Changes in the market are usually gradual. But there are also major events that could force it to change abruptly. What we witnessed this year could have a big impact on shaping the market of the developing new norm.
For one, we realized our priorities. In the first few months of the covid19 pandemic, when we were uncertain how long we will be locked up in our homes, we decided what were the most essential things in our lives. We could not live without food, without medicines, and tissue paper. In those months, all the unnecessary commodities dropped from our minds.
The fashion industry, for example, was greatly affected. When before, it held sway over a large percentage of the population, selling changing trends every few months, it became the least priority. Fashion isn’t exactly a concern when you’re stuck at home, looking at a screen the entire day. For sure, this industry will have a come back once people start hanging out together again.
Before things came to a standstill, there were already emerging trends in commodities. Let’s take a look at them and see their possibilities in the emerging norm.
Information Technology
If nothing else, the lockdowns emphasized that the connectivity of people has transcended physical boundaries. Now, more than ever, businesses related to the digital world are at a high. Digital marketing services have trumped traditional advertising, with search engine optimization or SEO and the use of social media platforms more viable to placing billboards and posters no one would see.
Some people wonder if technology will continue to develop as it is when in fact the world has become more concerned about environmental issues. Off the grid lifestyles have captured the interest of many. But with the direction of technology today, rather than the world going back to its primordial state, developments could eventually reconcile human needs with environmental sustainability.
Sleep
In recent years, the workaholic lifestyle has made sleeping into a lucrative business. People want to have a short but good rest to retain high productivity levels. Products such as a sleep bracelet, white noise machine, and weighted blankets have been introduced to the market all in the efforts to fall asleep quickly and deeply.
Sleep has been dubbed as ‘the new status symbol,’ with all the sleeping aides becoming more sophisticated and of course more expensive. But the industry also includes simple products like ointments, pillows, and soothing music, items that are more accessible to a stressed daily wager.
Clean water
Unfortunately, water wars are real. It might not be felt at the moment in countries with developed systems, but as the world’s environmental resources are depleted, the state of what had previously been free and pure has degraded. While bottled water is a convenient solution for a multitude of people, consequent plastic waste is not viable for environmental sustainability. Residential water filtration systems are better, and people are opting to have them on top of their service providers’ systems.
Medical services
It’s natural for the body to age. With it, health conditions become more fragile. Even if people live healthy lifestyles, genes, environmental conditions, and other factors would affect the body. Health will remain a constant concern of people. Although it should be accessible to all people, it is unfortunately exploited for its profitability.
Food
It will always be a need. But the challenge is to imagine what kind of food people would be consuming in the near and far futures. The pandemic has increased demand for both preserved and healthy organic food products. People look towards preservatives in anticipation of prolonged isolation. At the same time, health became a major concern, and healthy, organic food also became viable. The kind of food people consume depends on their circumstances.
Occasionally, trends affect the food industry. There was a time when everything was rainbow-colored. Another time, everything black was cool. But these are all just a matter of presentation. The essence remains to be the same.
Housing
Even now, urban centers are facing housing problems. In cities like Hong Kong and New York, living spaces have become so small and yet people are paying prime amounts. The Tiny Home Movement is selling the micro lifestyle and even then, the costs of building this kind of housing are increasing. In California, PodShare, which is like dorm living for professionals, has been introduced.
With more people staying in key metropolitan centers to find work, accommodations will continue to be a good investment. It could get more elaborate or simpler in the future. But the experience people had during the isolation months will surely affect the choices in their living quarters.
The future holds many uncertainties, but there are also constant needs. It would be safe to focus on these essentials and remain flexible in marketing and packaging them.
