Hoarding During COVID-19 – Capturing Market Share When Your Brand Matters Most
According to GlobalWebIndex, nearly half of consumers have been stocking up on food/drink (45%) and household supplies (43%). Whether it’s toilet paper, disinfecting wipes or yeast (everyone is apparently baking up a storm), it’s clear that people are trying to control what they can while living within the confines of the COVID-19 quarantine. While hoarding behavior and discussion has continued throughout the pandemic, the product categories have changed.
We used our Intelligent System Analysis of Consumer Content (I.S.A.C.C.) tool to help us analyze over 189K social comments on COVID-19 from Jan 1, 2020 – April 16, 2020. Through I.S.A.C.C., we applied machine learning to dive deep into the context of each word within the COVID-19 discussion. The output unearthed 42 rich topics from politics and rebuking ignorant behavior, to ways people are passing time and hoarding. Diving into the purchase behaviors of consumers over the last 5 weeks is very indicative of purchasing cycles for key services and products. Is your brand one that’s in the consideration mix during this purchase frenzy? Do you understand your purchase cycle so you can appropriately answer the consumer’s call and gain share in the long term?
Download our full report to get more detail and recommendations on how your brand should consider these hoarding trends.