By Jamien Boulton
It has been said that the only constant in the universe is change. Consumer behaviors, especially in times of crisis, can be explained using the above statement. Therefore, it is important to get a sense of direction for the change in order to keep up. Developing countries such as ours have experienced a drastic change in consumer behaviors due to the ongoing pandemic.
Most behaviorists agree that we humans have two basic needs or instincts, one being the need to preserve oneself and the other being the need to preserve one’s species. Indeed, most if not all behaviors can be explained using these two natural instincts. For example, an independent market research company recently conducted a survey in Sri Lanka and found out that, holistically people are buying only the essentials for themselves and their family. Even those who previously spent extravagant amounts of money on luxuries, now only spend money on essentials. This can be explained using the above-mentioned theory, as these individuals are taking actions to preserve themselves in the long run. The same independent research company also found out that most Sri Lankans as a whole felt more altruistic and generous as a result of this pandemic. This too can be explained using the above theory as taking these actions which benefit those around you can be seen as fulfilling one’s need to preserve one’s kind or species.
During most of human history, mankind survived on the bare essentials such as food, water and shelter. It is only in the last century or two that humans have put such importance on luxuries and entertainment.
This is mainly due to the advent of civilization and society. In the modern world, society dictates our behaviors and behavioral patterns.
Therefore, once the constraints of society are removed (as they have been during this pandemic), it is logical that humans will revert back to their original instincts and needs.
Therefore, it is imperative that businesses evolve their business practices and products in a manner that satisfies the basic needs of mankind.
For example, a company engaged in the manufacture of luxury clothing items could scale back on the manufacture of said luxury items and instead focus their efforts and manufacturing abilities on manufacturing essential clothing items and masks in order to remain in the market during and after the pandemic.
It has been theorized that the current changes in consumer behavior will continue even after the pandemic has ended. Physical wellbeing and fitness too have been growing in popularity during the pandemic, this is another method of preserving oneself and increasing one’s odds of survival. This has created a large number of consumers for health-related products which was unheard of until now. This in turn has created an opportunity for companies to get into a market which they had previously not thought of getting into.
With the ongoing pandemic affecting the whole world, consumer behaviors have changed drastically and perhaps permanently. But with these unprecedented changes come unprecedented opportunities. As Darwinism dictates, it is not the strongest or the one with most control who will survive rather, it is the one who can evolve in order fit the change who will have the best chances of survival!
