COVID-19 has changed people’s habits. From adapting to new ways of working remotely, socializing virtually and buying online, consumer behaviours are shifting.
The pandemic and the impacts of isolation measures have had an effect on consumers like never before. According to The Conference Board of Canada, the Index of Consumer Confidence in Canada fell by 41.0 points in April, the lowest decline ever.
How have consumer behaviours and preferences changed because of this sudden change and, more important, which ones are temporary and which ones are likely to become fundamental shifts in behaviour? How will expectations from brands change, and what can businesses do to adapt and respond to the new emerging customer segments? To help companies navigate these unprecedented times and guide their efforts in addressing these questions, EY created the EY Future Consumer Index.
This article was co-authored by:
- Lokesh Chaudhry, EY Canada – Partner, Tax and National Leader, Consumer Sector
- Rodger So, EY Canada – Partner, Western Canada Consumer and Technology Leader
- Glenn Parkinson, EY Canada Consulting – National Leader, Business Transformation
- Anthony Rjeily, EY Canada Consulting – National Leader, Digital Transformation and Innovation
- Carlos Leal, Senior Manager, Business Transformation
- Sulagna Gupta, Manager, Digital Transformation and Innovation