Security & Stability – The New Consumer Priorities
When China first began to negotiate recovery, the country’s leading search engine saw weekly searches for ‘wealth management’ more than double. Similar post-lockdown spikes were observed in interest in ‘home renovation’, ‘house cleaning’, and ‘vitamin supplements’. It’s indicative of a larger trend throughout the region.
For example, more than 19,000 home improvement projects have been given approval to proceed in Singapore following the recent lifting of circuit breaker restrictions. In Australia, recent interest rate cuts have seen an increase in mortgage applications for first-home-buyers, even during the pandemic – with search interest in home-buying growing in June.
With the combination of restricted movement and ongoing stress brought about by the pandemic, consumers are investing in the comfort, security, and stability of their immediate home environment. An early indicator came in the widespread popularity of bread-baking; a practice scientifically-linked to comfort, stress-relief, and community.
As economies are slowly recovering from the COVID-19 outbreak, consumers are slowly recovering from the trauma of the pandemic – partly through building more comfortable homes and safer futures. To this end, brands and communicators that can appeal to the new consumer priorities of comfort, security, and stability will enjoy a distinct advantage.