As the UK officially enters recession today, other data sources reveal how COVID-19 has redefined global consumption patterns, patterns which are here to stay.

People are living differently, buying differently and, in many ways, thinking differently. The habits formed now will endure beyond this crisis.

In this short video, I share some of these trends from the latest Accenture Consumer Research Report which reveals the profound impact of COVID-19 on consumer goods. The pandemic has accelerated long-term trends, forcing companies to rapidly adapt as demand for certain products and services outstrips supply.

Of particular interest is the 160% increase in eCommerce during the pandemic, with 52% of new online buyers stating they will continue to favour eCommerce over traditional purchases even after the pandemic is over.

As businesses move forward, they must consider how to better understand consumers based not on gut feel only, but on what the hard facts are telling us:

You can see a summary of the key trends from the report below:

You can access the full report here.

In this time of dramatic change, people, businesses and institutions have an opportunity to reset and renew. It’s time to seize this opportunity to reinvent your business and begin to outmaneuver uncertainty.

If you haven’t already signed up for our free workshops that show how you can create and launch recession proof income streams from scratch, then we invite you to do so by clicking here.