The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJun 2020
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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?
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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.
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.
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.
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.
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.
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.
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.