At the end of 2020, the vaccines for the Covid-19 had come in. People thought it was soon going to be over and done.
As 2021 rolled around, a new strain discovered around March, the Delta. The pandemic was one thing that equally affected everyone regardless of how wealthy or connected or powerful one was.
Then again, things were getting normal and then towards the end of November, another variant emerged putting the world at risk again. We can all agree on the fact that we have by now seen and experienced cycles of despair and hope. These fluctuating emotions affected the reactions of the people, the consumers.
The patterns of behaviour that emerged from this are possible of three types. People that calibrate their actions based on the degree of perceived risk. These people will act normally when the virus is on retreat. They will go back to their shells when things get worse.
The next one is the revenge-living section that develops an increased appetite for risk. As a result of undergoing near-death experiences, they will live big while they can, travel, go on outdoor adventures, consume prestige and so on. The sectors associated with these will benefit.
The final category of consumers is the ones who will heighten caution into their default living lifestyle. They will travel less, become hygiene conscious, spend more on preventive health care, will restrict socialization and invest in insurance. These are already showing trends.
In the initial year, the fear of getting affected by the virus instilled anxiety and panic among people. As lockdowns were implemented, people had to retreat to their homes. A chain reaction happened following this.
A section of people lost their jobs, businesses came to a stand-still, movements were restricted among different states and countries, closing of shops and markets, students were stuck at home, deliveries were suspended.
The world pulled itself into a disappearance, with the remedy being worse than the problem at hand. Precautions were taken to protect oneself from the pandemic. Norms such as wearing masks, washing and sanitizing hands came into being.
While all this happened, technology played a major role in keeping people connected virtually. Online ordering and full-on entertainment and work from home were only possible because of technology.
The world paused, resumed and then paused again. Still, it is too early to conclude that the consuming class has accepted and adjusted their lives around the new reality.
People had been able to place fear in an assigned corner of their lives. To separate some parts of their life to continue an unconstrained part of it virtually away from others. That could get affected when things get worse.
The pandemic has been a reminder in showing us our flawed model of unbroken upward progress as technology and the growth of markets made us think that way.
The realization has hit in terms of ongoing condition unpredictability of natural events.
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