The COVID-19 pandemic has brought many changes to our lives, and the way we consume things is one of them. The pandemic has affected our consumption patterns, and in turn, it has affected the economy.

Consumerism has reduced during the pandemic in some areas, but in others, it has increased significantly.

Decreased Consumerism

One of the most significant impacts of the pandemic on consumerism has been the reduction in shopping for non-essential items.

Many people have had to stay home, and the idea of venturing to a mall or shopping center for a new pair of shoes or clothing has become less appealing. Business closures and non-essential service suspension have also contributed to the reduced consumerism.

The National Retail Federation reports that retail sales have declined in the US by 0.3% in February 2020 compared to the same month in 2019. March 2020 saw a more significant decrease in retail sales, down by 8.7%.

Consumers pulled back on buying cars, furniture, and clothing during this period.

Increased Consumerism

While consumerism has decreased for some, it has increased for others. With the pandemic enforcing lockdowns for a significant period, online sales have flourished, and many people have resorted to buying necessities and essential items online.

Consumer behavior has adapted to purchases of groceries, household items like cleaning products, and medication delivery.

The global pandemic has also brought people’s attention to the home and how they live in it. With the lockdowns, people started spending more time at home, requiring them to make some changes.

The National Association of Realtors has reported that the pandemic has changed homebuyers’ priorities.

The Numbers

Since the start of the pandemic, online marketplaces like Amazon and Walmart have seen a significant increase in their sales. Amazon reported its highest profits ever for the second quarter of 2020, with net profits amounting to $5.24 billion.

Walmart also saw a massive increase, with its e-commerce sales growing up to 97%, and its net sales increased to $137.7 billion during 2020.

Affiliate marketing increased by 30% during the lockdown period as people spent more time buying online.

In addition, small businesses experienced an increase in local patronage from their surrounding community as people sought to help their communities financially during the pandemic.

How Consumerism Has Changed Us

The pandemic has made many people reconsider the things they thought were essential. The focus on essentials and necessities has brought a change in consumer behavior and inspired a sense of gratitude for what people have rather than what they lack.

The pandemic has also brought attention to the issue of consumer excess. Many people have taken up a minimalist lifestyle and chosen to focus on quality rather than quantity.

With reduced access to shopping, some people found contentment in what they have and lived without some of the things they thought were necessary.

The Future of Consumerism

The pandemic has brought a permanent shift in the way we consume goods and services. Experts predict remote work to continue, which will decrease the need for commercial spaces and reduce consumerism.

Local patronage has strengthened local businesses financially, making them more sustainable in the long run. The pandemic has made people realize the changes they can make in their buying habits to help their local communities.

The pandemic has also made people mindful of their impact on the environment. Consumer behavior is likely to shift towards eco-friendly and sustainable options for the future.

Consumers are becoming more aware of their carbon footprint and choosing energy-efficient options or sustainable products.

Conclusion

The COVID-19 pandemic has brought significant changes to our lives, including consumerism. While the pandemic has decreased consumerism in some areas, it has increased it in others.

With remote work and economic changes, consumerism is likely to change even further in the future. The pandemic has also made people mindful of their impact on the environment and encouraged them to make more mindful buying decisions.