Consumers overtly upbeat on post-vaccine life

Will the post-vaccine life be better than the pre-pandemic period for consumers in the Middle East and North Africa region? Indeed, the majority of the consumers, (65 per cent) who participated in a key survey believe they are in for a better world in the post vaccine era.

According to the EY Future Consumer Index 51 per cent of consumers say that the Covid-19 pandemic accelerated changes they had always wanted to make.

A total of 70 per cent of Mena consumers believe brands have a responsibility to positively impact the world, with purpose mattering more than ever according to the EY Future Consumer Index.

Ahmed Reda, EY Mena consumer industry leader, said the Future Consumer Index findings show that as consumers adopt new preferences and attitudes the future pre-existing concerns around their own health, environmental sustainability and social impact have a significantly larger influence than ever before in their purchase decisions.

“Consumers are willing to engage more with brands that direct their capabilities and resources to support economic recovery in the communities they operate in. Affordability also remains a critical factor for most consumers, in addition to the overall brand experience. Brands that keep these factors in mind will be well placed for success among consumers in the coming years,” said Reda.

In a future beyond the pandemic, most consumers intend to change their lifestyles, with 65 per cent of them in the region believing that post-vaccine life will be better than before the pandemic, and 51 per cent saying that the pandemic accelerated changes they had always wanted to make.

Ravi Kapoor, EY Mena consumer industry consulting leader, noted that the pandemic has opened up a window for change. Organisations have reacted by significantly transforming the way they work.

“The same is true of consumers’ everyday lifestyles, and as people around the world emerge from the pandemic, they plan to fundamentally change how they spend money and live their lives. Against this backdrop, companies cannot afford to stand still. Those that take bold decisions now - to address their customers evolving concerns as well as new market trends - will be more successful in shaping a profitable future,” said Kapoor.

The index indicates that there is a growing mindfulness from Mena consumers about the importance of sustainability and creating a positive impact on society. More than half – 57 per cent - said they will prioritize the environment and climate change in how they live and the products they buy. Another 22 per cent said that sustainability will be their most important purchase criteria three years from now.

EY report said around 63 per cent of Mena consumers are more likely to buy from companies that ensure what they do has a positive impact on society. In addition, 48 per cent will buy more from organisations that benefit society, even if their products or services are more expensive. The findings also show that Mena consumers are willing to embrace data sharing if it leads to better outcomes for them, with 77 per cent prepared to share personal data for healthier product recommendations. — issacjohn@khaleejtimes.com