The new report shows that Covid 19 promotes Gen Z's consumer behavior

Recently, Boston Consulting Group and Snapchat has released a new report on how Gen Z consumers are responding to the Covid-19 pandemic and their key implications for future digital behaviors.

This report draws on the answers of more than 9,500 consumers aged 16 and over in the US, UK, Canada and France, seeing significant increase in important behaviors in the context of social isolation and possible Power will be maintained at a certain level. Here are the main points of this report:

First, the report points to changes in consumer behavior during the Covid-19 pandemic, which changed and disrupted the daily lives of consumers. And in particular, the pandemic has had the most significant impact on the generation of Gen Z consumers.

"Gen Z generation and Millennial have changed their consumption behavior, spending power of this generation is also stronger than previous generations. Unsurprisingly, this younger generation of consumers was willing to spend heavily during Covid-19. “

E-commerce, for example, has grown in the past 8 weeks compared to the previous decade. Young consumers already familiar with digital shopping technology will easily adapt to this new normal state. According to BCG’s prediction, this could change the physical shopping behavior of consumers.

As you can see in the chart above, young consumers are changing habits faster than previous generations.

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It can be seen that, during the social separation period, people cannot go out and gather in large numbers, the trend of strong online shopping is also understandable, consumers spend more time on platforms. digital platform, but will this trend be sustained after the end of social gap? BCG has a method ‘New Normal Predictors’ To estimate this:

"According to our research and the New Normal Predictors methodology, Gen Z generation and Millennials will partly explain the reason for the increase in the time spent using digital media, noting the most obvious increase. through live streaming and gaming platforms. “

Not only in the field of entertainment, BCG also predicts the shopping activities of the younger generation Gen Z will be affected in some key areas as follows:

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These are some interesting considerations for marketers to note about the changing buying habits of consumers during the Covid-19 period. Along with the growth of e-commerce, these trends will help marketers to consider and adjust their business strategies accordingly in the future, including future approaches:

BCG also expects the online market to see strong growth, especially with the younger generation of Gen Z and millennials in the ‘new normal’ state, with a 16% increase over the pre-COVID-19 period. This will be set up in expanded stores, department store chains with the aim of attracting customers through online stores.

Although these are only predictions, what this report points out is completely valid, because since the outbreak of Covid-19 and especially during the period of social gap, buying behavior consumer shopping has completely changed. Such as the way they learn more about the online shopping process in a convenient way, how they can save money and alternative spending solutions in a few months, over time these behaviors will become routine. new consumer shopping habits.

Hopefully this report will have a definite impact on setting up and adapting your trading strategy to suit market changes.

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