A new age, new consumer habits

A new age, new consumer habits

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In 2020, the Consumption and Consumer Trends in the 21st Century report by the Spanish Ministry of Consumer Affairs stated that, "We are entering an era in which globalization in terms of world economic transactions and the presence of the internet will render many of the classic theories of marketing obsolete." In this scenario, the pandemic has also turned our lives upside down, helping to accelerate changes in consumer habits.
In the same vein, the Global Survey 2021 report by PwC Global Consumer Insights describes these changes as historic, and groups them into five categories in which the insurance company sector has much to say and much to contribute:

Digitalization: new ways of working and producing translate into new ways of consuming. The impossibility of going to physical stores during lockdown marked a major acceleration in the population’s relationship with technology. Buying a product or service -or in the case of insurance, taking out a policy- at the click of a button is now commonplace, with the possibility of doing so “à la carte”. Immediacy, personalization and lower prices are the keys to this trend.

Digital security: we have taken a closer look at new technologies and have also discovered their less friendly side: cyberattacks. This type of online crime has increased exponentially, especially as a result of remote working. Awareness and greater information about the risks that we run on the internet, as well as when purchasing online, has led to a rise in the number of people taking out cyber insurance policies to avoid exposure in the digital world.

Interest in physical and mental health: older generations show greater concern for their physical health. In contrast, young people (Millennials and Gen Z) are thinking more about their mental well-being. The number of health insurance policies that include e-health has skyrocketed. Consumption trends also detect this concern. Healthy eating is trending.

Responsible consumption and sustainability: if we have learned anything from the pandemic, it is that the world is fully interconnected. We are part of a system in which the entire planet must share focus and responsibility, because it also shares the consequences. The business world is increasingly aware of this and it is reflected in the growing demand for insurance to help companies comply with new environmental regulations and the rise of Socially Responsible Investment (SRI).

More time at home: the pandemic has shown how consumers are opting to enjoy quality time at home. Spending on decoration and investments in home renovations demonstrate people’s intention to refurbish and improve their homes so that they can enjoy them more. Furthermore, the growth of hybrid remote-work models has increased the amount of time spent at home. Home insurance has a key role in this area, to cover any damage, breakdown or contingency in our homes.

In short, whichever way you look at it, the trend is towards more responsible and healthy consumption in which security, personalization, immediacy and sustainability are crucial.

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