Kantar study does not paint a rosy picture for the global market
Kantar, one of the biggest data and insight gathering companies, conducted a syndicated study on consumer behavior and how they will continue to behave in the coming months as COVID-19 is here to stay. The curve may be flattening but the consumer, as well as the market, have dynamics of their own. The psyche of the consumer and the activity in the market are linked together. As the psyche has changed, the market will not remain the same either.
COVID-19 Barometer has studied people around the world. It has analyzed the patterns of feelings and actions of the people since the advent of the pandemic. The Kantar study accounts for over 150,000 people’s views in more than 60 markets. The data could be the guiding light for brands and marketers in understanding the implications for their brands both in the long and short-term.
Amid easing lockdowns and renewal of economic activity, the data has compartmentalized the evolving consumer behaviors into six separate tribes. With enough data and understanding of each tribe, marketers can make informed strategies and devise innovative plans to create targeted communication.
The first of the six tribes is labeled by Kantar as ‘Ostriches’. This tribe belongs to the people who are not bothered about the situation. They don’t even understand what the situation is all about. They live with their head buried in the sand. Next comes the ‘Que Seras’, a group of people who realize that things are bad but they are resigned to their fate with the approach of ‘whatever will be, will be’.
‘Hibernators’ is the third tribe. These are the people who accept the situation but don’t want to be updated. ‘Good Citizens’ is the fourth tribe that is constituted by the people who want to follow the rules and regulations to stay safe and protected. ‘Distressed Dreamers’ are the ones who are concerned about their health and financial situation. They still hope that things will eventually get better.
‘Precarious Worriers’ is the sixth and the last tribe. This tribe belongs to those people who are afraid of the situation. They think the situation is not getting any better and their governments should do more to tackle the situation. The six tribes also make a spectrum from least concerned to the most concerned people. Such behaviors and opinions are found in every society and culture but with variations in percentages.
The overall percentage of people in each tribe goes like this. Ostriches 12 percent, Que Seras 22 percent, Hibernators 12 percent, Good Citizens 22 percent, Distressed Dreamers 18 percent, and Precarious Worriers 13 percent.
According to the Kantar data, the consumers are reluctant to spend and are saving for the murky days ahead. Safety, related to health comes at the top of the consumer’s priority list. In such a situation brands need to respond with an effective marketing strategy guided by data to confront the looming recession.
