Facebook’s COVID-19 Update:14.05
During the pandemic, our Social Media Team has been delivering the Facebook update series, highlighting three new key trends on the platform.
TREND 1 - THE RECESSIONARY MINDSET
Most people are delaying big ticket purchases, but when the lockdown begins to ease, consumers are looking forward to making large purchases. The graph below shows that 31% are considering booking holidays, 11% buying clothes and 7% eyeing up a new car.
Unsurprisingly, 73% of consumers will be looking for flexible payment terms and promotions once they're in a position to purchase again. 42% of those looking to make luxury purchases are waiting for a promotion before purchasing according to the Global Web Index COVID Tracker.
This is a trend reflected on other digital platforms too, with search and interactions around ‘bargain’ increasing across Google and Instagram, as highlighted in the graph below.
According to McKinsey & Company, 12% of consumers say they've switched to discounters for basics and 89% of those who have switched say they'll stick to discounters even after the situation has subsided. It could be assumed that this is so that they can afford the bigger ticket purchases later on.
TREND 2 - SAFETY OVER SAVINGS
Although consumers are looking for ways to save, people are prioritising safety during this time and are looking to change their usual shops for the below reasons.
Source: McKinsey & Company COVID Consumer Pulse Survey
Prior to the COVID-19 lockdown, in-store purchases far outweighed those made online. In March 2020, the share of online shopping was 21.9%, which is the highest percentage recorded. Previous peaks are from Black Friday and Christmas. Although most companies have had to adopt a shift to e-commerce, the data highlights the majority of people still go in-store to purchase.
Source: Office of National Statistics
To continue to encourage consumers in-store, companies have looked at ways to make sure people feel safe in their stores. Facebook shared an example from LIDL, using a series of dynamic Chatbots, highlighting the least busy periods in-store to visit.
TREND 3 - CATALYST TO BUILD A GREENER FUTURE
67% of the UK population believe that climate change is as serious as COVID-19.
Source: Ipsos Mori
Air pollution since the start of the COVID-19 lockdown has reduced by 44% according to Bloomsberg. This has been credited to the huge reduction in transport, especially to and from places of work.
As well as seeing the environmental benefit to working from home, workers are also seeing positives to their lives outside of work. Workers are finding they will look to adopt some of the habits built during lockdown into their normal lives and want the option to work from home more.
Workers also believe working from home is positively impacting their productivity during working hours, with Facebook questioning how the traditional office might look for companies' post-lockdown.
Source: YouGov COVID Tracker
With the pace of COVID-19 slowing, Facebook will be providing updates bi-weekly, so check in on the 28th May for the latest update from our Social Media team.