ATLANTA, GA / ACCESSWIRE / March 15, 2021 / 2020 changed the consumer landscape in ways that many businesses are still trying to understand. The immediate effects of the COVID-19 pandemic remain at the forefront of consumers' minds, but as we move further into the year, initial signs of vaccination success indicate that the end of the pandemic may be in sight. The impact of these frequent shifts in consumer confidence and behavior in the past year makes 2021 projections and trends challenging to identify.
Fortunately, business experts are taking extra care to examine the trends of this past year in order to determine what exactly consumers and businesses are likely to see in 2021. For entrepreneur Deepak "Dee" Agarwal, founder and CEO of several successful businesses, including the popular online retailer NoMoreRack.com, identifying what is on the horizon for consumers is an essential part of this year's business plan.
"It comes as no surprise when I say that 2020 was a year no one could have possibly predicted or prepared for," notes Deepak Agarwal. "But it is important to stress that there are many facets to the events of the past year which will continue to contribute to changes in consumer behavior in 2021, and for many more years to come."
Below are Deepak Agarwal's top 5 consumer trends and predictions for 2021.
Greater Brand Awareness
"Something business leaders are already seeing across the board is an influx of consumers really caring about understanding the ethos of the different brands they purchase from," notes Deepak Agarwal. "All companies in 2021, if they haven't already, are going to need to really focus on the fact that consumers expect more from them."
This behavior has exhibited itself in a variety of ways, but the goal for consumers remains largely the same: hold companies accountable. People are expecting businesses to protect their workforce and help their local communities in new and inventive ways, with more money and focus going towards making a positive impact on the world.
Health and Wellness isn't Going Away
"As we have all seen this past year, large parts of consumer behavior have been motivated by concerns for their own personal health and well-being," Deepak Agarwal points out. "And just because vaccinations are rising, this focus will not disappear."
This health consciousness will continue for consumers well into 2021, but as fears of COVID-19 continue to lessen, brands will have to pivot to find new ways to satisfy consumer's needs as their consumption patterns shift.
Environmental Awareness
With an unforeseen consequence of the COVID-19 pandemic including large amounts of environmental waste through single-use PPE, conversation amongst consumers is already turning to holding brands and companies accountable for a renewed focus towards environmental action.
"We've already discussed how consumers are expecting more from brands," says Deepak Agarwal, "and a renewed focus on sustainability will be a large part of this expectation."
Businesses looking to prove their commitment to customers are taking more responsibility for reducing waste throughout every step of their supply chain, from manufacturing to packaging and end-of-life procedures. This effort is not without business benefits, as customers who see this commitment will likely reward brands with loyaty.
Everyone's (almost) Ready for a Vacation
"Across the board, the vast majority of consumers have missed traveling this past year," says Deepak Agarwal.
In fact, according to research from the US Travel Association, travel spending totaled a mere $679 billion in 2020, experiencing a 42% annual decline (nearly $500 billion) from 2019. Fortunately for most consumers, it looks like leisure travel will become a possibility this year. However, this doesn't mean that it will come back just like it was before.
"Most predictions indicate that it'll take at least a few years to return to pre-pandemic travel levels," says Deepak Agarwal, "But as restrictions lessen many consumers will begin taking cautious steps out into the new world."
What might this look like? Domestic vacations in particular will likely see a boost in 2021, as consumers become more confident traveling a little closer to home. Additionally, more consumers are planning international trips than last year- but most are waiting until the latter half of the year when things are hopefully less unpredictable.
For more expert tips from business leader Deepak Agarwal, be sure to check out Deepak's Top 5 Tips to Master Social Media
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SOURCE: Deepak Agarwal