The Coronavirus pandemic has reshaped consumers’ perception of wellness as means to cope with recession-linked uncertainties and health threat concerns. As discretionary spending dampens and awareness of the disproportionate impact on different communities and economies becomes more apparent, brands are faced with the need for a huge value reset that fosters not only accessibility, but also inclusivity of wider consumer groups and the adoption of much needed social and ethical commitments.
In the context of more conservative spending attitudes as a result of the pandemic and the need for universal wellness, value strategies need adjusting, not purely on price, but considerations of perceived quality and inclusion of wider communities of any income, race or ethnicity, accessibility and recognition of relevance beyond the confinement of the Western world.
Consumers are turning to wellness in its original form and to products which they trust. They will seek real and relevant solutions vs overpriced gimmicks.
This calls for an adoption of a no-frills approach that instils authenticity but also efficacy backed up by expertise. Simplicity and minimalism in terms of messaging, formulations and product and service formats.
In addition to exploring multiple price tiers across portfolios, price sensitivity can be reduced by ensuring targeted, tangible and result-driven benefits; adoption of holistic and multi-functional product credentials, pack size tailoring, as well as projecting a wider purpose in support of vulnerable communities and localism, alongside personal relevance.
Covid-19 has exacerbated multiple issues around inequality and lack of financial, ethnic and geographic inclusivity.
Acknowledging these disparities will mean creating a more balanced distribution of health access and slowly transforming the narrative away from “health as a status symbol” to “health access for everyone”.
Building on purpose-driven strategies and ethical commitments which cultivate social and community assistance where it is most needed.
Supporting the need for shared experiences through expanding community brand platforms and reinventing social settings, occasions and formats characteristic of the ‘new normal’
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