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How OMICRON is affecting Consumer Trends

Pandemics don't just affect your health, they affect the economy. From the cholera outbreak in the 18th century in France to the SARS COV 2 from Wuhan, China; the global economies have undergone drastic changes due to each pandemic. Let us look closely at how the wave of COVID variant Omicron which hit us in November 2021 is affecting consumer trends and the economy.

Pandemics don't just affect your health, they affect the economy. From the cholera outbreak in the 18th century in France to the SARS COV 2 from Wuhan, China; the global economies have undergone drastic changes due to each pandemic. Let us look closely at how the wave of COVID variant Omicron which hit us in November 2021 is affecting consumer trends and the economy.

Companies are under mounting pressure from regulators, investors, and consumers to progress toward more sustainable and socially responsible business operations while battling with ever-changing and evolving COVID situations. Highly contagious variant Omicron has brought in new restrictions and isolation rules which are relaxed due to its mild symptoms but the real question is how it’s affecting the economy.

The travel industry has taken a hit yet again while they were reaching break-even, these new restrictions shut down lots of businesses around the world. Schools went virtual with all the immersive learning gone online.

The trade between countries has changed and many countries are importing goods more than they export. This imbalance portrays the nation's inability to sustain its resources and businesses. According to the data from India’s Ministry of Commerce and Industry: GOI exports in December 2021 was $37.81 billion, as compared to $27.22 billion in December 2020. While we are experiencing a great increase in imports, according to the same source import trade was 59.48 billion dollars in December 2021 and 42.93 billion dollars in December 2020.

The ways the pandemic has changed our interactions with everything in our daily lives still affects us. When it comes to the business, new trends have emerged such
as:

Online Shopping

With everyone operating from home, the trend of online shopping and e-commerce marketing finally took the flight it had been gearing up for since years. There has been close to 10% growth in apparel, consumer electronics and household items.The Indian e-commerce industry is projected to reach $18 billion in 2024. The rise of various homegrown brands adding to this market.

Online Grocery

Everyone became a chef in the first wave of the pandemic in 2020. For all these master chefs wanting every ingredient in their kitchen, the surging demand for online grocery delivery also started to pour. Since 2020, there is a 70% increase in the online grocery shopping demand and it continues to soar even further.

At-Home Services

With all the parlours and electrician shops closed, the demand for at-home services began to grow during Q2 of 2020. Be it telemedicine or house cleaning, the demands for these services are now increasing and giving blue-collared people more opportunities.
Keeping up with ever changing market situations is a stressful and daunting task for many businesses. This can only be made smoother and more efficient with Data and Insights. We at Aeon Research keep up to date with business trends using our vast network and convert that data into actionable insights, customised for your business situations. Contact us today and start making smarter decisions.

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Published On - January 31, 2022