package mix will be an innovation focus area

Key learnings for Drinks and Tobacco

Food and Nutrition

COVID-19 has transformed the Food and Nutrition industry

Greater focus on wellbeing, family-friendly food and digital means

Innovation still a priority despite focus on ensuring products are in stock

Wild and Game: “self-isolation packs” offer families an exotic twist to meals

Avida Health: expediting immune-boosting innovation during a pandemic

Key learnings for Food and Nutrition

Home and Technology

COVID-19 has impacted Home and Tech

Emerging to booming: health-related and smart products to gear up (1)

Emerging to booming: health-related and smart products to gear up (2)

Emerging to booming: health-related and smart products to gear up (3)

Gree: innovating to target growing health concerns during the outbreak

Samsung: paving the way for long-term gains

Key learnings for Home and Technology

Services and Payments

COVID-19 has heavily impacted Services and Payments

Innovation and the New Core: accelerated use of new technologies…

…whilst balancing the need for safety, convenience and entertainment

Streetify: reimagining shopping through new virtual storefront platforms

Naixue Tea: tea chain uses livestreaming and an influencer to launch line

Key learnings for Services and Payments

Conclusion

Innovation and the New Core: innovation interrupted?

Impact of innovation and the new core on consumer markets

What should business focus on?

Why buy this report?

Want to find out more about this report?

Recently Viewed

Complete Catalogue

Megatrends

Recently Viewed

Complete Catalogue

Megatrends