Evolution in Consumer Habits

In the new post covid-19 reality, most consumers will cut back on spending, save more and stock up on goods, and in the e-commerce field, most people who shop online will be willing to wait up to two days to receive their product.

Wednesday, May 13, 2020

The new commercial reality that emerged in an accelerated way due to the health crisis, forces companies to quickly understand the changes in the consumption habits of their customers and how to take advantage of the opportunities that derive from this transformation in business.

See "New Commercial Reality: How to Reach Customers"

In the current scenario, consumers may be divided into four segments, consisting of those who will make drastic cuts in their expenses due to the fall in their income, those who will save and store, those who remain calm and continue with their consumption habits, and those who are concerned about the situation and are hibernating and spending very little.

Specialists predict that in the coming months there will be five segments, as there will be one sector that will continue to cut its spending, others will do so moderately, a portion of consumers will return to normal, another group will be willing to pay more for certain products, and a minority will increase their spending in all categories.

Also see "E-Commerce is Gaining Ground in the Region"

Given the boom in e-commerce in the region, updated data indicates that 46% of Internet users in the Guatemalan market buy online. Of these 8 out of 10 are willing to wait a maximum of two days for delivery of the purchased product.

Jose Kont, managing partner of iLifebelt, told Prensalibre.com that "... companies have a great opportunity, but their task is to be able to publicize the advantages of the (online) channel and implement it in the supply chain, and to know how to reach the consumer."

The speed at which product marketing websites load is critical to success in seizing opportunities.

You may be interested in: "High Purchasing Power Consumer and Their Preferences"

The publication reviews that "... 50% of users wait a maximum of 2 seconds for sites to load, every second after that can decrease conversion by 20%."

In this context of change in consumer habits in the face of the new commercial reality, CentralAmericaData has information on the interests, preferences and characteristics of consumers in Central American countries. By combining sociodemographic variables with mining methods and macrodata analysis, we can identify consumer behavior patterns in any market.

Do you need to understand consumer habits in this new business reality? Contact Us!

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Purchase patterns: Changes to Be Permanent

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Increased demand for cleaning products, the use of e-commerce as a purchasing channel and the preference for functional foods are some of the new trends that will prevail in the medium and long term, once the pandemic is overcome.

According to a study prepared by the Foreign Trade Promoter of Costa Rica (Procomer), the outbreak of covid-19 has caused changes in consumer behavior and to take advantage of the opportunities one must begin to understand those that will come after the pandemic is overcome.

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