How brands act in response to the Coronavirus disease (COVID-19) pandemic is something that will shape perceptions amongst consumers for the long-term, according to a report released by FMCG Gurus. This is because in times of uncertainty, consumers pay closer attention to the practices and policies of brands.
FMCG Gurus’ COVID-19 survey was conducted in April across 18 countries.
The implications of COVID-19 are wide ranging, with 48% of consumers believing that it is something that will impact day-to-day behavior for at least 12 months. The survey found that 76% of consumers across the globe are concerned about the Coronavirus, with these worries being wide ranging.
Indeed, whilst consumers who say they are concerned are most likely to be conscious about the health of themselves (84%) and their family (79%), 56% are concerned about the economy.
What’s more is, many consumers do not have favorable perceptions toward brands. For instance, FMCG Gurus’ blockchain survey conducted in Q3 2019 found that 31% of consumers said they are not trusting of the practices and policies of food brands. In addition to this, a total of 25% said that, when it comes to food brands, their trust had deteriorated in the last two years. When it comes to deteriorating levels of trust, this is something that is often linked to perceptions of unethical or misleading practices about price setting and health and sustainability claims.
These are traits that consumers are particularly attentive to in times of uncertainty. This means that brands need to demonstrate to have the best interests of the consumer at heart. For instance, the COVID-19 survey shows that 50% of consumers say they have become less brand conscious in the last month when buying food. And, the reality is that brand loyalty will continue to decline. Moreover, a total of 44% of consumers say that they have developed negative perceptions toward some brands based on how they have responded to the Coronavirus crisis.