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COVID-19 likely to lead to ‘decade at home’

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The pandemic has changed the way people live and this will last for a long time

Experts from the analytical company Accenture conducted a study, the purpose of which was to assess the impact of the COVID-19 pandemic and the associated restrictions on people’s lives. As it turned out, the impact will be long-term. COVID-19 is likely to lead to a “decade at home,” analysts said.

The main finding from the study is that people are reorienting themselves to the local community, forcing retailers and consumer goods companies to adapt their offerings to these conditions. The continued discomfort associated with public spaces and travel, combined with mounting financial fears amid widespread declining household incomes, according to a survey of more than 8,800 people in 20 countries, will force people to stay mostly at home.

For example, 69% of respondents expect that over the next six months, most of their communication will be at home, at a friend’s house or virtually. More than half – 53% – of people who have never worked from home before now plan to work from home more often in the future. About 56% of consumers said the pandemic forced them to shop in nearby stores, with 79% of respondents planning to continue doing so in the long term. Also, 56% of consumers said they buy more locally sourced products, with 84% of them planning and doing so in the long term. Interestingly, 50% of respondents named financial security as one of the top three issues in the next six months. Unsurprisingly, 54% admitted they shop more economically and are likely to continue to do so.

Being under “house arrest”, people began to communicate more with relatives and friends virtually, to try their hand at cooking, home improvement and learning new skills. In addition, many have finally found time for the hobby. The majority of those surveyed intend to continue spending their time in accordance with new ideas.

COVID-19 likely to lead to 'decade at home'

According to analysts, “The home is now a new frontier – it has become a place of work, a learning room, a place to try new hobbies, a place to socialize and a safe haven, so companies must face this reality.”

Source: Accenture

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