The Stay-at-Home Economy and the Hierarchy of Consumer Needs
Cheryl Lim Tan takes a look at how the COVID-19 virus has affected what consumers are buying after the initial panic purchases.
Let’s see how the stay-at-home economy is stacking up.
The American consumer has until very recently, powered close to 70% of GDP. As we settle into what may be a few months of a nationwide stay-at-home order due to COVID-19, a very different looking consumer is emerging — in yoga pants, and in desperate need of a haircut / dye job / triple latte.
So yes, we already know people have stocked up on toilet paper and hand sanitizer. But after the initial panic-buying wears off and we settle into this coronavirus-induced new normal, what else will this new consumer be purchasing?
The hierarchy of needs include:
- Survival
- Services
- Home Office/School
- Self-entertainment
- Self-fulfilment
Read the full article, What is that socially-distant consumer buying these days?, on Medium
