Marketers in the country face a new challenge on ways to target consumers, as realities of the pandemic usher different spending habits. A report by agency network SCANAD dubbed ” Understanding the New Normal Customer” reveals that 84% of consumers face financial uncertainty, with less than 30% hopeful of any financial respite within the next three months.
The changes in financial realities have shifted spending priorities for consumers. Additionally, the decline in economic activity has brought salary cuts and unemployment across the board, increasing the pressure on Kenyan wallets. Currently, over 435,00 Kenyans have lost their jobs.
Financial Uncertainty Changing Consumer Behavior
Adjustments to the pandemic explain the different buying behaviors. The report reveals that 83% of Kenyans now buy goods with longer shelf life, with 63% purchasing extra items to prepare for further financial uncertainty. Others have opted for bulk buying, trying out new product types, especially food and medicine. In the report, 25% of consumers tried out new food and beverages, whereas another 20% explored other options for over the counter drugs, and 18% tried out new household cleaners.
‘Because of this negative impact, there is increased financial uncertainty which has triggered bulk buying and adventure as consumers are now trying out new products and brands,” says SCANAD CEO Sandeep Madan.
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The financial constraints also changed where consumers shop, with one extreme, heavily relying on supermarkets for cheap goods and various options.
Therefore, brands need to acclimate to the new customer behavior, taking the lead to serve as opposed to capitalize on the crisis.
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